Despite its massive natural resources, Pakistan continues to confront a significant trade deficit
It is a known fact that Pakistan is one of the richest countries of the world in terms of natural resources. It has been endowed with gigantic reserves of coal, gas, gemstones, copper and gold. Other resources include oil, iron, titanium and aluminium, which are a pre-requisite for any growing economy. What, however, is very unfortunate is that these resources have never been fully exploited to the benefit of this nation.
This extremely disappointing state of affairs is caused due to innumerable critical flaws leading to the poor governance of the country. No one can contest the fact that except for some very brief spells of economic successes, the country’s development graph has mostly remained dipped. Continuing political rivalry and instability, the constantly deteriorating law and order situation and rampant corruption have created a roadblock in the way of exploitation of the country’s natural resources. Despite its massive natural resources, Pakistan continues to confront a significant trade deficit and its reliance on foreign assistance continues to grow by leaps and bounds. The acute energy crisis and rapidly declining foreign investment further add to its burgeoning economic predicaments. Under the present, very disappointing scheme of things, attainment of developmental goals of the country would, as always, remain a far cry.
In order to attain its development goals successfully and bring prosperity to the downtrodden people of the country, massive overhauling of the existing system of poor governance will have to be done. Sincere and honest endeavours will have to be made to fully exploit the country’s phenomenal natural resources in order to build a strong economic edifice and to drastically reduce dependence on foreign assistance. Those at the helm of affairs must clearly understand that there can be no compromise at all on these issues of immense importance. If the desired level of progress is to be achieved, if the country is to be steered out of its current gigantic economic predicaments, and if the destiny of the people of Pakistan is to be changed, there can be no escape from the facts spelled out above. It is true that the challenges confronting the country today are daunting, and the predicaments are plentiful, but things definitely will have to change if Pakistan is to prosper and stand out conspicuously among the international community.
M Fazal Elahi
Published in The Express Tribune, November 22nd, 2014.
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