ECONOMIC PROBLEMS OF PAKISTAN
Pakistan was established in 1947 and since its inception; it has been surrounded by countless issues, some of which are confined to ill-formed/missing infrastructure, insufficient refined resources, barren or obsolete factories and technologies, the Kashmir controversy and other fronts also involving an ever-ready enemy to underscore its efforts towards progress. Despite being rich in natural resources, Pakistan has so far been a developing country with limited development in every era due to the economic problems it has been facing. In the following text we will shed light on some of the major problems faced by Pakistan as a country, today. Economic aspect is the most important fact of human activity because mans progress and happiness in other aspects i-e political, social and cultural largely depends on the sound and stable economic life. A stable economy plays an important and vital role in any nation’s collective prosperity and development. When Pakistan came into being, it mostly consisted of those areas which were economically backward and under-developed. These areas were mostly producers of raw material which could not be used locally because related processing industries were located elsewhere. The government of Pakistan faced serious economic problems since independence. The government of Pakistan was facing many problems for its economic development because of administrative, social, cultural and political factors. In this article we will discuss the present situation of the Pakistan economy. Today, the Pakistan economy is unstable and the main cause of the economic breakdown is the social and economic system. The failure to start running the closed or sick industrial units and to set up new ones has partly halted industrial progress. The causes of the closure of a number of cotton factories have not been intelligently explored nor efforts made to restart their production. Another such area of imbalance is that of...
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