Pakistan’s exports are falling and the organizations, especially Trade Development Authority of Pakistan, which is responsible to improve exports,stands at 135th among 138 countries of the world in the Global Competitiveness Report 2016-17. According to newspaper reports, the Global Competitiveness Report issued by the World Economic Forum shows that Pakistan’s rank has risen by four places up at 122nd, but still far from a satisfactory level. Experts believe the increase reflects improvement in certain macroeconomic indicators during the last one year.The report covers an annual assessment of the economies of 138 countries, their productivity, prosperity, problems faced by investors to start businesses, level of corruption, crime situation, tax rates, access to finance, government instability etc. Pakistan has successfully improved 54 key indices, but lost its previous position on 50 indices. At least 10 indices were the same as were the last year. The report suggests the country has jumped from 128 in 2015 to 116 in one year later under the head of macroeconomic stability. The country’s debt percentage to GDP ranked at 95 among 138 economies and has improved percentage of gross domestic product from 115 to 107 due to better national savings plan.
The present government has successfully contained inflation in which Pakistan moved from 127 in 2015 to 93 in one year. However, the situation of healthcare system is pathetic as the country’s ranking in the health and primary education is 128. The country has the last position in the South Asian region as India leads at 39, Sri Lanka 71, Bhutan 97, Nepal 98 and Bangladesh ranked at 106.According to the report, Pakistan stands at109th with regards to Intellectual Property Organisation, 88th at the judicial independence, 118th under police services and 96th with regard to Competition Commission of Pakistan whilethe Pakistan Customs stands at 113th, the State Bank at 101th andthe Securities and Exchange Commission of Pakistan is falling behind its global ranking from 51 in 2014 to 106 this year. The report indicates an alarming situation where the country has failed to maintain openness of its economy for the last 10 years. The lack of openness of economy is leading to decline in sustainable growth.
Where some least developing nations are making progress, the tempo with which the government had started its journey three years ago is waning. During the last three years of the present government, the exports have declined by $5 billion and this is not a good sign for the ruling political party. The time has come the government should seriously consider the revival of the economy and give it a direction.
