According to newspaper reports, the government has missed all the major macroeconomic targets in its 11th five-year development plan, including the target it had set to achieve growth rate of 5.4 percent to the gross domestic product. However, the government has managed to make progress in all the sectors of the economy and achieved a secure growth rate of 4.4 percent during the first four years in the office. Reports suggest the average growth in the agriculture sector remained 2.1 percent against a target of 3.5 percent, the average industrial output remained 5.1 percent against 6.3 percent target, the large-scale manufacturing recorded an average growth of 4.3 percent against a target of 6 percent and the services sector posted an average growth of 5 percent against a target of 5.8 percent during the first four years of the plan. Besides, the target of Investment-to-GDP ratio was set at 22.8 percent, the target of national savings was set at 21.3 percent but the government could achieve only 13.1 percent by the end of the last fiscal year which was even worse than the ratio of 13.9 percent four years ago. The exports target was set at $29.5 billion for the fiscal year 2017-18 under the plan, but reached only $20.4 billion in four years.
According to the Planning Commission, the country is facing various challenges to sustainable economic development, including stagnant exports, widening current account deficit, low savings and investments. Despite all efforts and requirements, the government could not improve its position at the ease of doing business index and it failed to deliver on various accounts. The challenges are exceedingly difficult, but resources are limited. The experts believe mismanagement is the key factors responsible for the failure of the government to settle the affairs. There is a need to take proactive approach to recover the damages and correct the trade imbalances. The mandate of this government is approaching fast to its end all the corrupt elements and mafias are working overtime to exploit the situation. The new elections are round the corner and now it is up to the people to decide the future course of action. As a matter of fact, the government has failed to manage any sector of the economy and only put additional burden of loans on the national exchequer. If the official machinery has anything to do with this nation, it should improve its abilities and capacities to achieve the desired goals.
