PAKISTAN’S ECONOMY. Agriculture is the main sector of Pakistan's economy in which more than 40% of the population is employed. Cotton, wheat, rice, sugarcane, fruits, vegetables, and tobacco are the chief crops, and cattle, sheep, and poultry are raised. There is also a fishing industry which is main source of revenue Essay on Pakistan: An Outstanding Essay on Pakistan and an interminable hostility with neighboring India puts an enormous burden on Pakistan’s faltering economy. Politically, Pakistan’s democratic framework remains shaky. Since inception there have been several coups, and military rule has often been imposed over the country Economic Crisis of Pakistan Essay blogger.com Sohail Ahmad. The sluggish economic outlook is characterized by a number of factors. They include inter alia slow economic growth, decline in Foreign Direct Investment (FDI), trade deficit, de-industrialization, energy crises, political instability, unemployment, development, increasing public debt
Essay Outline: Economic Crisis in Pakistan: Challenges and Prospects
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Pakistan's economy was obvious to see improvement under the China Pakistan EconomicCorridor CPEC. Pakistan has suffered heavily due to the wide gap between declared economic and social policies and their implementation. The malaise lies not so much in the content but in the process of their formulation, execution and review, absence of clearly defined responsibilities and accountabilities, and superficial consultation with stakeholders.
The result is frequent reversals, lopsided modifications and premature abandonment. Tax policy is a living example of this phenomenon. Every incoming government starts policy formulation without examining the previous experience. The same mistakes are repeated again and by the time it completes its tenure no tangible results are achieved, compelling its successor to deem the policy a failure and restart the process.
Compared to other factors, top-down driven, whimsical and ad hoc policies have done much damage to the economy. GENESIS:Pakistan due to instability in Afghanistan and war on terror is facing serious damage to Pakistan's economy.
This situation disrupted Pakistan's normal economic and trading activities which not only resulted in higher costs of business but also created essay on pakistan economy in the production cycles, resulting in significant delays in meeting the export orders around the globe. As a result, Pakistani products have gradually lost their market share to their competitors.
Consequently, economic growth could not picked up as planned. Investment outflow and negative trends of out sourcing of capital in Pakistan has further added to the woes of dwindling performance of the export-oriented industry which is one of the major cause of economic downfall of the country. Lack in basic necessities:Education is a key component for economic progress. Unfortunately, our current literacy is 60 percent, least in South Asian countries. About 25 million children in are out of school.
More importantly, on grass root level, thousands of schools are lacking very basic facilities such of sanitation, water, electricity, boundary walls etc, essay on pakistan economy. The public hospitals depict bleak pictures where we find lack of proper medicines, beds, equipment and etc. Due to absence of basic health facilities, women die from pregnancy for everybirths. For every 1, babies born, 66 die before their first birthday. In addition, essay on pakistan economy, approximately 44 percent children in Pakistan are essay on pakistan economy. Every day, due to malnutrition and poverty children are dying in Pakistan essay on pakistan economy further increase the current economic crisis.
When the population increases, it directly effects the consumption of that particular country this effect decreases the GDP and GNP of that particular country and also increases the imports.
More population guarantees more consumption. This leads to misuse or overuse of natural resources. Increase in population growth leads to decrease in man to land ratio. In the result, land become inelastic and one cannot increase the amount or supply of land. All these effects are negative symptoms for the economy and economic development. Low Tax to GDP ratio has always been a problem for economic development and one major explanation of high budget deficits in Pakistan.
In the present study, an attempt is made to analyze empirically the determinants of low tax revenue in Pakistan by employing timeseries econometric techniques over the period This study investigates whether economic policies, external variables and social indicators along with elements of tax base can account for essay on pakistan economy of the variation in the tax revenue performance in Pakistan.
The empirical results suggest that openness, broad money, external debt, foreign aid and political stability are the significant determinants of tax efforts in Pakistan with expected signs.
The results also indicates that the determinants of low tax revenue in Pakistan are narrow tax base, more dependence on agriculture sector, foreign aid and low level of literacy rates which powers the economic crisis of the country. No doubt, mechanization of agriculture is increasing in Pakistan, but in most of the areas, the old implements are still being used for agricultural production. Old and orthodox techniques of production cannot increase the production according to international levels.
Numbers of fertilizer producing units are just 10 essay on pakistan economy Pakistan. Shortage of irrigation facilities causes a serious limitation in the expansion of crop area in Pakistan. The lower water supplies, loses from water course in the fields are the serious problems of farm sector.
Actual surface water availability is The average crop yield in Pakistan is very low as compared to the production levels of the advanced countries of the world. Land reforms have been implemented against the will of people.
There is an urgent need to conduct a proper land reform for improving agricultural growth. Due to this problem agricultural production cannot increase to desired level which directly affect our economy as Pakistan is an agro-based economy. Pakistan's resources, in East Pakistan and West Pakistan, were an immense reservoir of land and mineral resources -natural gas, crude oil, coal, limestone, essay on pakistan economy, and marble.
Keeping in view the scarcity of capital in Pakistan's small private sector, the Government relied on the public sector for building the economic-cum-industrial base.
