Current Situation of Pakistan Economy

1581 Words Oct 4th, 2011 7 Pages
Current Situation of Pakistan Economy
There are genuine fears prevailing in Pakistan that its economy is in a bad shape. Whereas some expert economists of the country comment that Pakistan’s economy is near collapse, others are of the view that although our economy is still away from the verge of immediate collapse it is so fragile that unless serious and urgent efforts are made to survive the economy, it can move to a dangerous stage within about next six to 12 months.
These views of experts cannot be wished away since weak health of the economy is being mirrored by withering economic indicators, such as low Gross Domestic Product (GDP) due to very low annual growth rate of our economy (2%), rising fiscal deficit (5.8% of total size of
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The ultimate objective of the economic plan should be to reduce and eliminate dependence on foreign debts/aid and internal borrowings. The Government should also make serious efforts in exploring country’s natural resources with emphasis on making Thar Coal Project a quick success so that electricity and gas could be generated and provided to the productive sectors of our economy. Efforts should also be made to maintain and increase flow of foreign remittances and exports to reduce trade deficit. In the long-term perspective the defence expenditure should also be reduced by making efforts in cooperation with the regional and world powers for early resolution ofAfghanistan issue which can bring the war on terror in our part of the world to an end. In this major enterprise of addressing country’s economic downturn, the government as well as opposition parties in Pakistan have to work together with all sincerity, integrity, cooperation and statesmanship giving good governance in a corruption-free environment. To make the economic revival and development plan a success story within the shortest possible time, it is necessary that all adult citizens of Pakistan also play their constructive
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