Economic Problems of Pakistan

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Economic Problems of Pakistan

By | September 2011
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ECONOMIC PROBLEMS OF PAKISTAN

Outline
1. Economy of Pakistan is in serious crises.
2. Political instability is the major cause along with many others. 3. In Pakistan, the system of taxes does not work well.
4. Corruption and bribery of the government officials hinder smooth functioning. 5. Pakistan is rich in natural resources but poor in managing and utilizing these. 6. Foreign exchange has always been a major problem of Pakistan. 7. The population growth rate adds to the economic difficulties of the country. 8. Poor literacy rate and lack of skilled workers are also the major economic problems of Pakistan. 9. Misuse of funds adds to the burden.

10. Progress cannot be made in the absence of a strong political system.

The economy of Pakistan is undergoing serious and far reaching changes. The economic sanctions because of nuclear explosions, decrease in exports and political instability are the major factors responsible for sluggish Pakistan economy. The overall situation is not rosy. International economic scenario is also under recession. So it is very difficult for a non elected government to control the situation.

It is not possible for any government to start or even continue projects of development without capital. Taxes of Govt. are always major portion of national income, but in Pakistan the system of recovery is not functioning fruitfully. Business community prefers to bribe a few thousand than to pay the official tax year by year. We can say that corruption is one of the major problems that are eating up over economy. The absence of check and balance is resulting in destruction.

The major national resources are soil, water, forests, minerals, energies, climate and man-power etc. Pakistan is rich in all these natural resources. The hand is fertile, water is plentiful, and climate is suitable for agricultural production and for forest growth. Among various minerals, fuel, natural gas, lead and iron...

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