Pakistan Economy Challenges

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    JDAEAIS AG ^OFCTPOE DMOLLJEBJT OE@ ^XAT^JDPT?

    ?% Cepxa`zdpcae% Cp ct ce`jj` bxjop maeazx oe` ~ljotzxj gax ij pa hj t~je`ceb pmct

    iaxeceb rcpm saz% C oi qzcpj dabec{oep ag pmj godp pmop pmct ct aej ag pmj gcejtp cetpcpzpcae

    ^ofctpoe mot oe` C olrost fjj~ tosceb pmop cg rj mo` cetpcpzpcaet lcfj D ' TD xj~lcdopj` ce azx

    dcwclcoe lcgj, pmj dazepxs razl` hj izdm hjppjx agg, pmjxjgaxj, C daiije` saz oe` C oi tzxj pmop

    oll ag saz razl` hj xctceb tpoxt ag ^ofctpoe Oxij` Gaxdjt oe` razl` iofj o daepxchzpcae rmcdm

    ct ho`ls xjqzcxj` gax pmj z~lcgp ag pmj dazepxs% Bjepljije/ C oi baceb pa polf ohazp o tzhkjdp

    rmcdm ~xodpcdolls oggjdpt jwjxs tceblj tjdpax ag lcgj, rmcdm ct jdaeais% Cp ze`jx~cet jwjxs rolf

    ag lcgj oe` pmjxj ct bxjop `jol ag cepjxodpcae hjprjje mjolpm ag jdaeais oe` pmj `jgjedj gaxdjt%

    8% Oe Awjxwcjr% Ljp ij bcwj saz o hxcjg awjxwcjr ce tci~lj pjxit ot pa rmop pmj

    tpxzdpzxj ag pmct jdaeais ct1 Ce ?302, ^ofctpoe mo` 4> icllcae ~ja~lj rcpm ~jx do~cpo cedaij ag

    ?>>$% Obxcdzlpzxj oddazepj` gax oliatp :>* ag jdaeaicd azp~zp rcpm mox`ls oes ioezgodpzxceb,

    ot oll ce`ztpxcjt rjxj ladopj` ce Ce`co% Pmjxjgaxj, cp rot zeohlj pa gjj` 4> icllcae ~ja~lj oe`

    rot `j~je`jep ae ^L)0=> ci~axpt gxai pmj ZTO% Gxai pmjxjae, ^ofctpoe mot daij o laeb

    ros% Pa`os rcpm ?2> icllcae ~ja~lj, azx ~jx do~cpo cedaij ce 8>>= rot ?>>>$ rmcdm rot pje

    pcijt iaxj% ^ofctpoe ct pmj pmcx` loxbjtp j}~axpjx ag xcdj ce pmj raxl` oe` ~xa`zdceb jeazbm

    gaa` bxocet pa gjj` cpt ~ja~lj% 4 icllcae paet ag xcdj ct j}~axpj` jwjxs sjox hs ^ofctpoe rmcdm ct

    tzx~lzt pa azx xjqzcxjijept% ^ofctpoe ct olta aej ag pmj gcwj iokax pj}pclj ~xa`zdceb dazepxcjt ce

    pmj raxl`% Ta cg rj ijotzxj ce xjlopcae pa rmjxj rj rjxj wct))wct tpxzdpzxj ag jdaeais,

    obxcdzlpzxj mot daij `are gxai :>* pa 8>*% Pmjxjgaxj, azp ag papol eopcaeol cedaij,

    obxcdzlpzxjt daepxchzpcae ct kztp 8>*, hzp cetpjo` ag hjceb `jgcdcjep ce gaa` ~xa`zdpcae, rj oxj

    ? Ljdpzxj `jlcwjxj` pa pmj ~oxpcdc~oept ag pmj Daiioe` oe` Tpogg Dazxtj op Daiioe` oe` Tpogg Dalljbj _zjppo

    ae Tj~pjihjx 0, 8>>3%

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    odpzolls tzx~lzt oe` pmop ct rmop ~xa`zdpcwcps ijoet c%j% hs ztceb pmj toij loe` saz ~xa`zdj

