KARACHI:
Pakistan’s economy has long been in the doldrums. The reasons behind a fragile economy are poor governance, lack of innovation, absence of accountability, divisive politics and flawed social-economic policies. Historically, Pakistan has seen periods of economic stability thanks to foreign loans and aid. But the ever-changing economic models under different governments never allowed consistency in policies with a result that the economy could not take off. In the Ayub era, elite-centric policies led to the concentration of wealth in a few hands. Bhutto came in and introduced nationalization as part of his socialist policy. Bhutto’s reign was followed by an 11-year-long dictatorship under General Zia who attempted to Islamise the national economy. Benazir took over from Zia and introduced the idea of privatization. In Nawaz Sharif’s era, crony capitalism led to the emergence of a few big industrialists. Those who followed were no different. What was common in them all was the dependence on foreign assistance. And this luxury never allowed our rulers, civil or military, to focus on an export-led and investment-laden economy.
Waqar Badar
Larkana
Published in The Express Tribune, August 7th, 2022.
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