The Economic Survey of Pakistan is certainly the most appropriate budgeting document of finance ministry that gives a true picture of the country’s economy every year. This year the economic survey gives a mixed picture of Pakistan’s economy. Although there is reduction in budget deficit and decline in inflation however, the government has failed to achieve GDP growth target primarily due to the poor performance of agriculture sector. According to the statistics, the GDP growth remained at 4.7 per cent, missing the target by a wide margin of 0.8 per cent. Nevertheless, as compared to agriculture sector, the industrial sector grew by 6.8 per cent against the target of 6.4 per cent which is a positive development. Moreover, the foreign direct investment also increased by 5.4 per cent which sheds light on the steps taken by the PML- N led government to invite foreigners to invest in Pakistan.
Since economic growth and human development go hand in hand, therefore, I strongly believe that countries that have the best economic growth are those that have good governance, and good governance comes from dedicated and strong leadership as shown by the PML-N led government. Without continual growth and progress, such words as improvement, achievement, and success have no meaning. Therefore, what has been done is good but more needs to be done. The incumbent government must now focus to achieve the economic targets in the financial year 2016-17. It is pertinent to mention here that human rights are not only violated by terrorism, repression or assassination, but also by unfair economic structures that create huge inequalities. Hence, every effort should be made to develop a successful economic development strategy that must focus on improving the skills of the area’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today’s global economy.
Syed Ali Qasim
Lahore