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    dxa~t, rcpmce obxcdzlpzxj pmjxj mot hjje o tcbecgcdoep dmoebj% Lcwjtpadf, `ocxs, izppae, hjjg,

    ~azlpxs oe` tciclox apmjx ~xa`zdpt ct :>* ag obxcdzlpzxj azp~zp ce ^ofctpoe% ^ofctpoe olta

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    dmoebj c%j% iokax dxa~t oxj aels 47* ag obxcdzlpzxj wolzj o``j` oe` ?0* oxj iceax dxa~t,

    gctmjxcjt, axdmox`t, gxzcpt oe` wjbjpohljt% Pmzt, rj oxj iawceb ce o `cxjdpcae rmjxj pmj toij

    loe` oe` toij xjtazxdjt oxj hjceb ztj` iaxj jggcdcjepls ce ax`jx pa ~xa`zdj iaxj% Ot o

    daepxotp, obxcdzlpzxj ct aels 8%:* ce pmj ZT mowceb o ~a~zlopcae ag 4>> icllcae, azp ag rmcdm

    pmjs eap aels gjj` pmj jepcxj ~a~zlopcae, hzp olta j}~axp pa pmj xjtp ag pmj raxl`% Pmjxjgaxj, cp ct

    ci~axpoep pa ze`jxtpoe` pmop rmje cp ct toc` pmop obxcdzlpzxj ct ~xa`zdceb!daepxchzpceb iaxj, cp ct

    pmj ~xa`zdpcwcps ag obxcdzlpzxj xopmjx pmoe pmj tmoxj ag obxcdzlpzxj ce B@^% Ioezgodpzxceb oe`

    ce`ztpxs ear oddazep gax 8:* ag pmj cedaij6 rmje rj xjdoll pmjxj rot eap jwje o tceblj

    ce`ztpxs raxpm cpt eoij op pmj pcij ag ~oxpcpcae% Ta cg rj laaf rmjxj rj rjxj oe` rmjxj rj oxj,

    C pmcef pmj kztpcgcdopcae gax ^ofctpoe ce pjxit ag hjppjxijep ag jdaeaicd dae`cpcaet ag Iztlcit ce

    pmct ~oxp ct wjxs tpxaeb% Hzp rmjxj rj mowj goclj` ct pmop rj mowj eap lcwj` z~ pa azx ~apjepcol%

    Ce ?373, ^ofctpoe j}~axpt ag ioezgodpzxj` baa`t rjxj mcbmjx pmoe pmj daihcej` j}~axpt ag

    Ce`aejtco, Iolostco, ^mclc~~cejt oe` Pmocloe`% Ce ?37>t Faxjo jizlopj` ^ofctpoe ce cpt gcwj

    sjoxt ~loeeceb ~xadjtt% Pmj pxobj`s ct pmop jwje o dazepxs tzdm ot Wcjpeoi rmcdm rot

    dai~ljpjls `jwotpopj` hs pmj rox mot ear awjxpofje ^ofctpoe% Pje sjoxt oba, Ce`co rmcdm

    rot ros hjmce` ^ofctpoe -pcll ?33>t# ct ear ros omjo`% Ot oe jdaeaictp oe` tpz`jep ag

    blaholc{opcae, pmj hcbbjtp dmolljebj ct; mar doe rj axboec{j azxtjlwjt pa xjodm pmop ~atcpcae

    rmjxj op ljotp rj doe hj xzeeceb eap op pmj ecej tjdae` o iclj hzp op ljotp pje tjdae` o iclj

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    xodj rmcdm ct baceb ae ce pmj blahol jdaeais% Pje iaxj ci~axpoep dmolljebjt godceb

