According to a report issued by the World Bank, Pakistan’s Gross Domestic Product (GDP) is expected to grow around 4.5 percent in 2015-16. However, other economies in the region are growing much faster than Pakistan like India 7.3 percent, Bangladesh 6.5 percent and Sri Lanka 5.6 percent. In its South Asian Growth report, the World Bank says that the economy of Pakistan is gradually recovering and is expected to grow by 4.5 percent in the current fiscal year thanks to low inflation, fiscal discipline, increases in remittances and stable agricultural performance. The pace of growth can be accelerated by improving shortage of electricity, soften the business environment and further consolidation of financial situation. The report says that the South Asia is emerging as the fastest-growing region in the world, with projected economic growth from 7 percent in 2015 to 7.4 percent in 2016. According to South Asia Economic Focus, the performance of economies hinges on solid growth in services, domestic consumption, and a gradual rise of investments while avoidance of any financial turmoil and improvement in external position have given important policy space to most of the South Asian countries.
The condition of the Indian economy is very important as its performance greatly influences South Asia as a whole. Due to Improved investment sentiments and resilience to external shocks, the Indian economy is expected to grow by 7.5 percent in fiscal year 2015 and further to 7.8 percent in 2016. Projecting Indian economic growth and its influence in the region, the world institutions ignore ground realities as their research and projections are based on the information provided by Indian entrepreneurs. India is spending more than $50 billion annually on its defense whereas majority of its people lives less than $2 a day. India lacks basic amenities of life as even toilet facility is not available to the people and the country is short of woods for the cremation of its dead citizens.
The biggest problem of Pakistan is corruption and not resources. If the government sincerely wants to develop the country, it has to curtail corruption which is the mother of all evils. If corruption is minimized, there will be not dearth of funds for health, education and electricity generation. Police is the main force to maintain law and order and is drenched in corruption which affects its performance as a peace force. The South Asian region needs unity and not divisions and India is the bone of contention which is not allowing the countries to come close to achieve common goals.