Then manufacturing contributed 7. Pakistan's trade balance of payments was in deficit by 66 million Rupees Almost all five-year plans prepared during political or military regimes were shelved in the country's history after regime change and none of them succeeded in getting the desired results, In the past, it states that the Planning Commission has been involved in the formulation of perspective, medium-term and annual plans based on savings-driven approach, where growth rates are arbitrarily set and incremental capital essay on pakistan economy to output ratios are used to generate investment requirements in key sectors of the economy.
In Pakistan Markets were not well-developed essay on pakistan economy implied that savings were not channeled essay on pakistan economy most productive uses. Take-off does not materialize into sustained growth due to poor quality of investments, Due to poor resource mobilization, there is continuous reliance on foreign resources, Existing framework does not essay on pakistan economy elements such as innovation, creativity and learning. Pakistan -despite being an agricultural state -has little to offer to the agriculture sector.
Although agriculture accounts for half essay on pakistan economy the employed labour force of the country and is the largest source of foreign exchange earnings, essay on pakistan economy, it contributes only 24 percent to national GDP, according to Pakistan Bureau of Statistics. The reasons for a low GDP contribution are known to most. The artificial price hikes and the plight of farmers are also not new.
Ever since the inception of this country, farmers have been exploited at the hands of the feudal lords and middlemen. Since s, the mounting debts and debt payment service of Pakistan due focus and consideration from the Policy makers and economists. The effect of external debt overhauling on the development and growth of Pakistan's economy. To hunt the target of research, five variables i. Growth, external debt servicing, saving, net export, Foreign Direct Investment were taken to focus their fact association with the GDP or development of the Essay on pakistan economy economy.
The main variable external debt has essay on pakistan economy negative impact on dependent variable GDP so it's concluded that Pakistan should go for the option of debt forgiveness and must invite FDI but not much as their overloading may hurt the economy.
Adjusting saving ADS highly significant positive relation with GDP reveals that habit of saving extremely essay on pakistan economy up economy growth, essay on pakistan economy. Exports is basically good to helping hand for economy so they must be lifted up. The impact of external debt is quite hostile on growth so steps must be taken to abolish it in order to growth of economy. Pakistan's economy is facing a downturn courtesy the weak policies of the government. The Economic Survey of Pakistan has already revealed that the government failed to achieve multiple economic targets, such as manufacturing, electricity generation and agriculture.
Efforts made to raise the economy of Pakistan:The s: era of economic growth Amidst massive inflow of American aid, political stability enabled Pakistan to sustain high rates of growth in the s. Pakistan achieved an average annual growth rate of 6. The s: era of revival of economic growthHallmarks of the s were the reversal of the nationalization regime of the s and the revival of private sector's industrial investment, which led to high rates of growth.
Poverty incidence declined to Unemployment rate declined from 3. Duringessay on pakistan economy, the Government tried to implement the Islamic interest-free banking system, which introduced Islamic business partnerships between entrepreneur and the owner of capital based on the principle of sharing profits and losses.
The increasingly enlarged budget deficits in the early s were financed mainly via non-bank domestic borrowing. Domestic debt grew from Rs. DuringPakistan's average annual growth rate of GDP was 6. Structural Reforms -Privatization, Deregulation, Liberalization:The Musharraf Government actively pursued an aggressive and transparent privatization plan whose thrust was sale of assets in the oil and gas industry as well as in the banking, telecommunications and energy sectors, to strategic investors, with foreign investors encouraged to participate in the privatization process.
To demonstrate the seriousness of the government in encouraging foreigninvestment flows in Pakistan; there has been a major and perceptible liberalization of the foreign exchange regime. Foreign investors can now bring in and take back essay on pakistan economy capital, remit profits, dividends and fees etc. Foreign Portfolio Investors FPI can also enter and exit the market without any restrictions or prior approvals.
This makes Pakistan an attractive place to invest for foreign portfolio investors. As part of this liberalization, non-residents and residents are allowed to maintain and operate foreign currency deposit accounts, essay on pakistan economy, and a market-based exchange rate in the inter-bank market is at work. The financial sector too, has been restructured and opened up to competition.
Foreign and domestic private banks currently operating in Pakistan have been able to increase their market share to more than 80 percent of assets and deposits, essay on pakistan economy. The interest rate structure has been deregulated and monetary policy uses indirect tools such as open market operations, discount rates etc. Domestic interest rates on lending have dropped to as low as 5 percent from 20 percent substantially reducing financial costs of businesses, essay on pakistan economy.
The economic reforms process has been a clear progression towards deregulation of the economy. Prices of petroleum products, gas, energy, agricultural commodities and other key inputs are determined by market.
Imports and domestic marketing of petroleum products have been deregulated and opened up to the private sector.
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PAKISTAN’S ECONOMY. Agriculture is the main sector of Pakistan's economy in which more than 40% of the population is employed. Cotton, wheat, rice, sugarcane, fruits, vegetables, and tobacco are the chief crops, and cattle, sheep, and poultry are raised. There is also a fishing industry which is main source of revenue May 05, · Economy of Pakistan. Pakistan’s economy is 46 th largest economy in the world. On its conception, country inherited all of the essential elements of macroeconomic stability. Pakistan is agronomic, semi- industrialized economy. The 55% of the GDP is contributed by agricultural and livestock sector Jan 29, · Shahzad e tal () examined the relationship between economic growth for the Pakistan Economy and demographic variable for the time period Reduction in total fertility and infant mortality rate will help economic growth to increase in the positive direction. (download the rest of the essay above) About this essay: If you use
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