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Authors: Chaudhary, Muhammad Aslam
Keywords: Emerging Issues-Economics
2. Economic Management
Issue Date: 2019
Publisher: Higher Education Commission
Abstract: Macroeconomic management has remained a major challenge through out the planning and development process of Pakistan. The economy of Pakistan performed exceptionally well in the early development plans (1955-70’s). These growth plans were upshots of world-wide renowned economists which were backed up by strong growth oriented commitments of the then government, political stability and international flow of aid (Debt). Domestic resource mobilization remained a dilemma. As a result, twin deficits continued to grow and reached up to as high as 7 % of GDP. Thereafter, except very few, hardly competent economists were made a part of the policy making and implementation process. Similar to countries who had failed to develop on the sole reliance on foreign aid, Pakistan’s reliance on dependent growth model also went in vain. Therefore, debt dependency and domestic resource mobilization’s catastrophe was one of the destructive constituent of sustainable growth. Dismally, the disinclination of merit based selections of executives, experts and economic advisers’ is a major bottleneck and setback in effective formulation and implementation of development policies. Failure to adopt merit, as a principle, is another aspect of economic mismanagement. Besides, in spite of chalking out good strategies and policies in collaboration with internationally renowned national distinguished economists failed to deliver fruitful results. The divorce between policy planning and their implementations is a wretched fetes of the development process in Pakistan. It is painful to know that R&D was forgotten theme of public policies. Although, HRD and Human Capital Formulation were enveloped in official policies, yet on factual grounds, these were never the main focus of any late governments. Domes were built for elite, which served only their self-interests; ignoring increasing, poor quality of health, illiteracy and inadequate education facilities, poverty and unemployment. On the face of above, masses remained deprived of basic needs such as basic health, education, food and shelter. Withstanding the above, the rent seeking behaviour and corruption reached to its peak level, which significantly affected development in the country. The “Vision plans and Growth strategies” kept on changing without achieving much of their targets. The devoid between the international development policies and those practiced in Pakistan has epochs of folh
ISBN: ISBN: 978-969-417-219-4
Appears in Collections:Monographs.

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