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.
Following are some of the important factors that are disturbing Pakistan’s Economy:
• Corruption & Political Instability
• Over Population, Unemployment & Inflation
• International Interference
• And The Recent Floods
ECONOMY HISTORY OF PAKISTAN
First five decades
When it gained independence in 1947 from UK. Pakistan's average economic growth rate since independence has been higher than the average growth rate of the world economy during the period. Average annual real GDP growth rates were 6.8% in the 1960s, 4.8% in the 1970s, and 6.5% in the 1980s. Average annual growth fell to 4.6% in the 1990s with significantly lower growth in the second half of that decade. See also
During the 1960s, Pakistan was seen as a model of economic development around the world, and there was much praise for its economic progression. Karachi was seen as an economic role model around the world, and there was much praise for the way its economy was progressing. Many countries sought to emulate Pakistan's economic planning strategy and one of them, South Korea, copied the city's second "Five-Year Plan" and World Financial Center in Seoul is designed and modeled after Karachi. Later, economic mismanagement in general, and fiscally...