An Overview of Economic Scenario

By Ali, Muhammad lmtiaz | Economic Review, October 2000 | Go to article overview

An Overview of Economic Scenario


Ali, Muhammad lmtiaz, Economic Review


Pakistan has become world 7th Nuclear Power, but its socio-economic indicators are appalling its ranks at 138th position in the world in term of Human Development Index. The economy is badly engulfed in inherited chronic problems. It has been experiencing major macro-economic imbalances which are prominently reflected in a significant slow economic growth, extremely low private sector confidence, unsustainable domestic and foreign debt obligations and a prominent fiscal and current account deficit, particularly in the back-drop of post nuclear scenario.

Chief Executive General Pervez Musharraf has reviewed his year in power with special reference to economic scenario in a press conference held in Lahore the other day. In view of the precarious state of the economy, General Musharraf is right in asserting that the economy has been prevented from sliding downward but it is not a major achievement, the government has been unable to initiate any measure to improve the living conditions of the common people in certain areas such as education, health, transportation, housing and employment. On the other hand, the cost of living is continuously rising and has become more alarming in view of the ever growing population and declining employment opportunities.

At the dawn of 21st century when democracy has become order of the modern civilization, no military regime could expect a welcoming reception in the world. The military regime launched itself on a pragmatic note, with General Musharraf unfurling his 7-points agenda with a forthright acceptance of all that was wrong with the country. The economy was in shambles and institutional destruction seemed irretrievable. This dismal legacy reflects, the daunting difficulties confronting the military government.

The completion of first year as the country's Chief Executive in wake of 12th October 1999 change last year, marked with a note of optimism. The press conference of General Pervez Musharraf also served as a survey of the changing national scenario with reference to his agenda encompassing revival of economy, good governance and political restructuring. The economy being the Government's top priority, he reiterated his resolve to improve it.

Pakistan has become world 7th Nuclear Power, but its socio-economic indicators are appalling. It ranks at 138th position in the world in term of Human Development Index. The economy is badly engulfed in inherited chronic problems. It has been experiencing major macroeconomic imbalances which are prominently reflected in a significant slow economic growth, extremely low private sector confidence, unsustainable domestic and foreign debt obligations and a prominent fiscal and current account deficit, particularly in the back-drop of post nuclear scenario.

Reviewing economic situation, Chief Executive referred to the external debt burden. It was only two decades ago when country's debt burden was around $10 billion but, rose to $20 billion in 1989-90 and today it stands nearly $40 billion. The debt paying liability so increased by many folds, which consumes major bulk of GDP, made the economy sick and resulted in a situation, where the greater part of the net foreign debt had to be used for debt servicing. This requires strenuous efforts to be made to get rid off the debt trap.

The privatization programme which is directly aimed at retiring the accumulated debt and making the nation to learn self-reliance for living within own resources without depending upon foreign loans. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

An Overview of Economic Scenario
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.