Economic instability has almost always been a major challenge for the country. One of the main drivers of this instability is the inconsistency of economic policies. For example, when one government introduces long-term policies, a subsequent government often cancels them upon coming into power to implement its own new policies. This results in the wastage of billions of rupees.
There is also a lack of professional expertise in the public sector, hindering its ability to contribute positively to the economy. As a result, Pakistan’s SOEs have mostly incurred massive losses for the taxpayer due to inadequate management, turning what ought to be national assets into burdens.
Research and development have also been neglected in Pakistan, resulting in an import-dependent economy. Historically, countries that are prosperous now had invested heavily in research and development, leading them to technological and scientific advancements and economic growth. There is a need for comprehensive economic reforms, backed by research and development, to steer the country towards sustainable growth.
G Akbar Palijo
Larkana