BA English Essay: Economy of Pakistan

Economy of Pakistan

Pakistan’s economy is 46^th largest economy in the world. On its conception, country inherited all of the essential elements of macroeconomic stability. Pakistan is agronomic, semi- industrialized economy. The 55% of the GDP is contributed by agricultural and livestock sector. The locus of economic growth is along the River Indus and the commercial hubs are in the urban centers of Punjab and Sindh.

The major agricultural sectors are the cultivation of cash crops, food crops, livestock and dairy. Textiles, chemicals, leather, pharmaceuticals and heavy industry are constituent of industrial sector. Third pillar of economy is services which includes revenue generation through taxes, education, tourism and hotels. Agriculture sector was considered the sole backbone of country up till recent years as 70% of population was dependent on cultivation of crops. In the last decade of technological developments, the rapid urbanization resulted in the expansion of industry. Now industries are the sources of provision to 35% of population.

Political instability, recurrent fiscal deficits and foreign debts abated the already deteriorating situation of economy. Pakistan’s economy took a nose down as compared to India’s healthy and progressive economy despite being enjoying the same years of freedom. Erratic economic policies proved to be suicidal and the self-regarding politicians failed to implement sustainable solutions to uplift the finances.

Despite having all of the key elements, country came across a tough destiny and the bounties failed to render their true colors. There is no nearsighted relief for the sinking economy, and only right and timely decision can facilitate the escape from quagmire of energy crisis, unemployment and natural disasters.