Islamabad 16 August : Pakistan Prime Minister Shehbaz Sharif has highlighted three structural weaknesses in the country and stated that “no successful country has ever developed in this manner”. In his latest blog in the name of The Economist, he added that the country was widely believed to be poised to “become the next Asian Tiger” According to Geo News.
In the end, in 2022, Pakistan was caught in its most recent economic crisis.
“Pakistan is currently one of the most consumer-oriented economies in the world, with consumption accounting for more than 90% of our GDP (gross domestic product).
In contrast we invest only 15 percent of our production and export only 10.The annual flow of foreign direct investments amount to less than one percent of the GDP” he wrote.
“These terrible statistics are the result of the weaknesses in our economy.The most successful countries have never been able to grow this way.”
The Prime Minister added: “This one (latest economic crisis) is the result of the most complex international policy climate of our time, marked by a supercycle of commodities and the historic tightening of monetary conditions at the US Federal Reserve and a conflict in Europe that is ripping the post-war world order.
“But it also has roots in home-grown weakness that have been ignored for the greater part of five decades, and weaknesses that caused us to go to the International Monetary Fund (IMF) repeatedly throughout that time.This is not the way that successful nations are built.”
Shehbaz subsequently cited three major structural flaws that are prominent in the entire country, Geo News reported.
“These have slowed the economic take-off, slowed our growth, and caused multiple boom-bust cycles from the end of the 1980s,” he said.
“We have turned our backs in an approach that has stopped us from enjoying the advantages of globalisation by allowing the open exchange of goods, people and ideas, capital and ideas.Our ability to create and keep? acquaintances on the world scene has drastically weakened over the years.”
The premier complained that Pakistan does not produce anything that is in accordance to the requirements of the world at the same time that local firms are very at ease operating within the boundaries.
In celebration of the diamond jubilee of Pakistan, he said that as the country reaches 75, the occasion merits an honest reflection.
Shehbaz claimed that the fifth-largest nation in the world, with two of three people are under the age of 30 and full of dreams, is in a bind with an income of just $1,798.
“Every third person in the world lives on less than $3.20 per day.And less than 25% of our women are employed outside of the home.More than one third of our population is unable to write or read.”
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