Four (4) U’s of Pakistan, Unsustainability, Unstable, Unequitability, and Uncertainty are the root causes of the bad economic condition of Pakistan. 5 Cs are needed to progress, courage, competence, credibility, commitment, coordination, and compassion.
All governments are responsible for the bad economic condition we can not blame anyone of them.
Today, we compare ourselves with China, Bangladesh, and India but the statistics have proven our position in terms of per capita income as very detrimental. Foreign direct investment (FDI) is very low, the main contributor is China, whose share is 48% of the total FDI. This was disclosed by the Prominent Economist and Director, Faculty Development Academy, Comsats University, Dr. Aneel Salman in a Webinar on the topic of ‘Deciphering Pakistan Economy’ organized by Dr. Safia Minhaj, Assistant Professor, Department of Economics, University of Karachi. Over 130 students attended the webinar.
Dr. Salman emphasized that we should increase our budget for the health and education sectors and give more attention to these two sectors as compared to the real estate sector. Another dilemma is that the governments always try to hire personalities from outside Pakistan, why we do not rely on our own citizens and give them confidence who are very well aware of the ground realities of the economy.
Serious problems, such as the system failure, which entails the saving-investment gap, and trade gap, short-term strategies, Liquidity problems, and the myopic Pakistani mindset were discussed in detail. Implementation of the Mop Approach, Increasing the Productivity, Focusing on Agrarian Development, Education and Health were the main points thoroughly highlighted by Dr. Aneel Salman on which the students showed acceptance of the theory he presented.
The discussion started off with statistics including the human development index, human capital index, global competitiveness index, and the world happiness index, which led to the evaluation that Pakistan has been on the lowest side of every index other than WHI. Dr. Aneel also mentioned the thoughts of the anti-industry macro framework in Pakistan as described by Dr. Kaiser Bengali.
The discussion moved on with mentioning prominent macroeconomic concepts such as devaluation and Marshall Lerner condition which doesn’t apply in Pakistan. Dr. Aneel’s curated presentation mentioned his set of ideas that were insightful for the students.
Further keeping the session lively, Dr. Aneel indulged with students asking them about the scenario and grave concerns that the doorbells of IMF rang nearly thirteen times instead of cleaning our own footnotes.
The session was concluded with the Q/A session answered by Dr. Aneel and Dr. Safia.