Pakistan is a country with a rich cultural heritage and a diverse population. In recent years, it has been facing several economic and social challenges due to the current economic turmoil in Pakistan. For the country to develop and progress, several steps can be taken. In this blog post, we will explore a plethora of steps that Pakistan can take to develop itself and improve the lives of its citizens. The fragile economy of Pakistan is in a death trap.

There are several loopholes in the economic system of Pakistan, but here are some major issues that must be addressed. Top of the list is political uncertainty and the non-serious behaviour of political parties, poor governance, high-scale inflation, low foreign investment, and most importantly, a trade deficit

Here are some long-term and short-term solutions to counter the economic turmoil:

Reduce Import and Tariff Barriers:

Tariffs allow the government to target specific goods to reduce imports of luxurious vehicles, etc. It allows the government to raise the prices of luxury commodities and minimize the prices of essential commodities. Hence, there will be less inflation. Non-tariff barriers may not work in Pakistan. However, the question is: why is the government not imposing tariff barriers? Would international organizations allow Pakistan to impose tariff barriers? The IMF may not allow Pakistan to do so, but this is the only possible way to reduce expensive goods.

Revival of Cotton Production:

Pakistan is an agricultural country, but the UN’s COMTRADE database on international trade says that in 2021 it will have to buy cotton worth $1.91 billion from other countries. Asif Inam, zonal president of the All Pakistan Textile Mills Association, said, “Imported cotton is 15% more expensive than local cotton, but we are trying to make up for this extra cost by increasing exports” (APTMA).

The Pakistan Cotton Ginners Association (PCGA) says that the amount of cotton grown fell by 34.35 per cent to 5.571 million bales (a 30-year low). Experts on cotton say that the seed, which is 10 years old, is the biggest problem. Growers need new seeds, which can come from other countries or can be made in the same country. Every year, old seeds produce less and less.

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Invest in education:

A major factor in both economic and social progress is education. By investing in education, Pakistan can ensure that its workforce is well-educated and equipped to compete in the global economy. This includes investing in primary, secondary, and higher education, as well as vocational and technical training. By providing its citizens with the necessary skills and knowledge, Pakistan can build a strong and productive workforce that can drive economic growth.

Encourage foreign investment:

Foreign investment can bring much-needed capital and technology to Pakistan. The government should try to make the country a good place for business so that foreign companies will want to invest there. This can include providing tax incentives, simplifying regulations, and improving the legal and political environment.

Improve security:

Pakistan has been facing security challenges in recent years. By improving security, the government can create a stable environment that is conducive to economic growth and development. This can include strengthening law enforcement, addressing terrorism, and promoting regional stability.

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Emphasize renewable energy:

Pakistan needs to use fewer fossil fuels and reduce its greenhouse gas emissions. One way to do this is to develop renewable energy sources like solar and wind power. This will not only help to address environmental concerns but also provide a stable source of energy that can help to promote economic growth.

Pakistan has the potential to become a strong and prosperous nation and counter-economic turmoil. It will require sustained effort and commitment from the government, private sector, and civil society. By implementing these steps, Pakistan can develop itself and improve the lives of its citizens. With the right policies and actions, Pakistan can build a brighter future for all its citizens.