Pakistan is the fifth-most populous country with a population exceeding 207.77 million people. It is the 33rd-largest country. Pakistan has a 1,046-kilometre coastline along the Arabian Sea and its Gulf of Oman in the south and is bordered by India to the east, Afghanistan to the west, Iran to the southwest, and China in the far northeast, respectively. It is separated narrowly from Tajikistan by Afghanistan’s Wakhan Corridor in the north-west, and also shares a maritime border with Oman. According to Economic estimate that Pakistan was part of the wealthiest region of the world throughout the first millennium CE, with the largest economy by GDP. This advantage was lost in the 18th century as other regions such as China and Western Europe edged forward. Pakistan is considered a developing country and is one of the Next Eleven, a group of eleven countries that, along with the BRICS, have a high potential to become the world’s largest economies in the 21st century.
In recent years, after decades of social instability, as of 2013, serious deficiencies in macro-management and unbalanced macroeconomics in basic services such as rail transportation and electrical energy generation have developed. The economy is considered to be semi-industrialised, with centre of growth. The diversified economies of Karachi and Punjab’s urban centre coexist with less-developed areas in other parts of the country, particularly in Balochistan. According to the Economic complexity index, Pakistan is the 67th-largest export economy in the world and the 106th most complex economy. But still our export policies not delivering good values and not enjoying the GSP (Generalised System of Preferences) standardisation for the nation.
Pakistan’s economic growth since its inception has been varied. It has been slow during periods of democratic transition, but robust during the three periods of martial law, although the foundation for sustainable and equitable growth was not formed. The early to middle 2000s was a period of rapid economic reforms; the government raised development spending, which reduced poverty levels by 10% and increased GDP by 3%. The economy cooled again from 2008. Inflation reached 25% in 2008, and Pakistan had to depend on a fiscal policy backed by the International Monetary Fund to avoid possible bankruptcy. This was a tough task collection for taxes to run the country prospectively. For poor countries with large young populations and at an earlier stage of development, I would like to point to a clear path: open up, create some form of market economy and invest in human and physical capital. At that stage, many countries are poised for more growth from a period of “catch-up” and “convergence” with the developed world. Still, there will be booms and busts, with “growth disasters driven by poor policy, conflicts, or natural disasters. In this regard, according to the directive of FBR Chairman Tariq Pasha for collection of taxes, after long time to understand the e-filling system Imran Raza Kazmi Chief Commissioner has arrange a seminar to understand the real problems of business men in Lahore office. In this meeting Khawajha Adnan Zaheer member IT was the chief guest as well as for this prime objective Chief Commissioner Nadeem Rizvi and their team are playing vital role to collect the taxes but (Section 38) is harmful for the people of Pakistan and not helping to generate tax revenue and most of the people as a business men which are not much educated. That’s why longest gap will always remain as stain alive between department and tax payer. Although tax collection system should be very friendly. People should feel proud to pay taxes but harassment and complications will not help Pakistan become an Asian Economic Tiger.
Pakistan is the fourth-largest producer of cotton with the third-largest spinning capacity in Asia after China and India. China is the second largest buyer of Pakistani textiles, importing $1.527 billion of textiles last fiscal. China buys only cotton yarn and cotton fabric from Pakistan, which converts into readymade garments and export back to Pakistan and other countries of the world. This economic momentum enhance the GDP rate and PPP level of an ordinary man of china, according to the foreign import and export polices this can demoralise the industrialisation of Pakistan, specially the cottage industry. The need of the hour is that the import of readymade garments from China and Turkey should immediately stop and help to promote the industrialisation of Pakistan to get stand on their own feet to get rid of foreign monitoring funds and special aids, against that we have to convert our forces to play a vital role even to molest the power of our national values and destroy the bad image of wrong concern and we generate the level of enemies (terrorist) against this practice. According to set countries this practice setback the country into a lot of back years, that’s why our economic growth moment is at a still point since last longer, although our passive policies are not helpful to get generate the power to be the part of global growth generator country as a Pakistan.
According to Economic momentum its identified Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam as having the most promising per-capita growth prospects. Pakistan has the lowest savings as a percentage of its GDP in the region, excluding Afghanistan. This hampered economic growth that is not even 6pc, which is generally considered the base level to create enough jobs to absorb new entrants to the workforce every year. The most promising growth prospects countries are Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam are 3G countries.
According to ground reality Pakistan would get on Rank 22 in World Ranking of purchasing power parity in 2022 if the Economic instability stays alive and the fashion to become industrialised and Pakistan works as a exporter country which is need of the hour but energy and other powers should be fluent and their availability on very competitive prices. But it is necessity to be honest with our jobs. The prosperity reason behind global growth generator countries is they give subsidies to industry holder (tax payers) and utilities rates are strictly controlled and watched or monitored by the real concerns. Especially in Pakistan it has become fashion that the nearest man of any ministry or minister becomes the chairman of standing committee and adviser to them, actually he is the non-concern person to that job that’s why the bureaucrats are unable to draw the best results for their policies which call passive policies after drawing a failure result in recovering remarkable taxing goals for the real prosperity of the nation.
The writer is the Pakistan Columnist Council chairman. He can be reached at figure786@hotmail.com
Published in Daily Times, October 1st 2017.
