Govt misses all major economic targets

[Shafique Malik]

Required comments from respected members.
Thanks to its poor economic policies, the Government missed all major economic targets during the ongoing financial year 2010-2011.
The official documents, which would also be the part of the Economic Survey 2010-11, clearly show the utter failure of the government in economic sphere as these disclose that Pakistan's economy is likely to grow by only 2.4 per cent in the current fiscal year against the modest target of 4.5 per cent.

[Ali Ahmad Syed]

Unfortunately, the economy never featured on the radar screen of the current government. Moreover, the government lacked a credible economic team. Corruption, flawed policies and turbulent changes in finance team is playing havoc with the country's economy. In three years there have been four finance ministers, four finance secretaries and three governors of the State Bank. Inconsistency is a also a bigger cause of current economic miseries.

The government wasted time and energy in downplaying the achievements of the previous government, while it lurched from one crisis to another, a rudderless ship with no sense of direction and purpose. The current economic team is weak and lacks the capacity to handle the multidimensional challenges it is confronted with, most of which are self-created.

The country’s economic growth has slowed to an average of 2.5 per cent per annum, and unemployment and poverty have risen. Higher double-digit inflation has persisted and items of basic necessity have gone beyond the reach of the common man. The debt burden has reached unsustainable levels and the dependence on donors has grown.

Clearly, three years of mis-governance and poor economic management have brought the economy to near-standstill. People have lost confidence in the country’s ability to recover from the ever-deepening economic crisis. We need pure economic technocrats to help us out. Certanily we are standing at the edge of a deep abyss. Pakistan needs war-basis measures in this front and the current government is lacking seriousness and responsibility in this front. God bless Pakistan.

[Rai Shahzad Haider]

friends people of Pakistan have suffered most under this civilian government. Our economy is tottering. Government seems to be unprepared on all fronts. Political stability necessary for economic prosperity. There should be consistency in economic policies. Security of investment is needed. A better law and order situation is also a requirement. The counterproductive International Financial Institutions policies should be abandoned.

[SYEDA SABAHAT]

Originally Posted by Shafique Malik

Required comments from respected members.
Thanks to its poor economic policies, the Government missed all major economic targets during the ongoing financial year 2010-2011.
The official documents, which would also be the part of the Economic Survey 2010-11, clearly show the utter failure of the government in economic sphere as these disclose that Pakistan's economy is likely to grow by only 2.4 per cent in the current fiscal year against the modest target of 4.5 per cent.

very sad but bro tell me till 1947 when had we ever hit the bulls eyes and attain growth rate of 7-8?. ahh its only a dream for us.

this quote really suits us

we learn from histroy that we dont learn from histroy.

hope for bright future bcoz we are the future of pakistan.

[Usman Cheema]

Originally Posted by SYEDA SABAHAT

very sad but bro tell me till 1947 when had we ever hit the bulls eyes and attain growth rate of 7-8?. ahh its only a dream for us.

Ab esi bat bhi nahi hai, once in our history we had acheived our economic targets and that rare incident happened in 1950s when we took benefit of Korean war.

Regards,

[shtanzeel]

Our Government had remained confused throughout,the last fiscal year by adopting strict monetary stance coupled with excessive expenditures and stimulating Aggregate demand through heavy borrowing. Such mismanagement was bound to produce the results, that we missed targets.

[SADIA SHAFIQ]

The thread starter did not mention in which economic objectives government has failed.economic objectives are mainly to increase the rate of GDP. And Gdp dependent on:agriculture,industry mainly. In the case of pakistan , GDP is dependent on aid.during musharaf era it was recorded 5-6 % but when zardari government took in hands the burden of power ,it allowed un planned policies and micro financing(which did'nt supported macro financing) to be administered. So musharaf's finance minister tackled the fiscal deficits and able to reduce the loans of IMF. This is the reason why musharaf had been replaced.New government policy makers stressed over aid ,internal and external loans.so aid increased the corruption like wise loans /money could'nt be employed in proper way.that is mainly due to following reasons.
1.terrorism.
2.corruption
3..lack of infra structure.
4.unskilled labor.
5.flood and earth quake.
Only in the last point government is partially out of charge.but corruption ,aid and terrorism are our major concerns.and that is due to Af-pak policy designed in 2009.

[shtanzeel]

Originally Posted by SADIA SHAFIQ

And Gdp dependent on:agriculture,industry mainly.

Please correct your knowledge, in Pakistan agriculture and industry are not Main contributors to GDP. You are ignoring services sector with Over 50% share in GDP(check ESP, table 1.2). As per Dr. Nadeem Ul Haq, Current Dy Chairman Planning commission, in his lecture on inapplicability of economics in Pakistan delivered in 2009 at GCU, Lahore, Our planning procces has remained a failure because of just concentrating on Agri & Industry as outputs and ignoring Services, the most important sector. You are doing the same.

[SADIA SHAFIQ]

@ dear shatenzal

i referred GDP dependence in the case of pakistan. Because we are talking about pakistan. And thread is started to show the causes. You can't deny pakistan is agro based economy.our exports are cotton,rice ,sugar mainly. Pakistan need to be industrialized not only but need technological revolution. What you state is a suggestion.but i shared cause here. How service sector has contributed in GDP , i will be happy if u increase my knowledge.you are right we focus on these two.but show me statistics of service sector contribution.

[shtanzeel]

Originally Posted by SADIA SHAFIQ

@ dear shatenzal

i referred GDP dependence in the case of pakistan. Because we are talking about pakistan. And thread is started to show the causes. You can't deny pakistan is agro based economy.our exports are cotton,rice ,sugar mainly. Pakistan need to be industrialized not only but need technological revolution. What you state is a suggestion.but i shared cause here. How service sector has contributed in GDP , i will be happy if u increase my knowledge.you are right we focus on these two.but show me statistics of service sector contribution.

Dear sadia shafique,

I havent at all objected to the causes, infact i have myself posted a possible cause in my one post here. But i saw one sentence, of you, which i qouted, so as to corect it. I have already given reference for same, economic survey 2009-10 table 1.2 for sectoral share in GDP(53.3% is share of services in case of pakistan in GDP). Which shows our economy is based on Services. Plus even in exports agricultural primary products are no more the major contributor. Table 7.6 ESP 2009-10, provides you data that 71% of our exports is from manufactured goods.