Economy of Pakistan
Outlines
1. What is the Economy?
2. The best economic countries
3. Factors that affect economy
4. Economy of Pakistan
5. Major issues in Pakistan’s economy
6. Ways to make strong economy
The economy is a Greek word that means "household management". An economy is a large set of
interrelated production, consumption, and interactive activities that assist in
specifying the allocation of inadequate resources. The production, consumption,
and distribution of goods and services are used to complete the needs of those
living and functioning within the economy, which is also referred to as a
monetary system.
According to GDP, there are the best countries in this world that
are economically strong and investing where there's a need to invest for the
betterment of their nation. These countries are China, Japan, the United
States, and Germany. The reason behind their success is these countries invest
in education to get the best result instead of working from where one can get
instant results.
As once Benjamin
Franklin said:
An investment in education always pays
the highest returns.
Several factors affect the economy of any nation like; natural
resources, deregulation, human resources, technology, and infrastructure.
Developed countries did not neglect any of these factors to work efficiently in
order to stabilize their nation.
Pakistan is a third-world country and in front of numerous
problems. This country is ranked 34th among 39 countries in the Asia–Pacific
region, and its overall score is below the regional and world standards.
Pakistan's economy slowed in 2019 and contracted in 2020. Pakistan's financial
independence score is 48.8, which is making its economy the 153rd freest in the
2022 Index.
There is almost unanimity that the undeniable economic challenges Pakistan
is in front of are; increasing deprivation and unemployment, heavy
external and domestic indebtedness, high fiscal liabilities, and low asset.
Being an agricultural country, the backbone of Pakistan's economy
is the same sector. This sector contributes 18.9% to GDP and absorbs 42.3% of
the labor force. This sector is also an essential source of foreign trade
earnings and boosts growth in other sectors.
The COVID-19 pandemic that started in 2019 in Wuhan, China, and
then spread like a bush fire all around the world also affected the economic
growth of all nations, including Pakistan. Pakistan’s more than half population
is living below poverty line; its showing that Pakistan’s economy is facing
adverse conditions because of various reasons. Over population is one of the
main hindrances on the way of nation’s success.
Difficult times demand innovative thinking and out of the box
solutions. Apparently we can say that the economy of Pakistan can become strong
by working on it like; improving the energy situation, strengthening the
business environment, enhance access to and the quality of education, work hard
at taking corrupt officials to justice. The Kalabagh Dam, is the project
through which many problems of unemployment and even of load shading can be
solved. It can boost the economy of Pakistan by providing electricity demand of
Pakistan. There is also the need of empowerment of more women to get the best
economy.
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