    ^ofctpoet jdaeais oxj `jlchjxopj` ce pmj tzddjj`ceb ~oxobxo~mt%

    4% Dmolljebjt pa ^ofctpoet Jdaeais

    o% Rj Daetzij Iaxj oe` Towj Ljtt% Azp ag jwjxs mze`xj` xz~jjt ag azx

    eopcaeol cedaij, rj daetzij =: xz~jjt oe` towj aels ?: xz~jjt, rmcdm ijoet

    pmop pmj oiazep ag iaejs rmcdm ct owoclohlj pa cewjtp gax jdaeaicd bxarpm oe`

    o`woedjijep ct paa lcpplj% Hjdoztj pa bxar hs 7*, saz ejj` op ljotp 80)8:*

    cewjtpijep xopj ) oe` cg saz roep pa xjls ae `aijtpcd towcebt, sazx towceb xopj

    tmazl` hj 8:*% Ce`cot towceb xopj rot ohazp pmj toij, hzp lotp sjox pmjs

    xjdax`j` 40* towceb xopjt% Dmceot towceb xopj ct :>*, ta pmct ct pmj daepxotp ot

    pa rms rj oxj ce tjxcazt `cggcdzlps hjdoztj ot o eopcae pmct ct o ~xahlji rmcdm rj

    mowj pa xjdabec{j% Rj mowj pa op ljotp `azhlj ae towcebt xopj apmjxrctj rj rcll

    xjioce `j~je`jep ae gaxjcbe tazxdjt%

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    gceoedj` hs azx j}~axp joxecebt% Pmct xopca mot daij `are pa aels :>*, cp ios

    ba z~ pa 7>* hzp o bo~ ag 0>* ag gceoedceb ejj`t ce ax`jx pa fjj~ rcpm pmj

    ci~axp ljwjl tpcll j}ctpt% Ot o eopcae rj ~xjgjx pa ztj jwje pmj hotcd daiia`cpcjt

    ag gaxjcbe dazepxcjt xopmjx pmoe ladolls ioezgodpzxj` baa`t% Zeljtt rj `a eap

    dmoebj pmct oppcpz`j ag ~xjgjxxceb pmj ci~axpj` baa`t rj mowj pa fjj~ ae xjlsceb

    ae azptc`jxt pa gcll ce pmct bo~ h!r azx ci~axpt oe` j}~axpt% Xjlsceb ae azptc`jxt

    ijoet pmop pmjxj oxj dsdljt, z~t, oe` `aret c%j% rmje pmcebt oxj baa`, aej bjpt

    gceoedceb, oe` rmje pmcebt oxj ho` aej tpoxwjt gax gceoedceb% Ea eopcae rmcdm

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    tpxcwjt pa ~xjtjxwj cpt maeazx iztp ba pmxazbm pmct ~oxpcdzlox xazpj% Pmj larjx ct

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    razl` hj xj`zdj`%

    d% Bawjxeijep T~je`t Iaxj pmoe cp Joxet ot Xjwjezjt% Gctdol `jgcdcp ct pmj

    `cggjxjedj hjprjje pmj xjwjezjt rmcdm oxj dalljdpj` ce o sjox oe` pmj papol

    j}~je`cpzxj cedzxxj` hs pmj Bawjxeijep% ^ofctpoet bawjxeijep pofjt oros

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    ?:* ag pmj B@^ op hjtp, oe` ce pmj raxtp `ost cp ct ?8 pa ?4*% Azp ag pmj jwjxs

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    rot iaxj pmoe 2* rmcdm ijoet cpt cedaij ax xjwjezjt rjxj aels ?4* ag B@^

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    gxai taijrmjxj, ta mar `a saz gceoedj pmji6 saz jcpmjx ba oboce hjbbceb pmj

    j}pjxeol `aeaxt, ax pa pmj Tpopj hoef ag ^ofctpoe% Pmj gceoedceb ~xawc`j` hs pmj

    Tpopj hoef ag ^ofctpoe ct `oebjxazt hjdoztj cp dxjopjt mcbm ceglopcae ce pmj

    jdaeais, rmcdm ct cekzxcazt pa pmj ic``lj dlott, pmatj joxeceb gc}j` robjt oe`

    toloxcjt, oe` pmj ~aax% Pmjxjgaxj, pmjxj ct oe z~xaox ce pmj dazepxs cg pmj ceglopcae

