Pakistan's Economy: Achievements, Progress, Constraints, and Prospects; Book chapter

摘要

Since independence, Pakistan can look back on 50 years of steady, sometimes spectacular economic advance. Pakistan's growth has been the fastest in South Asia. The gross national product has increased on average by over 5% a year since 1947. Pakistan started behind India at the time of independence, but its income per capita is now 75% higher. In spite of high population growth, per capita income has more than trebled in the past two decades. Still, despite these accomplishments there is growing dissatisfaction with the country's economic performance. Here the main shortcomings often cited include the following: (1) large budgetary and balance of payments deficits, (2) increasing inflationary pressures, (3) population explosion and rising unemployment, (4) physical infrastructure constraints, and (5) inadequate human resource development. Pakistan's golden jubilee presents an opportune time to examine the country's economic performance during the last 50 years. How far has the economy progressed and at what cost. Is progress sustainable. What are the main limitations associated with the country's development model. Is Pakistan on the verge of becoming an Asian Tiger. Ultimately, one has to address the question posed by Mahbubul Haq: 'Why are its people so poor when the economy has made such rapid progress.' Perhaps a related question is whether and to what extent democracy can be sustained in light of the massive economic and social difficulties the country currently faces.