The world has stepped into a new decade with the start of 2020. But, we as a nation as still standing decades behind the rest of the world. Out of many reasons for the backward crawl of Pakistan, the economy has been the burning issue for every Government in the country. With Imran Khan’s PTI leading the country in a new decade, one must be wondering about baby steps to revamp the economy of the country.
Growth Rate
Out of many economic indicators, the growth rate of a country is the top burning issue for every economic team. If we study our history, we’ll observe a promising increase in the country’s growth rate. As per the world bank’s report, just three decades ago, Pakistan’s annual growth rate percentage was 7.706 in 1992.
If we move the clock further backward, we’ll observe the growth rate at 11.353 in 1970. However, from the past few decades, the economic indicator is falling like the country situation in other fields of life. When Imran Khan took control of the Prime Minister’s office, the annual growth rate percentage was 5.83 in 2018.
When we compare the growth rate to India’s 6.81 in 2018, it is enough to be ashamed as a nation. In this new decade, we all must think of getting the motherland back to the right track.
Basic Steps to Get On The Track
Being a student of the country’s economy, I have studied and found a few basic factors that we should consider in the new decade to give hope to billions of citizens. Word bank suggests foreign investment as the primary factor in increasing the growth rate of Pakistan.
Foreign Investment
Investment from international brands and companies has always been a target for Pakistan from past decades. Ever since I was growing up, I constantly hear each Government focusing on this factor. However, with terrorist activities in the country, circumstances haven’t been feasible for any investment, let alone for trade with developed countries.
Let’s be thankful to the armed forces who have removed the majority of terrorists from the country. This paved a path to foreign investment, and as a result, we have a ray of hope in 2020. Pakistan is declared the third top tourist destination in 2020 by the British Backpackers Society.
It is a pleasing surprise and golden opportunity for PTI’s government to focus on its tourism slogan in the next year. As tourism will grow, investment chances will also increase. We know tourism and investment are on the same graph and directly affect each other.
Human Capital Investment
Instead of living in a false paradise, let’s all be honest and realize that we have a long way to go in 2020. A single step can’t turn around the economic condition of the country. Another step that needs attention from the state is the humans of the country.
When we talk about investment in humans in a society, top factors are education and health. Education and health are the sectors neglected by many decades by the governments in the past.
Citizens in small cities, towns, and villages don’t have access to basic health facilities. This keeps the economic indicators at a lower point despite all the hard work in other fields. The state should put a primary focus on the health and education sector in 2020. This will help the state in return. A high number of people can go to work; thus, more industries will work, and the economy will be stabilized.
Financial sector
Although, like every government, the PTI government comprises of economic experts. But, a vital point being neglected is access to finance to a common man. If we look around our society, we’ll find out that only 14% of citizens are using a bank account. This means that 84% of our population has no access to standard international financial privileges.
This lack of financial access results in a low number of startups and SMEs in our small towns and villages. The private sector is a major contributing factor in the country’s economy. But, our governments and state are neglecting the role of the private sector for many decades. Providing financial access and privileges via a bank account is a baby step for the private sector that must be taken at earliest.
Political Stability
In every democratic country, Politics and political stability have a direct relation with the economy of the country. From the past three decades, the political situation has not encouraged the businessmen of the country. In these decades, we have seen the worst of our politicians, and it resulted in poor economic conditions.
Lack of legislation, week justice system and week law enforcement are contributing factors to the political stability of the country.
In 2020, all political parties must let their personal interests aside for the betterment of the country. Legislations must be completed at the earliest so the state can focus on vital factors contributing to the growth rate of the country.
In the end, each citizen is responsible for a better growth rate. We need to start fulfilling our role by filing the taxes on time, working hard in our offices, and by sharing the positive image of the country with other nations.
The writer is a young entrepreneur with a master’s in Mass Communication.