Since independence Pakistan has become under the economic crisis due to several problems. Mostly, rather it is the remaining amount not given by India after participation or the political failures towards economic developments. All situations have compromised the state’s economy. In addition, there are several more causes such as the heavy debts, corruption, dependence on foreign investors, lack of economic structures, narrow structure of taxation. However, different leaders dealt with the economic prosperity differently. Such as General Ayub Khan’s era did development but with this development, it left a long lasting impact that was the inflation and debt. Later on General Zia-ul-Haq’s policies also worked well but left strictness towards foreign investments. More prominently leaders such as Zulfiqar Ali Bhutto’s nationalisation concept also enhanced the economy but it left the state’s private sector into trouble.
Talking about other prominent leaders such as Asif Ali Zardari than his tenure also development when power was more distributed towards provinces and later owns the completion of IMF bailout program. However, the corruption allegations and inflation also lead towards economic stability. Leader Nawaz Sharif’s 3 tenures saw a tremendous development in economic crisis such as his policies of liberalisation and privatization, the infrastructure developments, energy and other projects. But later on different scenarios came up with different allegations of corruption against him and not only this his last decade’s tenure saw a huge compromise on economy as unemployment and inflation was on its peak and there was a huge burden of debt on the state.
Then, the period of Imran Khan’s government came up in which the state was under the rubble of debt, inflation, unemployment. While IMF’s monitory funds might help the state towards stability but later on COVID 19 was like adding oil to fire, which lead the whole world towards instability. Similar happened to Pakistan but the financial assistance, digital payments, provision of relief packages and debt reliefs helped the economic situation of the state but again the similar thing happened and the accusations game of corruption and other cases started which lead the state repeatedly towards the economic stability. Now the point to be ponder here, is that what was the fault of the state here? There is a quote of Tharman Shanmugaratnam regarding the importance of governance for economic stability that: “In the journey towards economic stability, transparency, accountability, and prudent governance are indispensable companions.”
Discussing about the present government of Shehbaz Sharif’s tenure, then as before his political party working for the state’s economy proved beneficial for the state to some extent. Now it is being expected that it might balance the economy of state as recently, the present government has set some goals to be achieved in it’s five years tenure such as increase in employment, state’s GDP, and development in IT sectors but it is still dependent on the funds and currently some challenges have been imposed on the state such as the wheat crisis and other political instability and competition amongst each other. In conclusions, summing up writing my stance is that for multiple times Pakistan has been on the risk of under the default states and in 2022, it was very clear, obvious and was on the last verge of being under the defaulted states but somehow due to its sovereign obligations, it did not fall under the category but there is still a word ‘but’ which has caused the state towards instability in economical means and as well as technological development means. Now the present government has set economical goals for achievement but time will unveil that how much of the goals will be accomplished for the betterment of the state. The nation and the state itself has now tired by watching the political instability, poor governance and failing economy. Economy is a backbone of a state and if the backbone of the state is weak then, it will become hard for a state to stand in the contemporary world. If it is not the time to achieve a balanced economy now then in my opinion, this weakness of the state is a major and will be a major reason which will lead towards the biggest brain drain of Pakistan.
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