A Comparison of Economic Growth and Development: Pakistan and Similar Countries

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A Comparison of Economic Growth and Development: Pakistan and Similar Countries Introduction Pakistan has all the major ingredients necessary to become a developed nation; it has a geo-strategic location, a generous availability of natural resources and a large population in the working age. Despite having the potential to turn itself into a developed country, Pakistan has not been able to fulfill its potential. Israel, South Korea and Malaysia are countries in roughly the same region as Pakistan. All of these countries came into being around the same time as Pakistan. All three of these countries have a higher GDP (Gross Domestic Product) than Pakistan and all three of them are ranked higher in the HDI (Human…show more content…
Marcus Noland (2005) describes the change in South Korea’s initial poor economic performance to a much improved circumstance under martial law, leading to higher domestic investment and increasing capital accumulation, by initiating new reforms, unifying the exchange rate system, devaluing the currency and raising the real interest rate, as well as by encouraging domestic markets and the export industry. The rapid industrialization however,

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