Political polarization and administrative failures are probably the main actors which are hindering the economic development of the country. Energy crisis, security situation and low investment are the secondary causes or are the byproducts of the principal causes haunting the nation. In its supplemental report of ‘the Asian Development Outlook’, the Asian Development Bank has lowered the rate of economic growth in Asia from 5.7 percent to 5.6 percent for 2016-17, but has maintained the Pakistan’s rate of growth at 4.5 percent for the current fiscal year ending June 2017. Earlier in its report published in March this year, the bank forecast the growth rate at 4.5 percent, hoping better performance in the service sector. The forecast for the next fiscal year was projected at 4.8 percent. The bank highlights structural reforms as a principal factor to boost productivity, improve investment and support domestic demand to maintain momentum of growth in the country. According to a senior bank official, Asian economies continue their robust expansion in the face of global economic uncertainties while the industrial economies would exceed the expected growth this year by 1.5 percent.
The bank has especially cut its projected forecast for the economies of the South Asian region from 6.9 percent to 6.6 percent. Indian economic growth has been slashed from 7.4 percent to 7 percent due to demonetization policy, bleak performance of the agriculture sector and low investment. The bank has its own standards to gauge the growth of economies in various regions of the world. However, every country has its unique policies and business culture which goes in favour or disfavor of their respective economy. Pakistan is a country of self-made individuals as all the government policies depict best example of ‘leg pulling’ which hardly facilitate across the board businesses growth. The policies often bring windfall for some entrepreneurs and disasters for the others and are often discarded at the end of the day. A majority of the government officials is honest but black sheep foil every attempt of the smooth implementation of the government policies. The nation will achieve economic development when people will develop understanding that it is their country and the whole nation would have to work in tandem in all spheres of life.
It is a time the government and the opposition should show some sense of maturity due to certain development in the international politics. India has openly adopted a hostile posture against Islamabad wants to hit the economy. It is incumbent on the political leaders on both sides of the divide to cooperate with each other for the sake of the country.