    xopj bajt z~% Ce ?333, azx @jhp pa B@^ xopca rot ?>>*, rmcdm ijoet pmop pmj

    jepcxj eopcaeol cedaij rot ~lj`bj` ot `jhp% Jwjxs tceblj ~jees rot ~lj`bj` pa

    pmj dxj`cpaxt% Pmct xopca rot xj`zdj` bxo`zolls awjx ej}p tc} pa tjwje sjoxt oe`

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    hxazbmp `are pa :>*, oe owjxobj gax oll pmj jdaeaicjt% Marjwjx, pmj ros pmj

    pmcebt oxj baceb gax pmj lotp pra sjoxt, cp mot iawj` gxai :>* ce lotp pra sxt pa

    :=*, oe` rcpm oll pmj haxxarcebt cp ios ba pa 7>*, rmclj pmj Gctdol Xjt~aetchclcps

    Lor 8>>: tost, pmop pmj bawjxeijep tmazl` eap j}djj` pmj `jhp B@^ xopca iaxj

    pmoe 7>* oe` ct xjqzcxj` pa xj`zdj cp hs 8%:*6 oe` pmop ct eap mo~~jeceb% Pmj

    xjotae pmj gctdol `jgcdcp ct rc`jeceb ct lar xjwjezj dalljdpcae% Mar doe saz

    j}~jdp pmop aels ecej ~octot azp ag jwjxs xz~jj ag cedaij bjejxopj` hs ^ofctpoec

    ~a~zlopcae tzggcdjt pa ijjp pmj xjqzcxjijept ag `jgjedj, cegxotpxzdpzxj,

    `jwjla~ijep, `jhp tjxwcdceb jpd% Pmct ct kztp eap ~attchlj% Ce Ce`co, po} B@^ xopca

    ct ?:* oe` tpcll pmjs mowj gctdol `jgcdcp% Ta ^ofctpoe ct ros hjlar pmj eaxi gax

    `jwjla~ceb dazepxcjt% Ioes ~ja~lj tos pmop `jgjedj pofjt oros o lap ag

    bawjxeijep j}~je`cpzxj% Rmjxjot, pmj godp ct pmop `jgjedj j}~je`cpzxj ct aels

    8>* ag bawjxeijep j}~je`cpzxj% Cp ct aels 0* ag B@^, oe` ct eap tzdm o loxbj

    j}~je`cpzxj ot dai~oxj` pa `jhp tjxwcdceb rmcdm ct 2)=* ag B@^ oe` oliatp

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    `jgcdcp hs xoctceb xjwjezjt% Obxcdzlpzxj cedaijt oxj j}ji~p, ~xagjttcaeolt,

    xjpocljxt, rmaljtoljt, pxoet~axp arejxt oe` ioes apmjx tjxwcdj ~xawc`jxt jwo`j

    po}jt hs ~osceb o tioll gxodpcae ag rmop ct `zj% Daepcezceb loxbj gctdol `jgcdcpt

    sjox ogpjx sjox ios ~lzebj pmj dazepxs cepa `jhp pxo~ oboce%

    `% Azx Tmoxj ce pmj Raxl` Pxo`j ct Tmxcefceb% Ce ?33>, ^ofctpoet tmoxj rot

    >%8* ag pmj raxl` pxo`j% Ogpjx 8> sjoxt cp mot daij `are pa >%?8* ce o wjxs

    hzasoep raxl` jdaeais% Raxl` pxo`j mot hjje bxarceb gotpjx ot dai~oxj` pa

    pmj raxl` azp~zp% Ce`co ce pmj toij ~jxca` mo` `azhlj` cpt tmoxj gxai >%2* pa

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    ?%0*, rmclj ^ofctpoe ct baceb pmj apmjx ros oe` pmop ct pmj xjotae rms

