Pakistan’s Economic Outlook

The performance of Pakistan’s Economy in 2010 did not exceed expectations because of the backlash from the War on Terror in Afghanistan, presence of extremist fringe groups present within Pakistan, ever increasing domestic inflation, increasing world prices, rampant allegations of corruption within the state machinery, and with the country still on its way to recovery from one of the worst floods in history – pundits continue to look at political economy and issues of governance to ascertain how the economy will perform in the year 2011. This report addresses the structural problems, the statistical evidence, and the critical economic thinking and theorization behind the economic functions undertaken by Pakistan in 2010 (and economic outcomes witnessed thereof). This report also elucidates the roles and responsibilities of both the public sector (the state and its enterprises) and the private sector (private institutions, organizations, companies, economic agents, and individuals) to understand why the Pakistani economy has been relegated to ‘frontier economy’ status, and why it is ‘left behind’ as such. There are a number of pressing issues – food security, inflation, unemployment, energy – which still need to be addressed, and things might get ‘a little out of hand’ if the present government does not improve its performance vis-à-vis socioeconomic indicators and achieve credibility – the experiences of Tunisia and Egypt cannot be overlooked, as even Libya, Yemen and Bahrain are witnessing the contagion of revolution.

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