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Pakistan’s economic performance

Pakistan’s economic performance. Lectuer 2 (I). Introduction. Mixed eco performance since independence High growth in agric. & manufac. In 1960s In 1970s however, the economy did better than 1950s The end of 1970s till 1988 high growth pattern re-emerged

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Pakistan’s economic performance

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  1. Pakistan’s economic performance Lectuer 2 (I)

  2. Introduction • Mixed eco performance since independence • High growth in agric. & manufac. In 1960s • In 1970s however, the economy did better than 1950s • The end of 1970s till 1988 high growth pattern re-emerged • Growth rates fell after 1988 reminiscent of the 1stdemoc. Period of 1971-7.

  3. In 21st century growth is subservient to a participatory, distributive, just, sustainable and environment friendly development. • Role of markets highlighted • Role of state minimum in markets • Globalization, openness, privatization and liberalization determine how and where to invest and what to produce

  4. The structural adjustment programme started in 1988 in Pakistan caused slow down of economy • Increased income inequality, poverty, and unemployment and hastening deindustrialization process • Post 1988 period worst in terms of eco growth and dev over the last 50 yrs. • Similarly, 1990s lost decade, hastily following IMF/WB advised inappropriate polices • Structural adjustment programme

  5. South Korea, an authoritarian industrialization pattern • Development/interventionist bureaucracy & state fundamental to growth • Land reforms_abolishment of landlordism, cheap credit to private sector, price control to boost industry • State intervention rather than market in eco development • While in Pak static and were recommended for Pak under SAP_privatisation and market based polices advocated as the state withdraws.

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