Pakistan’s economic reforms have almost been same as that of India. It used to enjoy a rising economy before 1990. After this, a dramatic fall in the GDP of Pakistan has been seen.
But these are the earlier situations. Don’t you wish to know some contemporary facts?
Today, we have brought to you 10 facts about Pakistan Economy. Of course they are worth knowing!!
1. Pakistan remains an unstable economy. This may be due to the unstable politics in the country.
2. Pakistan Economy ranked 32nd among 43 countries in Asia- Pacific Region.
3. Economic freedom score is 55.0, making it 131st freest economy in 2019 index.
4. Textile and Apparel account for most export earning.
5. Underdeveloped and erratic growth remain high.
6. Much of the economy of Pakistan is informal.
7. China has pledged to invest 60billion dollar through “China-Pakistan economic corridor”.
8. Foreign investment is very low.
9. Excessive state involvement in economy inhibits private business formation.
10. Overall score is below the regional and world average.
So these were the facts for you. Hope they help you to point out the mistakes from which India should learn.
In addition to these points, you should be aware of the fact that Pakistan has a large number of poor population. They mostly belong to rural areas. This is because the economy is so much dependent on agriculture too. Hence, a bad harvest results into a significant rise in poverty.
This is no doubt a result of ignored economic reform. Changes have been brought for sure, but they couldn’t bridge the gap!! This is the situation of most of the developing countries. Besides, rising terrorism in Pakistan adds to it.
Like Pakistan, India has also ignored a number of basic necessities which require investment. Don’t you think India needs to investment more in education, health and other basic requirements?
I strongly believe so!! Any country needs to investment in human resource development as a priority if it wants development in real sense. We already have a number of examples before us. What’s your take on this?
That’s all for today, hope to see you soon.Till then, stay awake, stay aware.