Economic Development Of Pakistan Essay
Since its inception, Pakistan faced too many ups and down in the economic development. The economic development depends upon too many factors like, natural resources, human resources, capital, population employment etc. Pakistan is considered as a 6th most populated country in the world. Population always plays double role in the formation and deformation of the economy of the country. It always provides labor force for the development of the economy, on the contrary to this; it hampers the economy in form of unemployment.
The fiscal development is considered as one of the most important part of the economic development of the country. The current government of Pakistan focused on the fiscal development by getting charge of the office in 2013. The fiscal year 2013-14, all major indicators showed significant improvement and the GDP shows an improvement of 4.3% and fiscal deficit remains at only 5.5%.
It is the most important indicator of the economic development of the country but in the case of Pakistan it shows negative improvement. The current population of Pakistan is almost 191.7million people with a growth rate of 1.92% per annum. It is a burden on the economy of Pakistan.
It is a fact that the growing nation of the world all focused on the development and maximum utilization of natural resources. Pakistan has abundance of natural resources and lack of the utilization of the resources. These resources may put the economy of the country to the list of developed country.
Education is considered as a backbone of the country. Pakistan’s economy is an underdeveloped and they need to be more focused and specified to the field of education. The current literacy rate of Pakistan is almost 58.3%. The current Government of Pakistan started Millennium Development Program (MDP) to enhance the literacy rate of the country because it is low as compared to developing countries. The improved standards of education may help in the formation of better economic system of the country.
Poverty is considered as one of the important obstacle in the progress of economic development of the country. In Pakistan almost 39% people are living below the poverty line. Below the poverty line means people don’t have access to their basic needs of life. To get the progress in the economic development Pakistan should have to obsolete the manacle of poverty.
It is the era of technological development and advancement. Pakistan is not winner of the technological advancement. It is the need of the hour that Pakistan should have to compete in technology and improve its economy by utilizing advanced technology.
To summarize, Pakistan have plenty of natural resources, human resources and somehow capital. These all are basic ingredients for the improvement of the economy of the country. The need of the hour is to convert these resources into efficient and useful manners to utilize these in the formation of the development of the economy of the country. Without converting these resources into efficient resources Pakistan’s economy can’t be developed.