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The Economy of Pakistan

This document provides an overview of Pakistan's economy through several chapters. It covers major sectors like agriculture and manufacturing, macroeconomic indicators, economic planning and policies around fiscal and monetary policy. Some key points: - Agriculture and manufacturing have historically been the largest sectors but their share of GDP and employment is declining. - Economic growth has fluctuated due to political instability and security issues impacting foreign investment and exports. - The government plays an active role in economic planning and policymaking around sectors, trade, fiscal and monetary policy to promote growth. - Ongoing challenges include high poverty levels, unemployment, inflation, debt and a dependence on foreign aid and remittances from workers abroad.

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72 views5 pages

The Economy of Pakistan

This document provides an overview of Pakistan's economy through several chapters. It covers major sectors like agriculture and manufacturing, macroeconomic indicators, economic planning and policies around fiscal and monetary policy. Some key points: - Agriculture and manufacturing have historically been the largest sectors but their share of GDP and employment is declining. - Economic growth has fluctuated due to political instability and security issues impacting foreign investment and exports. - The government plays an active role in economic planning and policymaking around sectors, trade, fiscal and monetary policy to promote growth. - Ongoing challenges include high poverty levels, unemployment, inflation, debt and a dependence on foreign aid and remittances from workers abroad.

Uploaded by

Yani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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The Economy of Pakistan

Third Edition

Khawaja Amjad Saeed

OXFORD
UNIVERSITY PRESS
Contents

Page

PART I—ECONOMIC FRAMEWORK

1. Pakistan in the World Economy 2


WORLD ECONOMIC TRENDS 2
ECONOMIC OVERVIEW: 2011-2012 11
DEVELOPMENT FROM 2008 TO DATE 20
RECENT ECONOMIC DEVELOPMENTS 22

2. Macroeconomic Framework and Performance 24


LEADING THEORIES FOR ECONOMIC DEVELOPMENT 24
MACROECONOMIC FRAMEWORK AND PERFORMANCE 25
THE STRUCTURE OF PUBLIC FINANCE 29
FOREIGN TRADE 30
EMPLOYMENT AND INCOME DISTRIBUTION 34
THE ISLAMIC ECONOMIC SYSTEM: GUIDELINES 39
SELECTED MACROECONOMIC INDICATORS 40

3. Agriculture Sector 43
THE SHARE OF AGRICULTURE SECTOR 44
SALIENT FEATURES OF PAKISTAN'S AGRICULTURE 44
AGRICULTURAL EXPORTS AND IMPORTS 48
AGRICULTURE GROWTH 51

4. Manufacturing Sector 54
EMPLOYMENT 55
VALUE ADDITION IN MANUFACTURING INDUSTRIES 56
STRUCTURE OF MANUFACTURING SECTOR 60
SMALL-SCALE INDUSTRIES 63
MINING 70
PRODUCTION OF SELECTED INDUSTRIAL ITEMS 73

5. Balance of Payments 77
SOME THEORETICAL ASPECTS 77
BALANCE OF PAYMENTS (BOPs) OF A COUNTRY 77
vi Contents

BOPs EQUILIBRIUM 78
PAKISTAN'S BALANCE OF PAYMENTS (BOPS) 84
FOREIGN EXCHANGE CURRENCY ACCOUNTS 91

6. Financial Sector 92
BANKS 92
CENTRAL BANKING 92
COMMERCIAL BANKING IN PAKISTAN 97
INSURANCE 104
OTHER FINANCIAL INSTITUTIONS 105
MONEY MARKET 108
CAPITAL MARKET 110

7. Resource Mobilization (Domestic and Foreign) 117


RESOURCE MOBILIZATION IN FISCAL SECTOR 117
FOREIGN AID 122
THE TWO-GAP MODEL WITH SPECIAL REFERENCE TO PAKISTAN 131
PAKISTAN'S DEBT SERVICING PROBLEMS 136

