There was an interesting headline that appeared in our feeds this week: According to the latest figures, the overall worth of India’s Tata Group (USD 365 billion) has become greater than Pakistan’s whole GDP (approx. USD 341 billion). Sounds like a new low for Pakistan economy, doesn’t it? Pakistan’s economic crisis is widening day by day and with the current political situation of the country, it seems like there is little hope that anything can change for the better in near future.
But, as the popular saying goes- Where there is a will, there is a way.There are so many successful examples the world has to offer to this South-asian nation to improve its current economic scene and grow further. Let’s take a look at how Pakistan’s political leadership and citizens can take inspiration from various success stories and join their hands together to increase Pakistan’s GDP.
Pakistan’s Economy – What more can be done?
Fast Approval
Pakistan can introduce a one-window system for registration of new businesses all over the country, which reduces delays from months to days just like the Rwandan online company registration system. This may attract new people to start their own companies and increase investments in Pakistan economy too.
Reduce Corruption
Take inspiration from Singapore, with its Corrupt Practices Investigation Bureau (CPIB) known for its success. Pakistan’s National Accountability Bureau (NAB) can be improved by raising its funding and supplies, setting up harsher regulatory methods and working towards no tolerance for corruption and transparency related policies in Pakistan economy. With most of its national leaders facing corruption charges nowadays, this will be a very difficult task to accomplish.
Increase ease of doing business in Pakistan economy
In recent years, Malaysia has made it simpler to start and operate businesses, raising its World Bank Doing Business ranking by 24 places. Pakistan economy may benefit too by simplifying rules, lowering responsibilities to be kept, and putting money into technology-driven solutions for improved business performance.It should take note of the changes implemented by its neighbour, India under the “Make in India” campaign, which resulted in a 40% decrease in the number of regulatory clearances needed and an improvement of 20 spots in the country’s ranking in the World Bank’s Doing Business Report in just 4 years.
Focus on Job-Ready Skills
Provide Better Healthcare
Thailand’s Universal Coverage Healthcare Scheme and India’s Ayushman Bharat scheme have made healthcare affordable for everyone in the country. Pakistan can study them and benefit from this by growing its current healthcare programmes, focusing on early detection of diseases and treatment, boosting rural access to medical services. It must partner with international non-governmental organisations (NGOs) such as BRAC even more to develop successful local healthcare models in disadvantaged regions, which has results like a 30% drop in child death rates in programme areas across Africa. It will surely result in happier and more productive individuals which will help the Pakistan economy flourish.
Smarter Farming
Loans for Everyone
Get more tourists
Trade, Trade, Only Trade
As of 2024, Pakistan’s economy is grappling with significant challenges. Poor policy decisions, coupled with external shocks such as the COVID-19 pandemic and the devastating 2022 floods, have resulted in slow economic growth, heightened poverty rates, and an increased risk of debt default. Human development indicators remain low, with per capita income growth declining due to low productivity and high fertility rates. To address these issues, Pakistan needs to prioritize human capital development, enhance tax collection, and manage public resources more efficiently. These measures are essential for revitalizing the economy and improving overall living standards.
Inflation in Pakistan has had a significant impact on daily life. Rising prices for essential goods and services, such as food, fuel, and utilities, have strained household budgets. People are finding it harder to afford basic necessities, and the cost of living has increased. Additionally, inflation erodes the value of savings and affects purchasing power, making it challenging for individuals and families to maintain their standard of living. The government’s efforts to control inflation and stabilize the economy are crucial to alleviate these hardships.
Improving Pakistan economy requires time, effort, and everyone’s cooperation. Pakistan must learn from others while also adapting ideas to meet its unique environment. And, most critically, it must promote broad-based development which helps everyone, not just those who are wealthy.This nation must create its own route to a strong economic future by fixing its leaks, putting money into people, broadening the economy, encouraging inventiveness, and working together with neighbours if it wants to prosper in this 21st century.