Economy of pakistan

[Shahjehansoomro]

Economy of Pakistan is something which hasn’t seriously been discussed for decades in the country. Neither most important measures nor revolutionary steps have been taken to strengthen the economy of Pakistan to compete with worldwide economies.

Whereas neighbouring countries like China and India have become Economic Super Powers in the couple of decades putting themselves into top five economies of the world. Unfortunately Pakistani economy had been vulnerable till many decades. Moreover Pakistani leaders have been availing loans instead of stabilizing Pakistani economy. Every regime when it comes on power takes loans and thus completes its tenure.

Every new regime cries that previous regimes have left huge loans to pay them back, deficit, and all institutions destroyed. It looks like the trend of crying will continue for every regime. However, there’re diverse chances for Pakistani leaders to be pioneer rather than crying every time. Someone has to halt it. Someone has to take solid measures to pay all loans back, end deficit, reform all the institutions and put Pakistani economy on the right track competing with worldwide economies.

In 2017 Pakistani economy started to stabilize with GDP per capita (PPP) of $1 trillion labelling its economy as the top 25 economies of the world. After that economy of Pakistan counldn’t even reach the top 50 economies of the world till now. Indian GDP per capita (PPP) was $12 trillion, US GDP per capita (PPP) was $19.5 trillion, Chinese GDP per capita (PPP) was $23 trillion. Pakistani leaders and economists could not end deficit and increase GDP growth.

Chinese leaders started turning China into market driven economy 40 years ago and made millions of people as factory workers and entrepreneurs, building a manufacturing powerhouse that lifted some 700 million people out of poverty.

Similarly Pakistan needs to create a comprehensive economic system like Chinese economy. Pakistan should massively increase exports and develop the resources on larger scale with long term planning.