By Rashid Amjad, Shahid Javed Burki
Pakistan's fiscal functionality over the last sixty five years has confounded its critics - whilst the rustic has played far better than anticipated, particularly within the early years - and dissatisfied those that had excessive expectancies, given its preliminary begin and fiscal strength. The primary query that the members to this quantity search to reply to is tips on how to opposite the present lengthy interval of low development and excessive inflation that Pakistan has skilled, and to indicate and enforce measures that will decisively stream the economic system onto a extra sustainable development direction. The ebook attracts at the vast event of the authors on the maximum point of policy-making to place ahead practical and urban regulations maintaining in brain what works and doesn't paintings within the present socio-economic-political milieu. It additionally strikes past the source of revenue dimension of poverty towards a extra complete research of what the way is to focus on poverty in Pakistan.
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Extra resources for Pakistan: Moving the Economy Forward
Example text
The 1950s and the 1960s were also periods of institution building, including the establishment of public enterprises that worked. Early policy mistakes Notwithstanding the positive side, there is a long list of policy mistakes made and opportunities missed over several decades, which is vital to understanding why Pakistan has been unable to achieve a sustainable high rate of growth. The decision in September 1949 not to follow the devaluation of the pound sterling and Indian 30 Failed Economic Promise rupee, in the final analysis on the ground that it would make Pakistan look good in relation to India, was costly because it led to a trade deadlock with India and eventually a sharp reduction in trade with the big neighbor—though it yielded some benefits in import substitution, such as in fruit production.
On the whole, the authors’ results imply that parents’ income and education are significant in determining if their children on becoming adults live above or below the poverty line. Their study also shows that factors such as education have a significant impact on determining a person’s income. Main conclusion The studies in this volume will, the editors hope, assist the government that comes into power after the elections both at the federal and provincial levels, to meet public expectations, especially after its great disappointment with the performance of the previous coalition administration.
Experience from other economies in stress suggests that there can be fairly rapid recovery if the quality of governance is improved and if the right set of policies is adopted. A program aimed at reviving growth should distinguish between the economy’s immediate needs and those appropriate for the medium and long term. The analysis and policy recommendations emerging from the studies on which there is broad consensus suggest that policymakers need to focus on the following areas over the next 12 to 18 months: – Restoring macroeconomic stability and reviving private investment.