Suppose we are a foreign journalist to whom this land and its events are absolutely foreign. "A tragedy occurs and sparks a public outcry. Rulers, ministers complain; media cries; students protest. Tears are shed. Within a week, everything settles down. I am told of another loss ; of another misery: it's so cliché that I don't pay attention. I'm told a second time. Now my ears are bleeding village. Imagine asking an orphaned child what he thinks of the land he lives on, you might get an answer like this: "This cemetery is not my land." Although it may not be the best thing to predict the next 30 years among the toughest problems but it is the only way to bring the country back on the right path. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Terrorism is on top of all our other problems. In terrorism alone, Pakistan has lost money worth $68 billion (estimated for the last decade). This explains why the country's economic growth slows down as soon as there is an improvement. Because every time we head towards something big, terrorism creeps in. Drowning all our aspirations in blood. Despite the bad intentions and devious plots of the enemies, we remained there for over 70 years. Without a doubt, it is a feat on our part. But over the past few decades we have been immersed in a cocktail of flawed leadership, corruption, an inadequate justice system, inflation, rape, murder and whatnot, and it is quite difficult to say whether we have truly prospered. While the new government has given us hope for significant improvements, the government has inherited the greater challenge of stabilizing a crippling economy amid other problems. Considering the limited economic state the country is in, the journey to the penny would be tumultuous. Debts arising from CPEC projects have piled up to a whopping $95 billion (Rs 11 trillion). The rupee was devalued for the fifth time since December 2017, weakening by about 27%. Furthermore, foreign exchange reserves have slowed significantly. The Asian Development Bank has speculated that Pakistan's economic growth could fall to just 4.8%. This bleak situation invites us to take immediate regulatory measures. While the incumbent government has implemented austerity measures by increasing taxes; by increasing gas prices by 35%, the inflation rate is estimated to reach 6.5%. This will only make the survival of the poor suffocating. The first and main solution is to make the country self-sufficient. The share of our agrarian economy to our GDP is about 24% (which is much lower. For comparison, in the year we produced 53% of our GDP from agriculture 1947). The redundant irrigation system needs extensive updating. Investments in agricultural technologies and techniques can improve crop yields. Industrially we are mainly importers. We export raw or semi-finished goods. We are severely lacking in the production of processed goods due to the incompetence of the Industrial System. Every year we spend about $2 billion importing agricultural products. The bridge between our imports and exports continues to widen. Our motto should be: substitute imports. Grow exports. The consecutive devaluation of the rupee, however, has increased exports many timesthis year. It is not possible to rely on such an improvement, the basis of which is exclusively the depreciation of the currency. In previous years, our export rate was much lower, reflecting the need to improve our agricultural and industrial sector. With these reforms we can free up 12.8 billion of the country's export potential. In the World Bank's Human Capital Index, Pakistan scored 0.39, while India secured 0.44. Singapore took first place, boasting its effective and flexible education system and healthcare facilities. The concept of Human Capital takes into account the indicators of health, education and economic growth of a country. In the 2017 World Economic Forum report on human capital, Pakistan was ranked 125th out of 130 countries. Compared to other South Asian countries, our performance is the worst. Whether it's school enrollment rate, learning outcomes, standardized test scores. While on the one hand the country's tertiary education is opening up to new academic forums, primary and secondary schools (especially government ones) produce almost nothing! Singapore was also once a country with a low literacy rate, but because the leaders were serious about bringing about change, it is thriving today. Thirty years will not be enough to bring education to a new level, but with several initiatives we can still do a lot. One such initiative is that of the Pakistan Innovation Foundation, which inspires young students to do something scientific. National summer schools also help students see education from a real-life perspective that is non-existent in our traditional education. What is missing from our education is skill development in young people. The main focus is on acquiring theoretical knowledge and that too from outdated books. It is necessary for the Ministry of Education to work in this direction. We spend just 3% of our budget on education, which is completely unjustifiable. Consequent plans to invest in vocational training and reshape our existing education system should be brought into focus. Only the properly educated and skilled workforce can help us repay our debts. By training our population in relevant fields, their raw talent can be transformed into a useful set of skills. Healthcare provision must also be improved if we want to employ more human capital. With active aging, older people could contribute to the economy efficiently. Once we put the country on this path, we will address issues that could hinder our further investments. Although China has invested hugely in Pakistan, there is an air of uncertainty regarding the completion of the projects and their tangible economic benefits. Such investments can also be seen as debt trap diplomacy, as is evident from our current crippled economy. The passing of days will reveal whether we become the next Malaysia or the next Sri Lanka. To maintain investment, we must reduce security threats to foreign investors, adopt anti-corruption measures and work to provide uninterrupted electricity. The prospect of the next 30 years, possibly thanks to high export volumes, improving human capital and a large number of skilled workers, could reduce the pressure on our economy and welcome new potential investments. We are certainly a huge market of unlimited opportunities. E-commerce is likely to intensify and become a giant for our economy in the coming years. THE.
tags