PAKISTAN AT CROSS ROADS (4) Posted on 08 August 2014 at 05:07 Economy plays pivotal role in the development and stability of any country .In case of Pakistan economy has suffered grievously a different grievously mainly due to dependence and sanctions.But another factor which has put economy on tenter hooks is wae on terror.According to an estimate GDP growth rate has dropped from 8% in 2001 to dismal 2% at present. The floods of 2010 have also impaired our economic life by destroying standing crop collapsing infrastructure and causing food scarcity .Another malady of our economic system is inflation .Since 2001 it has kept on increasing at 16% as compared to 4.4 % in 2001. External debt has reached a very tall figure of 60 billion dollars ,double than that of 2001.These statistics indicate the sorry state of affairs ultimately causing problems for the poor segments of our society.According to UNDP survey almost 60 % people in Pakistan live on less than 2 dollars a day.Economic Survey of Pakistan has also mentioned the figures of poverty which is 23 % .Given such a horrible situation the state of governance becomes self explanatory. Governance plays very significant role in the development and smooth functioning of a country and its institutions.The case in Pakistan is worrisome governance causing manifold problems.Lack of accountability ,nepotism and favoritism are fast decaying the admininstrative framework ultimately thwarting the journey to progress. Our abundant natural resources like 165 billion ton coal at Thar,the fifth largest coal reservoir ,185 billion barrels crude oil copper-rich Sandak,Reko Dig gold reservoirs in Baluchistan worth 44 billion dollars ,fertile lands of Upper Sindh and Punjab ,high intensity sunlight in Baluchistan are not given the proper attention either due to inefficient or unwilling politico-administrative set up.Our prime organizations like WAPDA ,PIA and Railways have reached the brink of bankruptcy.As per December 2010 figures,the accumulated loss of PIA has touched the figures of 92.327 billion rupees ,whereas Pakistan Railways has suffered expenditure loss of 51 billion rupees and revenue dwindles at about 23 billion rupees per year,weal governance is main cause and effect of amassing corruption.
