Pakistani Defense Expenditures and the Macroeconomy: Alternative Strategies to the Year 2000
Abstract
Toward the end of 1988, Pakistan's deteriorating resource situation caused a
financial crisis, many remnants of which still exist today. In 1988, the Government's
budget deficit reached 8.5% of Gross Domestic Product (GDP), inflation
accelerated, the cmTent account deficit doubled to 4.3% of Gross National
Product (GNP), the external debt service ratio reached 28% of export earnings,
and foreign exchange reserves fell by half to $438 million, equal to less than
three weeks of imports.
Description
Contemporary South Asia, vol. 4, no. 3, 1995.
Refereed Journal Article