Pakistan is facing severe economic crisis. Nowadays, economy is taken as religion and reason to rule. It has impacted almost the every sector of Pakistan. Economy is in the blood of people without which it is impossible to run any sector. Economic crisis has given rise to many social problems such as poverty, illiteracy, unemployment and the biggest one is inflation which is at the peak nowadays. Worst economic crisis has made poor people deprived of their basic rights and needs. About 51 percent of Pakistanis are deprived of basic education and health facilities. Over half of the population living below the respectable living standard which is very dismal and downhearted. Not only the social problems but the crisis has greatly impacted the business, trade and industries. Pakistan being a sixth most populous country and the nuclear power and possess the great importance in the world. Yet, its economy has remained stagnant and going backward day by day. There are many causes behind this worst economic outlook but the loans, deep-rooted corruption, de-industrialization and mismanagement of natural resources are the main causes.

Economic Crisis in Pakistan
Iffat Yasmeen
Iffat Yasmeen

Economic Crisis In Pakistan

Pakistan is facing severe economic crisis. Nowadays, economy is taken as religion and reason to rule. It has impacted almost the every sector of Pakistan. Economy is in the blood of people without which it is impossible to run any sector. Economic crisis has given rise to many social problems such as poverty, illiteracy, unemployment and the biggest one is inflation which is at the peak nowadays. Worst economic crisis has made poor people deprived of their basic rights and needs. About 51 percent of Pakistanis are deprived of basic education and health facilities. Over half of the population living below the respectable living standard which is very dismal and downhearted. Not only the social problems but the crisis has greatly impacted the business, trade and industries. Pakistan being a sixth most populous country and the nuclear power and possess the great importance in the world. Yet, its economy has remained stagnant and going backward day by day. There are many causes behind this worst economic outlook but the loans, deep-rooted corruption, de-industrialization and mismanagement of natural resources are the main causes.

Economic Crisis In Pakistan

Agricultural land can be considered as backbone for any country’s economy. But the Pakistan is continuously wasting natural resources. Pakistan is blessed with abundance of natural resources like sixth largest population, seventh largest gas reserves, unique geographic and geo-strategic location, huge mineral resources and excellent tourism. But due to misuse and lack of utilization of these resources and due to bad management Pakistan’s economy has remained backward for many years and now facing with huge economic crisis. Coupled with mismanagement of natural resources, de-industrialization further exacerbate the economic growth. Due to unpleasant environment for manufacturing sector, investors become reluctant to invest in the country and shift their industries to foreign countries where they get the more profit. In addition, corruption in Pakistan contributing to the adverse economic condition. Unprecedented political corruption erodes the trust of the people that people become loath to pay taxes due to corrupt politicians. And corrupted politicians looting the country’s wealth and laundering it abroad which is very dingy and grim.

Economic Crisis In Pakistan

Due to abysmal and dismal economic performance over the years. Every sector of Pakistan is being jeopardized. Economic crisis has greatly affected the every developmental sector. Security, sovereignty, territorial integrity of state are mortgaged at international lending institutions. This terrible economic outlook can give rise to many crimes such as street crimes, drug crimes, robbing, suicide attacks and many other crimes that are unlawful and prohibited and are dangerous and harmful. Apart from crimes, interference of foreign hands especially USA will be likely to increase that would result in the weakening of democratic norms in the country. Because our country is at the mercy of these foreign countries in the shape of loans.

Economic Crisis In Pakistan
%d bloggers like this: