Pakistan Crisis: Why Pakistan became poor in 75 years, Prime Minister Shahbaz Sharif accepted these failures with ‘cleanliness’
Highlights
- Consumption accounts for more than 90 percent of Pakistan’s GDP.
- Pakistan invests only 15 percent of the production and exports only 10 percent.
- Foreign direct investment is less than one percent of GDP
Pakistan is facing the most severe economic crisis ever in the 75th year of its independence. The government treasury of Pakistan is lying empty, the country has a huge debt. Meanwhile, Prime Minister Shahbaz Sharif, who recently took over the reins of Pakistan, which is facing deep financial crisis, has clearly accepted the failure of Pakistan.
Shehbaz Sharif says that due to structural flaws, Pakistan could not fill the economy and in today’s time is embroiled in economic troubles. Sharif has thrown light on the current economic crisis of Pakistan in an article written in the magazine ‘The Economist’ on the occasion of 75 years of Pakistan’s independence.
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Sharif has said in his article that due to structural flaws, Pakistan’s growth was affected and it kept getting caught in the vortex of boom and fall again and again. Sharif has said that in the 1960s, Pakistan was seen as a country full of hope and promise and was projected to become the “next Asian tiger”. But in the year 2022, the situation has become such that Pakistan is stuck in an economic crisis. Apart from the current international scenario, he has also attributed the situation to long-standing domestic weaknesses.
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Not much attention has also been paid to rectifying structural flaws. He said that Pakistan has been lagging behind due to increasingly polarizing political environment and lack of proper investment in basic aspects like health, education and infrastructure development, besides reaping the benefits of globalization.
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Pakistan becomes consumption based economy
Sharif said, “Pakistan is one of the largest consumption-oriented economies in the world today. Consumption accounts for more than 90 percent of our GDP. In contrast, we invest only 15 per cent of our production and export only 10 per cent. Foreign direct investment is less than one percent of GDP. ”He said that these economic figures force Pakistan to look inside itself. “This situation shows the flaws in our economic model. No country has ever grown like this.
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