Shifting Development Paradigms: Sequencing Pakistan's New Growth Framework

Abstract

A trend setter in Asia up to the sixties, economic management in Pakistan has steadily deteriorated to the point where the economy has, for the past few decades, lurched from one financial crisis to the next. At the heart of the problem has been the poor management of public finances and deep-seated unresolved structural issues in the economy that bad management and poor governance has exacerbated. The consequences of this secular decline in economic governance are plain to see: macroeconomic instability, high inflation, poor public services, criminal neglect of the social sectors, widespread corruption, crippling power outages, growing unemployment, deepening poverty and a deteriorating debt profile.