An overall economic analysis of pakistan economics essay

CHAPTER 3 Selection of developing countries comparable to Pakistan Introduction In order to perform a gap examination of Pakistan's mineral plan development environment with other mining advantageous countries, we require to formulate certain standards.

An overall economic analysis of pakistan economics essay

Short essay on the economic development in Pakistan Shanti Advertisements: When Pakistan was formed inthe new state had to start almost from a scratch. The areas which constituted Pakistan were mostly agrarian and backward and were dominated by a few feudal landlords.

The few industries it inherited were based on either handicrafts or on processing of agro-products. These communities had managed much of the commercial activity of West Pakistan. Hence their departure caused a vacuum in these critical areas. It is estimated that nearly 12 million people from India migrated to Pakistan during the first three years of partition.

The partition of the sub-continent disrupted the principles of complimentarity that earlier prevailed in the region. For instance, West Pakistan traditionally produced more wheat than it consumed and had supplied the deficit areas in India.

Cotton grown in West Pakistan was used in mills in Bombay and other western Indian cities. Manufactured products such as coal and sugar were in short supply in areas that constituted Pakistan and came from areas today part of India.

The division of administrative machinery, the Indian Civil Service and the Indian Police Service, was also problematic.

An overall economic analysis of pakistan economics essay

Out of a total of 1, officers, only joined the Civil Service of Pakistan, which became one of the most elite and privileged bureaucracies in the world. The substantial irrigation network inherited from British rule was the only redeeming feature of the new state.

Given the predominantly agrarian nature of the economy at partition, a viable irrigation system was a necessary input for the revival of the agrarian economy, given the inadequacies of other infrastructure such as roads, power, railroads, etc.

Quest for Survival In the early yearseconomic policy and planning in Pakistan was dominated by a small group of bureaucrats.

Given the profound adverse conditions at the time of partition, the focus of the economic planning was on keeping the economy going. The herculean task of building an economic base was left to the state sector as the private sector was too weak and lacked the capital to launch industrial development in the country.

An analysis of economic policy from shows a series of ad hoc reactions to crises. The Korean War ofhowever, proved a blessing for Pakistan by causing an upsurge in demand for Pakistani exports, mostly raw jute and raw cotton, and assisting in the creation of a nascent entrepreneurial class.

It was this windfall that laid the foundation of industry in Pakistan. Thus, the first decade after independence was essentially bureaucratic-led and assisted industrialisation.

Since much of the bureaucracy was composed of urban migrants from India, it had little knowledge of or interest in agriculture and felt that manufacturing should receive far greater state patronage. The big landlords and nawabs who enjoyed some political clout could not translate it into economic clout.

While a small number of industrialists who secured high profits in the early years acquired economic clout, they did not have the political clout; they were dependent on the benevolence of the licence raj of the civil servants.

With disarray in the ranks of the political groups that existed, the military stepped in to restore law and order and to promote bureaucratic capitalism that had emerged in the s.

During this decade, the economic indicators were extremely impressive, with GNP growth rate hovering around 6 per cent mark throughout the decade. Agriculture grew at a respectable rate of 4. However, statistics on income distribution, wages and human capital development present a dismal picture.

The indices of income inequality worsened and the ranks of the poor increased. Wage increases did not match productivity gains as the living standards of a large majority of the population stagnated.

Policymaking was tailored to promote industrial investment. This system provided a plan and procedure for investment licensing and credit disposal. Furthermore, the Pakistan Industrial Development Corporation PIDC was formed to spearhead the industrialisation drive by providing the critically needed capital and then withdrawing in favour of the private sector, which lacked the skills or the finances to undertake very large projects.

As industrial profits were more widespread, an entrepreneurial class emerged. It was this class which provided the dynamism that had been absent during the s.

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This class helped accelerate the rate of growth in the large scale manufacturing sector to more than 15 per cent during the decade. The Ayub decade also witnessed a series of reforms aimed at strengthening the agriculture sector. The land reforms of were designed to make a dent on the stranglehold of the dominating landlord class while at the same time encouraging capitalist agricultural development.

This was followed by the Green Revolution in mid-sixties. The expansion of irrigated acreage with the installation of private tube wells, and increased use of chemical fertilizers contributed to agricultural growth. The rapid mechanisation of agriculture however led to the displacement of small farmers, thereby aggravating rural inequality.

Thus the legacy of the Ayub years is mixed. While the consolidation of economic management and the high growth rates were important achievements, the growing income inequality, wage stagnation, the neglect of human capital, and the growing dependence on foreign capital inflows, all pointed to the challenges that future regimes would need to face.Good Topics for Economic Research Papers: Current Problems You Can Analyze.

You can take your pick from writing a research paper on a historical analysis of economic systems to the future of world economy. Yet, the most interesting discussions are those that are current and relevant.

Professional essay writing service - https. Pakistan’s economic freedom score is , making its economy the st freest in the Index.

Its overall score has increased by points, with a significant improvement in fiscal health. Short essay on the economic development in Pakistan An analysis of economic policy from shows a series of ad hoc reactions to crises.

there was an overall shortage of the critical agriculture inputs such as water and fertiliser tha were required to maintain productivity gains of the high yielding varieties.

One unfavourable. India’s economic freedom score is , making its economy the th freest in the Index. Its overall score has increased by points, led by improvements in judicial effectiveness.

Economic consequences of FATF "grey listing" Although Pakistan will face continued scrutiny from the FATF, the overall impact of the move is likely to be limited. More. ECONOMIC ANALYSIS.

Pakistan has a semi-industrialized economy. Despite being a very poor country in , Pakistan’s economic growth rate has been better than the global average during the subsequent four decades, but imprudent policies led to a slowdown in the late s.

Short essay on the economic development in Pakistan