Economic Crisis / Development of Pakistan

Pakistan is facing a challenging economic out-look (decisive and far-reaching policy action is needed
to address this challenging out-look,” said the International Monetary Fund (IMF) in its annual
report).
The economic problems of Pakistan have seriously jeopardized the very foundations of its polity. Due
to economic destabilization , the socio-political and institutional development of the Pakistani
society have been stalled and the security, sovereignty and territorial integrity of the state are
mortgaged at international lending institutions such as IMF and World Bank. The low economic
growth rate is not just a game of numbers, it has serious repercussions for human development as
well. Dismal economic growth signifies that the gap between the rich and the poor is widening;
millions are jobless, unemployment is rising, inflation is sky rocketing, provisions of health and
educational facilities are few and far between and every year millions more are pushed below the
poverty-line. Successive governments have failed to formulate a viable and pro-poor economic
growth model. The fatal fault-lines in the economic framework have hampered the sustainable
economic recovery. The sluggish economic outlook is characterized by a number of factors. They
include  slow economic growth, decline in Foreign Direct Investment(FDI), trade deficit, de-
industrialization, energy crises, political instability, unemployment, development, increasing public
debt, devaluation of rupee, corruption, bad governance ,security and terrorism situation etc.
Dictatorial and Democratic both types of regimes have failed to improve any of the sectors
responsible for the economic hardships of the nation. At the moment our economic system is
standing at the verge of collapse. Political ‘will’ to salvage the system and urgent economic reforms
can help ameliorate the economic woes of the country. For making a quick recovery we first need to
evaluate so many things. First of All population rate should be controlled by strict governmental
policies. Similarly, Rather than giving subsidies, Government should introduce new venues for
Foreign and Local Investors in industrial sector. At the same time, it must revolutionise agricultural
sector with innovative scientific methods and tools. This will help us to get more yield and better
products for both local and international trade. By exporting them we will be able to get surplus
revenue from international market this will further strengthen our local industry and we will rely less
upon imported items. By doing that we will also be able to pay our debt and to recover from fiscal
deficits. To make it all happen, strict, long term and effective, economic policies are need which can
only be made through mutual consensus of all classes and political parties. It is a high time to take
immediate measures or else we will have to suffer and face the music of our blunders and ignorance.
After all man is the architect of his own fate.