8. Infrastructural Services I 139


HEALTH 139
EDUCATION 147

9. Infrastructural Services II 162


TRANSPORT 162
COMMUNICATION 165
ENERGY 166

PART II—ECONOMIC FLANNING AND POLICIES

10. Macroeconomic Framework and Performance: Pakistan's Flanning Experience 170


THE ROLE OF DEVELOPMENT PLANNING 170
ECONOMIC PLANNING IN PAKISTAN 173
STRATEGY OUTLINE 211
GLOBAL CORRUPTION AND PAKISTAN 232

11. Agriculture Sector Policies 235


GOVERNMENT'S ROLE IN AGRICULTURAL DEVELOPMENT 235
AGRICULTURAL POLICY 235
TAXING AGRICULTURE: A BROAD VIEW 250

12. Industrial and Infrastructural Sector Policies 255


INDUSTRIAL STRATEGY 255
INDUSTRIAL POLICY 1990 259
Contents VÜ

282
13. Commercial Policies
28 2
OBJECTIVES OF COMMERCIAL POLICY
282
PHASES AND SALIENT FEATURES
286
RECOMMENDED ELEVEN POINT STRATEGY

14. Monetary Policies 291


OBJECTIVES OR GOALS 291
QUANTITATIVE CONTROLS 291
QUALITATIVE CONTROLS 292
STATE BANK OF PAKISTAN AS CONTROLLER OF CREDIT 298
STATE BANK OF PAKISTAN'S MONETARY POLICY STATEMENT 301

15. Fiscal Policy: Conceptual Aspects 308


WHAT IS FISCAL POLICY? 308
TOOLS OF FISCAL POLICY 310
CLASSIFICATION OF GOVERNMENT EXPENDITURE 313
TAXATION 314
OTHER SOURCES OF REVENUE IN PAKISTAN 321
DEFICIT FINANCING 321
ANTI-INFLATIONARY FISCAL POLICY 325
GROWTH OF FISCAL POLICY AND HARROD-DOMAR MODEL 329

16. Fiscal Policy in Pakistan 332


STRUCTURE OF PUBLIC FINANCE 332
GOVERNMENT RECEIPTS 332
GOVERNMENT EXPENDITURE 334
PAKISTAN'S TAXATION STRUCTURE 339
FEDERAL BUDGET 2012-2013 343

17. Manpower Flanning


347
MANPOWER DEVELOPMENT AND PLANNING
347
EMPLOYMENT AND WAGES
352
EDUCATION AND SKILL DEVELOPMENT
355
INDUSTRIAL RELATIONS
357
EMPLOYMENT PROMOTION POLICIES
358
PAKISTAN'S FIFTH NATIONAL CENSUS: 1998
POVERTY IN PAKISTAN WITH A SUGGESTED FRAMEWORK 359
359
18. Labour Policies
PAST LABOUR POLICIES 364
LABOUR POLICY, 2002 364
SUGGESTIONS FOR FUTURE LABOUR POLICY 368
375
VÜi Contents

19. Islamic Financial System 377


MEASURES FOR THE ISLAMIZATION OF FlNANCIAL SYSTEM IN PAKISTAN 377
ISLAMIC BANKING 378
HISTORICAL OVERVIEW AND DEVELOPMENT OF IBIS IN PAKISTAN 380

PART III—ECONOMIC MANIFESTO FOR PAKISTAN

20. Suggested Economic Strategy for Pakistan for the 2Ist Century 388
AGRICULTURE 388
INDUSTRY 390
INFRASTRUCTURAL SERVICES 391
RESOURCE MOBILIZATION AND PUBLIC FINANCE 393
BALANCE OF PAYMENTS (BOPS) 394
FINANCIAL SECTOR 395
ECONOMIC POLICY FRAMEWORK: SUGGESTED DIRECTION 396
SUGGESTED TWELVE POINT STRATEGY FOR ACTION 416

21. Pakistan in the Third Millennium 418


PAKISTAN'S ECONOMY: AN APPRAISAL 418
PREPARATION FOR THE THIRD MILLENNIUM 419

Index 423

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