Pakistan has faced low per capita income and substantial poverty over the last forty-nine years despite having adequate infrastructure and a large landmass. The financial sector is managed by the State Bank of Pakistan while the federal government and military supervise the land. The government shares manufacturing responsibilities with private businesses while regularly controlling fuel prices. Widespread poverty and economic inefficiency are depicted by the many drug addicts, beggars, and housing schemes that have wasted savings. Pakistan needs sustained high GDP growth, improved living standards for the poor, healthcare, education and skill development to achieve development targets and increase income. Political leadership must choose good governance and a free market to allow supply and demand forces to work freely.

1. Economics and Psychology
Sixth-largest population of the world
having adequate information
technology superstructure, long-
established financial sector and
landmass from world’s second highest
peak to the Arabian Sea that is
Pakistan unfortunately has been
facing low per capita income with
substantial poor people since last
forty-nine years. Financial sector is
managed by State Bank of Pakistan
whereas landmass is supervised by
federal government and Pakistan
Army.
Government shares manufacturer role
with private businesses while regularly
fixing prices of petrol and gas. Tens of
thousands narcotics addicts and
habitual beggars throughout the
country depict clear-cut economic
inefficiency. Price hike during month of
Ramzan is a routine phenomenon.
Housing schemes managed by
uncertified people have wasted small
savings of middle class people.
Rawalpindi Development Authority has
declared more than 25 housing
schemes illegal in its administrated…
Essential for leaders and policymakers
particularly in Pakistan

2. areas. Offering of low profit rates
discourages savings in the country
whereas commercial banks fixedly
charge their account holders in shape
of GSM subscription.
We have to unanimously decide to
become an economically developed
country with at least sustained annual
fifteen percent GDP growth rate while
keeping recession at bay. As a logical
country, we have to ameliorate the
lives of poor people, old-age people
coupled with ever rising population
having access to clean drinking water,
healthcare and education. We have to
produce competent skill-based human
resource including women in all
domains to successfully achieve
targets of sustainable development
and per capita income.
Competition Commission of Pakistan
needs to be activated to end cartels
and monopolies.
Debt-cum-deficit afflicted federal
government is obsessed with tax
collection to meet its current expenses.
Every year government redefines
mindset and behavior of business
community and consumers through
budget and international trade policy.
Political leadership has to choose the
best result-oriented governance system
and free-market economy where
demand and supply forces could freely
work. Relations will India need to be
normalized on priority basis. People do
not need missiles and armored tanks.
Role of government in state-owned-
enterprises for instance electricity and
gas companies needs to be eliminated
for good.

3. Non-aligned policymakers in
bureaucracy should be competent
enough to create conducive
investment environ to tap abundant
natural resources and limited
financial resources for providing low-
cost utilities to the people and
private sector. Annual physical
checkup of government employees is
necessary. Will CPEC fulfill primary
and secondary needs of people?
Besides tourism promotion, we have
to produce best-quality goods and
services not only for our indigenous
populace but also for the
international businesses and
consumers. Can we produce low-
price family cars, good films and
excess-voice brands for the
international market?
No subsidies should be granted to
private sector except loans to small and
medium enterprises at four percent
markup. Small size civil and military
bureaucracies will strengthen the
economy.
Names of Jack Ma and Jeff Bezos could
be dropped but it is the core duty of
national-level universities like LUMS
and private sector to educate students
and communities about proven
principles of Economics and Psychology
for our common better future.
Sajid Imtiaz
Economic Advisor Shortlisted by
British High Commission Islamabad