    j}~axpt!ci~axpt ciholoedj ct cedxjotceb% Rj oxj eap pofceb o`woepobj ag pmj

    a~~axpzecpcjt rmcdm o hzasoep raxl` jdaeais ct ~xawc`ceb% ^ofctpoe ct tpzdf rcpm

    aels o gjr daiia`cpcjt pj}pcljt, ljopmjx, xcdj, t~axpt, baa`t oe` pmj tzxbcdol

    baa`t% Rj mowj eap jepjxj` pmj ioxfjpt gax iaxj `seoicd ~xa`zdpt% Oll azx

    j}~axpt oxj pa o gjr ioxfjpt pmj ZTO, JZ oe` pmj Ic``lj Jotp% Ta pmct eoxxar

    j}~axp hotj oe` wjxs lcicpj` bjabxo~mcdol t~xjo` oxj eap ollarceb zt pa j}~oe`

    azx tmoxj% Zeljtt rj ci~xawj pmj qzolcps ag azx ~xa`zdpt, ba azp oe` `a pmj

    ioxfjpceb ohxao`, cewjtp ce xjtjoxdm oe` `jwjla~ijep, pmj ~xat~jdpt `a eap laaf

    ~xaictceb% Pmop ct rms rj oxj lobbceb hjmce` apmjx dazepxcjt rmcdm gxai ros

    hodf oxj awjx pofceb ^ofctpoe%

    j% Rj Ho`ls Lob ce Tadcol Ce`cdopaxt% Aej ag pmj iatp bloxceb rjofejttjt ct

    pmop o dazepxs lcfj ^ofctpoe pmop tmazl` mowj mo` hjtp ce`cdopaxt ce lcpjxods, cegoep

    iaxpolcps, gjxpclcps xopjt, ce oddjtt pa ropjx tz~~ls, ce ~xcioxs jexalijep xopcat mot

    tadcol ce`cdopaxt rmcdm oxj iaxj dai~oxohlj pa Ogxcdo xopmjx pmoe pa pmj dazepxcjt

    ag tciclox ~jx do~cpo cedaij% Jwje Pokcfctpoe, rmcdm ct o wjxs ~aax dazepxs, mot

    hjppjx lcpjxods xopj oe` ~xcioxs jexalijep xopcat pmoe ^ofctpoe% Rmop `ajt cp

    ijoet1 Cp ijoet pmop cg rj mo` lcpjxods xopj ag ?>>* cetpjo` ag ::*, pmje ce

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    =>)=:* lcpjxods xopj, hzp cp ct `azhpgzl pmop pmct rcll mo~~je% Rms `a rj mowj

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    xjlopcae hjprjje xjbcaeol cejqzcpcjt oe` hodfrox`ejtt rcpm pmj ljwjl ag

    j`zdopcae%

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    gxai pmj ~acep cp mot bjejxopj` pa pmj ~acep pmjs xjolc{j pmj hcllceb ct 0:*, ta ::*

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    oxj jljdpxcdcps azpobjt% Ce o``cpcae pa jdaeaicd lattjt cp olta dxjopjt

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    pa j}~axp joxecebt ag ^ofctpoe% Rcpm pmj dlciopj dmoebj pofceb ~lodj rcpm oll pmj

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    ct eap owoclohlj, pmj ropjx ct eap owoclohlj, pmj bot ct eap owoclohlj, jljdpxcdcps ct

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    bawjxeijep objedcjt, ceezijxohlj lort oe` xjbzlopcaet pmop oxj oepcqzopj` oe`

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    hzp cp ct pmj ~aax bawjxeoedj oe` ci~ljijepopcae pmop oxj pmj rjof lceft ce

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    `ctdc~lceoxs odpcae, jpd, rj rcll eap hj ohlj pa tjj oes `cggjxjedj ce pmj qzolcps ag

    bawjxeoedj% Ax`jxt oxj bcwje hs pmj mcbmjx z~t hzp pmjs oxj eap doxxcj` azp6

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    bawjxeijep rmje daijt ce razl` tpa~ ax olpjx rmop pmj ~xjwcazt bawjxeijep

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    mot hjje cepjxxz~pj` hs ezxpzxceb o tpohlj, tjdzxj oe` ~jodjgzl ~alcpcdol

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    hjdoztj cg saz mowj loxbj ezihjx ag sazebjx ~ja~lj daiceb pa lohazx gaxdj oe`

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