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Economic crisis.

Byline: RABIA KHAN - Karachi

Through the columns of your esteemed paper, I would like to draw attention towards causes of economic crisis. Pakistan economy is in bad shape due to many reasons such as energy crisis, political instability and poor tax system.

Agriculture tax cannot be imposed due to feudal sitting in policy-making bodies. Cheaper Chinese products destroyed our industry thus created unemployment, more burdens on economy. Illiterate labour is less productive, defence budget at the expense of economic development regional conflicts have marred the gas pipelines. Overpopulation is another factor and IMF loans hinder development and put more burden on masses.

To undo the situation the present government should establish independent panel of experts to engage in consultative process to design, implement and monitor donor supported projects critical to medium-term economic recovery. This will ensure transparency. Given the multiple dimensions of uncertainty in global, national and household economy, it is essential that highest priority for protection should be given to poor. Within country logistics costs should be reduced. Worker skills are critical to give our firms a competitive edge in international markets, programmes for skill upgrading need to be modernised.

The current debilitating power shortages have to be redressed quickly and a well thought out medium term energy plan need to be in place that provides reasonably priced and ample power to industry. Pakistan's institutional and economic structure continues to constrain its ability to achieve long-term poverty reduction and inclusive economic growth; and sustain an unequal distribution of income and opportunities for its citizenry.

Pakistan is not a poor country, but a poorly managed country; only a sincere leadership with real commitments can turn it around. Need is for restoring confidence of people who have potential to achieve all the colours of rainbow.

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Publication:Pakistan Observer (Islamabad, Pakistan)
Geographic Code:9PAKI
Date:May 6, 2019
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