Pakistan’s economic and development policies

Pakistan needs to overcome its economic and development policies to foster sustainability in the economy. Due to the erroneous policies of policymakers, a significant portion of the population has been plunged into poverty. Unfortunately, our income falls far short of our expenditures, creating a vicious cycle where we accumulate more debt to repay previous loans and their associated interests. Moreover, our health and education systems are mired in inefficiency. Several countries, such as Indonesia, India, and Vietnam, have successfully navigated similar crises by implementing deep economic reforms and charting positive trajectories. In 1965, China, Indonesia, Malaysia, South Korea, and Pakistan were closely aligned in terms of GDP per capita. However, today, South Korea boasts a per capita income of almost $35,000, Indonesia and Malaysia have surpassed $14,000, and China has exceeded $11,000, while Pakistan lags behind at only $1,568. Fundamentally, reevaluating our development and economic policies is imperative. Our top priority should be investing in people, as this yields the highest returns. We must leverage the opportunities in a globalised world for ideas, knowledge, technologies, and human resources. It is essential to boost our dismal exports, enhance revenue generation, and improve the quality of our expenditures. Our business environment requires substantial improvement. According to economic experts, if Pakistan capitalises on its young population, natural resources, and strategic location within a vibrant region, it can achieve growth rates of 7-8% annually. By 2024, Pakistan could attain middle-income status. This is an opportune moment for Pakistan to make the necessary policy shifts.

ABDUL BAHIS,

Mad.

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