The economy of Pakistan needs stability as well as growth after the country lost five precious years during the Pakistan People’s Party government from 2009 to 2013. This was the period Pakistan should have achieved a remarkable growth as a new of era of democracy had dawned in the country after years of dictatorship. But the PPP government had failed to do anything good for the country and completed its tenure by playing politics. Fortunately, the new government of the Pakistan Muslim League-Nawaz wants to bring positive changes in the economy, but unfortunately, it has no vision as well as a team of experts to steer the country out of various crises.
The common man is in trouble as he needs basic amenities of life while businessman is in more trouble as he needs congenial environment and facilities like electricity and tax relief to run his business. People are dying in Karachi and elsewhere in Sindh due to non-availability of electricity and water, but the government has set promising targets in the next fiscal budget. The government has raised GDP growth target at 5.5 percent for financial year 2015-16, hoping that the agriculture sector will contribute 3.9 percent, industry 6.4 percent and service sector 5.7 to the national economy. The government also hopes that overall federal revenue receipts will go up to Rs 5.8 trillion from Rs 5.3 trillion in financial year 2014-15 and tax revenue will rise to Rs 3.1 trillion from Rs 2.7 trillion. The inflationary environment is projected at around six percent for the next financial year while unemployment rate will be brought down by creating new jobs and loan financing for self-employment. Despite slow economic indicators, the country’s stock market has performed very well and will continue to rise, landing from frontier zone to emerging zone. The government is planning to introduce structural and regulatory reforms in the stock market as well as will ensure development of new products. The government is optimistic about resolving balance of payment problem and will try its best to attract direct foreign investment, especially in energy sector.
There is no denying the fact that the government cannot do everything on its own as it needs people’s cooperation at every level. But there is a trust deficit between people and the rulers which needs to be minimized. If the government wants to achieve economic growth, it will have to improve law and order, remove shortage of electricity and enhance tax net. A rigorous crackdown against corrupt elements is also a need of the hour. The journey of the country from economic stability to economic growth must not stop.