Pakistan's Decade-Long Descent: A Looming Economic Crisis
ISLAMABAD - The period between 1960s and late 1970s is often referred to as the "golden era" of Pakistan, marked by economic growth, political stability, and cultural excellence. However, since its independence in 1947, the country has been experiencing a progressive decline in all spheres, including economy, politics, social structure, culture, and more.
Experts attribute this downfall to various factors, particularly the mismanagement of national institutions, eroding work ethics, ethnic considerations in appointments, and low-caliber leaders at the helm. Pakistan's airline, PIA, which once pride belonged to the nation, now struggles to attract private investors due to poor governance. Similarly, Pakistan Railways and Steel Mills face severe financial crises.
In the economic sector, Pakistan witnessed a remarkable growth rate in the 1960s, with a per capita income increase of over 7% during that decade, followed by Singapore and South Korea, which served as great role models for developing countries at that time. However, since the late 1970s onwards, it has seen a severe downturn in its economic indicators.
As per the latest data available, a Pakistani passport is ranked among the lowest-ranked passports globally by visa policies abroad, whereas countries like India have gone ahead to become one of the world's largest economies with an enormous foreign exchange reserve. It becomes imperative for our experts and policymakers to find answers what made Pakistan so great during that time period.
What triggered the downfall of a nation which due to its economic growth could be a model in Asia? Why we have not managed to reach even 60% literacy rate despite the passage of more than 77 years since the country's inception. There is no place for any justification for India's swift and progressive upward trajectory compared to our national setbacks.
To address these questions, Pakistan requires immediate attention from all its citizens who can come up with constructive ideas on how to overcome this economic downturn. We stand at an inflection point today; we must analyze the past to plan our future well.
Firstly, if only merit based work ethic had been continued, there wouldn't be any deterioration in national institutions as PIA's troubles can now serve well as a sign of how wrong and corrupt governance could affect national economies.
We also need a culture that encourages transparency in national bodies. If corruption is to become prevalent in every area of the nation life people then we will lose all hope for a change.
Similarly, leadership based on personal connections rather than work ethic can only bring down an economy once Pakistan has made its choices wisely and come to terms with loss.
Secondly, ethnic and lingual considerations need to be removed from appointments and promotion lists. If there is one single solution that could solve the woes of nation's people this would be best option.
Thirdly and above all effective accountability measures must be implemented in each area so that a good example can set a great precedence to our leaders, which will ultimately bring about a significant change in country's economic situation.