22 Aug 2022

ADA BA English Essay Economy of Pakistan

Economy of Pakistan


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 areincreasing 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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