Issues of Pakistan’s Economy

 

Economy is area of production distribution and trade as well as composition of goods and services by different agents.

In current situation economy of Pakistan is not good. Pakistan’s economy progressed very good in 60s and 70s. In these decades Pakistan got more attention in the world . At that time Pakistan’s economy was one of the fast growing economy in the world. Agricultural and industrial sectors were ideal for world. After that Pakistan has divided into two parts, from there the fall was began of Pakistan’s economy, until now. 

They are many reasons behind this declination of Pakistan’s economy. 

Interest 

Pakistan’s economy stands on interest but it is haram in Islam. Unfortunately when Pakistan got independence , there are no economy policy made by economists as Islamic rules. They should have think that, Way Pakistan got independence? Our great parents sacrificed their lives and wealth for this holy country. Pakistan has to make economy policy according to Islamic laws. This is major and more important issue of economy . 

Policy Making

Policy making is one of the important factor in economy. We’ve no proper platform and policy how we can keep economy stable. 

 Imports

Basically Pakistan is agricultural country but unfortunately we are importing onion, tomato and wheat as well. They are huge difference between imports and exports , its is one of major problem or issue for economy of Pakistan.

Limited Exports

For keeping stable economy you have to maintain difference between imports and exports. But exports of Pakistan are very limited . We couldn’t see anything Made in Pakistan even in Pakistan.Pakistan gets loan from The world bank, IMF, Asian development bank and other countries for stability of economy. Now Pakistan external deficit is near US$112billion rather expected revenues of Pakistan are PKR4500 billion in 2020. 

Tax Collection

They are lot of people in Pakistan , they don’t pay any tax. Some of them own their many businesses but in government record they’ve nothing. Shortly they earn money without paying any tax. That’s way government couldn’t get tax . This is one of the major issue for economy of Pakistan.

Unnecessary Expenses

In the past when prime minister or president of the country was went to foreign visits. According to Dawn.com former prime minister Nawaz Sharif and former president Asif Ali Zardari spend RS3.26 Billions on foreign visits in nine years. Extra protocol is also plays important role in unnecessary expenses.