Abstract:
Strength of economy is a very important factor for survival
of any country. All countries of the world are conscious of
this fact . More so that economic development is a very slow
and painstaking process. It requires perspective planning
on the part of economic managers. Results of policies
emerge in decades rather than years . Hence there is a need
to make realistic economic policies, follow them in latte
and spirit and then results follow in due course of time .
This paper reviews the policies of successive governments
of Pakistan since 194 7 , highlights their impact and then
moves on to analyze economic.
The decade of 90's has been a period of pronounced economic
decline for the country. During this period, the economic
activities have decelerated, the macroeconomic imbalances
have grown larger, and the irflation has risen steeply. The
rising debt burden has been yet another factor that has
brought the country at the verge of bankruptcy. The
declining trend of economy has also affected the public at
large, which is visible by increased unemployment and
reduced real wages. As a consequence , the living standard
of the poor class in particular has deteriorated
considerably . The country was facing a serious economic
challenge when it was enterinJ in to the new millennium.
The Government of General Pervaiz Musharaf developed a
strategy for economic development of Pakistan when it took
over in October 1999 . It was necessary because Pakistan's
economic policy makers failed to ensure continuity and
consistency in planning and implementing stages . As a
result, Pakistan ' s economy failed to achieve coherent and
progressive economic development during these past years.
The structural reforms undertaken by the present government
and its firm resolve to monitor the economic revival is
already indicating fruitful results in shape of foreign
exchange reserves , which exceed US S 12.50 billion . The
interest rates are low and currency is stable due to
economic strength of the country. The current study
examines the economy and its revival program under the
current regime. Towards the end, few recommendations have
also been made so that Pakistan's economy, which has
already back on the right track, accelerates further.
