Wednesday, May 13, 2020
Economic reforms in Pakistan - 3052 Words
ECONOMIC REFORMS IN PAKISTAN There is a widely shared consensus about the nature of reforms that Pakistan should embark upon. This consists of two components – stabilization and long term structural reforms. Under the first component the economy has to be stabilized with the help of fiscal consolidation, widening of tax net and mobilization of domestic resources, cutting down the losses of state owned corporations, curtailing wasteful development expenditure and assigning priority to removing supply-side bottlenecks such as energy and infrastructure, keeping inflation under control and maintaining exchange rate stability. The second component requires governance reforms in the structure, processes and human resource policies of the†¦show more content†¦So leaving this popular myth aside, let us try to explore other plausible explanations for this relative economic decline of Pakistan. For this we have to examine the cumulative experience of economic growth and development in various periods of P akistan’s history keeping the changes in academic thinking in different eras in the background. Economic policies are underpinned by certain intellectual precepts, axioms, theory and evidence. This body of knowledge does not remain static and keeps on changing with the passage of time and emergence of new evidence. The post-colonial independence period of most developing countries was marked by a group of charismatic political leaders who were suspicious of the policies and advice of their erstwhile rulers and wanted to keep themselves at a distance from what the colonial masters were preaching. This period also coincided with the appearance of a new field in economics called Development Economics that focused on the problems of newly independent countries. The academic tradition at that time highly embedded in Post-Keynesian Economics came up with the notion of ‘Balanced Growth’, ‘Big Push’, ‘Controlling Commanding Heights’, ‘Critical minimum effort’, ‘Export elasticity pessimism†and â€Å"low level equilibrium trap’. The end result of this strand of literature was advocacy of a dominant role of the State in planning, directingShow MoreRelatedWhy I Being A Pakistani Citizen844 Words  | 4 PagesAccording to tribune newspaper report, Pakistan has received 49 billion dollars from 2005 to 2015. I being a Pakistani citizen can see that the poverty stricken masses are still living in impoverished conditions. There is a less effective taxation system and rampant corruption, fueled with incompetent institutions ranging from legal, financial, educational and so forth exacerbates the problem. The issues are on an almost standstill. 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