Essay : Decline of Economy in Pakistan

Essay :    Decline of Economy in Pakistan

 

economy of pakistan

Outlines:
1- Introduction.
2- What has always been wrong about our economic situation.
3-Causes of the economic breakdown in the present times.
4-The best cures for the diseased economic system.
5.  No efforts should be spared to stop the people from getting used to economic inaction.
6. Conclusion.
The economy of our country has been sick along with that of several other South Asian countries that rightly form the dub of “sick men of Asia” as once Turkey was “the sick man of Europe.” The sickness of these countries is not innate or intrinsic, but transfused from the ugly, deformed and diseased bodies of their filthy politicians, landowners, mill-owners, capitalists and criminals who have -indulged in corruption of various kinds. The blood of the country has been sucked shamelessly by these corrupt people, for example, when they smuggled, hoarded, black-marketed goods and stole the goods and food grains produced in the country, did not pay the taxes, took loans not to return, made use of state facilities illegally like driving government vehicles privately and using state funds for personal benefit, took commissions or kickbacks on state purchases or imported or smuggled foreign goods in order to earn, profits at the cost of the national industry, and so on.
The “first main cause of the current economic breakdown is of course'the social and economic system. When most of the population is illiterate, ignorant and extremely poor, even after more than half a century of independence, how can the country progress and he-prosperous?
The second cause of the present economic crisis is the government policies that have not promoted scientific and technological studies. As a result, the country could not have a sound scientific base ..productive of scientists and experts Of a high order. Out failure to produce several refined medicines has forced usi to import them endlessly in huge quantities spending our already short foreign exchange.
The third cause of the serious economic recession is the utter failure to start running the closed or sjck industrial units and to set up new ones. The causes of the closure of a number of cotton factories, for example, have not been intelligently explored nor efforts made to restart their production. Another such area of imbalance is that of sugarcane production In the field and sugar production in the factories.
The fourth cause of our economic slackness is the failure of our nationalised factories and manufacturing centres ip improve their working by offsetting the negative results pf socialization and nationalization. The government made efforts to denationalise or deregulate most of them through auction,
 The fifth cause of the economic disorder Is the faulty functioning of our banks and other financial institutions, who does not know that the banks advanced billions of rupees to the .favourites of the government and their own friends without proper guarantees? Resultantly, the loans were either not paid on time or were defaulted. The wasted loans halted (he development of industry and agriculture as they had not been suitably invested.
The sixth cause of the worsened economic situation is the defective economic policies of the government. We witnessed a few years ago the yellow cab scheme that yvas meant to provide taxi cars to poor deserving drivers on credit. The cars were obtained by richer people instead in the name of poor drivers. In line with such irregular policies, a motorway was constructed mostly on borrowed money at a huge cost. The governments, one after another, failed to. construct suitable dams In a proper number and as a result, the agriculture was badly affected and electricity production could not increase. The rates of electricity went very high after the government contracted with foreign companies named Independent Power Projects for the production of thermal power.
Now the population is rising in lacs each year, and the common people -are hopelessly caught up in the whirlpool of unemployment or . underemployment and inflation. The International Monetary Fund and the advanced countries are not offering loans and help that they used to before Pakistan’s explosion of nuclear devices: In this situation,, we should remove all the causes of economic depression and start our journey anew along the road of economic development with the greatest effort, hope and confidence.