A Day Late and a Dollar Short

After delving into the economic numbers of the 75 years of Pakistan, it is clear that the economic managers continuously manipulated the financial numbers, befooling the citizens, and most of the time, succeeded in it, despite innumerous economic ills.

Pakistan is facing economic ills that disrupts the growth, making rich, richer; and poor, poorer. Unfortunately, these measures do not show up directly in the economic analysis but affect those figures immensely.

These economic problems spread far beyond politics. They just penetrated in the society just like the water inundated the agriculture fields after heavy monsoons, resulting in flow of water downward stream, after the glaciers melt.

To resolve these hindrances in economic growth, we have to put in all-out efforts to control the stream and not the glaciers.

We only explain economy through current account, budget surplus or deficit, foreign exchange reserves, export growth, unemployment numbers and inflation but all such figures and numbers complicate the situation as far as a common man is concerned.

Pakistan is a country, which cannot achieve growth, owing to rampant injustices and corruption. First, we need to understand the societal structure before suggesting any remedy for the sustainable growth. A doctor never suggests any medicine before knowing about the disease because if he/she do so the side effects would be disastrous for the patient. Same is the case of an economy, where without understanding the real causes one cannot get sustainable growth.

In Pakistan, we had always accused the political leaders for creating an economic mess, which is to some extent, true, but without identifying the actual problems, we cannot expect wonders from the political bigwigs and when we get disappointed with them, we seek a military solution to our problems. The real solution lies with the political leadership and not with the military establishment.

Pakistan also facing huge flight of the talented youth abroad. No economy can grow with less number of homegrown opportunities.

Similarly, we need to create more job opportunities for the youth rather than opening up educational institutions, or match the employment demand to the number of graduates passed out from various educational institutions each year.

We also need to equally develop the urban and rural areas against the existing practice of only focusing on the urban centres. This forced the rural population to migrate to the already burdened big cities.

Development of the privileged and under-privileged and areas alike will ensure creation of jobs in addition to reduction in other costs.

Another major factor, which hindered the economic growth of Pakistan is the conflicts between ethnic and religious groups. The ethnic and religious divide can never put a country on the growth trajectory. It is simply impossible.

With terrorism, these two groups have also played their part in the economic slowdown. We need to fix these things if we want sustainable economic growth.

Further, corruption is the biggest menace in Pakistan. It is a fact that it cannot be abolished but with effective laws we can curtail it to a minimum.

This leads to the digitalisation, where interaction between the citizens and government functionaries could be reduced. We have to digitalise the process on a fast pace. It is necessary to automate the system by using technology, making it web-based and also convenient for the people to access things online. It will also reduce their travelling expenses in addition to reducing corruption and increase their savings, which will ultimately increase their spending and spur economic growth.

Along with uneven economic development comes rising economic inequality. In Pakistan, where a sizeable number of population is living in rural areas, there are dearth of economic opportunities, hampering the economic growth.

There is no fixed rule that the rural populace will only get agriculture-related opportunities. In an era of latest technology, such as 5G technology, access to internet and web-based businesses, skill development for rural areas is the need of the hour.

We are talking about skills, not education. You may find more highly educated people in an urban environment but basic skills can be found in the remotest areas, where people can comfortably make a living.

In the last 75 years, we remain naïve of the wrongdoings we committed in tackling the economic issues and still are not ready to learn a lesson from past mistakes.

For decades Pakistan’s GDP growth is intermittently moving in the range of 3 and 7 per cent, translating into an average growth rate of 4.1 per cent. This is because we always rely on ad hoc policies made by successive governments instead of sustainable economic policies.

We always expect miracles from our political leaders rather than seeking sustainable economic policies. It is because of us (the citizens) that we supported party leaders instead of supporting sustainable economic policies and holding them accountable for their deeds.

Pakistan had always been in a destabilised position because many countries across the world are bent upon ruining us and to which our political leaders became a party. We had always been told of a foreign hand in the poor conditions of the country. We cannot blame others. What is needed is that we have a mechanism in place to combat all these menaces, at hand.

One of the biggest problems Pakistan is facing is that the political elites are controlling the economy, which is considered to be a metaphorical death of economic growth.

We have to deal with it, as these elites have not only choked the economic growth but also taking full advantage by exploiting the people. If we want sustainable economic growth we have to render punishments to the corrupt political leaders, otherwise the economy will remain hijacked in the hands of these political elites and the country would never prosper in the next 75 years too.

It is time that we should focus on the real causes of the unsustainable economic growth and ensure that we elect right persons for our better future.