Eras In Pakistan Economy

Iqra Akram

Laying foundations (1947-58)

Newly

independent nation, with little industry, few services and no manufacture. Decade of management and planning economic policy and planning witnessed the attempts of a bureaucracy to keep Pakistan on its feet State sector as the private sector was still in embryo Windfall gain made by the mercantile class during and after the Korean War (1952)

The Decade of Development: 1958-1968

The 1960s stands out as the decade with best performance, it was Ayub Khans era Growth rates in 1960s were very high in all sectors (Agriculture, GDP, Manufacturing, Commodity producing sector, service sector). Growth in excess of 20% per annum Capitalist economy , and private sector play significant role Controversial decade for the type of economic policy pursued
Income inequality 5 million people fell below the poverty line. Exchange rate was overvalued

Economic growth in Ayub Khan Era

The bad luck years: 1971-77:

It

was the era of Zulfiqar Ali Bhutto Economic policy were more illiberal , it was the major cause for a huge downward trend in growth

Deindustrialization Privatization Inflation Partition of EAST PAKISTAN

The Second Military Government: 1977-88

Ul Haqs era, is often regarded as a period of great purge and growth of statesponsored religious traditionalism General Zia-ul-Haq's long eleven-year-rule era features the country's first Technocracy (experts in technology) and had no politicians from any parties in his government. He then introduced strict Islamic law in 1978
Zia

The Second Military Government: 1977-88

Trend

of liberalize the economy was escalated consciously in the Zias period, the Soviet invasion of Afghan and the excessive involvement in PAKS by the USA, that increase growth Middle East and aid from abroad helped launch PAKS second economic revolution( 1st was Green revolution) General Zias martial rule inflicted deeprooted damage of Pakistani society

Third Democratic Era (19881999)

Democracy returned again in 1988 after the general elections which were held after the death of General Zia-ul-Haq Peoples Party back into the power politics. This period, lasting until 1999 Introduced the parliamentary system and two-party democracy

Third Democratic Era (19881999)

Pakistan

was ruled by elected civilian governments, alternately headed by Benazir Bhutto and Nawaz Sharif. Today, we have settled a score and have carried out six successful nuclear tests"
(Prime minister Nawaz Sharif announcing the tests on May 30, 1998)

Under

Nawaz Sharif's leadership, Pakistan became the seventh nuclear power country, the first country in the Muslim world, as well as a declared nuclear-weapon state.

Third Military Era (19992007)

12

October, 1999 General Pervez Musharraf took control of the country and impose Martial law The Musharrafs rule prove to be a growing period of economy , where every sector of economy was growing Musharraf economic policies keep the economy to grow for a short time period

Economic Indicator Of Failure: 2000-2003

Illiterate

adults Illiterate female adults Population below poverty line Without access of health services Without access of safe water Without access to sanitation Malnourished children

57% 72% 34% 45% 12% 39% 38%

Fourth Democratic Era (2008present)

In 2008 parliamentary elections, Asif Ali Zardari of the Peoples Party was elected President of Pakistan. After the elections, the Peoples Party - with its Yousaf Raza Gillani as the Prime minister Pakistan's external debts are $ 56 Billion as of June, 2010 It was $ 38.86 Billion at end-March, 2007 Economic growth was 7% in 2006-07 and it is 4% in 2009-10

Fourth Democratic Era (2008present)

Following

endless procrastination of Syed Yousaf Raza Gillani in probing corruption charges as ordered by the judiciary. Raja Pervaiz Ashraf of People's Party took oath as the 17th Prime Minister of Pakistan on 22 June 2012

Summary Of Growth In Different Ruler Eras