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Economic history of pakistan

There is generally an inter-related relationship between the economic growth and prosperity of a country. The over-all measure of the well-being of the citizens living in a state through income distribution and other basic civic health facilities comes under the definition of economic prosperity.

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Economic history of pakistan

  1. 1. Economic History of Pakistan; Pre 20’s There is generally an inter-related relationship between the economic growth and prosperity of a country. The over-all measure of the well-being of the citizens living in a state through income distribution and other basic civic health facilities comes under the definition of economic prosperity. Pakistan – sixth most populous country of the world, since its independence in 1947, Pakistan has its economy emerged as a semi-industrialized one based on textile, agriculture and natural resources production though in recent years we have rushed towards technological diversity. The land is blessed with a number of natural resources that are being used to lay the foundation of many industries and generating revenue through trading. With a rapidly growing population, the rate of annual growth has averaged 3% since 1990. Pakistan’s average economic growth rate since independence has been higher than the average growth rate of world economy. In 1960’s Pakistan’s economy was on an ideal stage. The capital, Karachi was seen an economic role model around the world. The country received many praises in those years for its economic growth to a point where many states implemented Pakistan’s economic strategy nationally known as five-year-plan. 1950’s to 1960’ – Initial Economy of Pakistan and East Pakistan Between 1958 to 1969, the eleven year rule of Ayub Khan Pakistan’s economic growth averaged 5.82%. It was the time when Pakistan got its first cement industry, automobile industry and few other heavy manufacturing industries. Land reforms, credit programs and work programs, augmented allocations for agriculture and especially improved seed were introduced through the green revolution program. Many infrastructure projects also started including dams, canals and power stations. In 1959 Islamabad was decided as the new capital of the country and foreign engineers were hired to design the master plan of city in grid plan. The industrialization based five year economic plan of Pakistan was a huge success but its major share went to West Pakistan, the contemporary Pakistan. The East was suffering with lack of natural resources and thus importing resulted in balance of payments problem. Without a substantial industrialization program, the economy of East Pakistan declined. 1970’s – Nationalization Mismanagement and fiscal economic policies resulted in public debt and economic development slowed down. The separation of Bangladesh also affected the economy badly.
  2. 2. When Bhutto came into power he introduced socialist economic policies to prevent country from further division. He nationalized major heavy industrialization, condemning Ayub’s state capitalism policies. Economic growth slowed in the wake of nationalism. Most of the nationalized units went in loss for the decisions were not market based. Though in 1960s rapid economic growth was accompanied by concentration of resources in a few hands. 1980’s to 1999 – Privatization Under the rule of Zia-Ul-Haq, Pakistan’s economy was benefited from a number special factors. Agricultural growth was increased after the completion of Tarbela Dam. Fertilizers, cement and security companies contributed to the growth with a bigger margin. After 1990’s general elections, Nawaz Sharif came into the power and started implanting forceful privatization and economic liberalization programs. It temporarily ended stagflation in the country. But the overall situation was already worsened. After a year of being elected, Nawaz Sharif ordered a nuclear test in response to India’s nuclear aggression. Despite of Russian and Asian Financial Crises due to nuclear tests, the foreign exchange increased to $1.5 billion, the stock market improved and inflation was contained at 3.5% as opposed to 7% in 1993-96. Little progress was made by Sharif in 1998, and his reforms only leveled up the GDP growth to 4.19%, while retaining the inflation and unemployment at 7.8%.

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  • DalAsHaf

    Apr. 30, 2018

There is generally an inter-related relationship between the economic growth and prosperity of a country. The over-all measure of the well-being of the citizens living in a state through income distribution and other basic civic health facilities comes under the definition of economic prosperity.

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