Thursday, 14 July 2011
Economy boost
Regardless of the criticism of President Musharraf's politics or personality, there is general agreement among independent economists that, through his structural reforms and economic management, President Musharraf left Pakistan's economy in much better shape than he found it when he seized power in 1999
Here are some of the key highlights of the results of Musharraf era economy:
Pakistan's tax base and government revenue collection more than doubled from about Rs. 500b to over Rs. 1 trillion. Pakistan's GDP more than doubled to $144b since 1999.Most recent figures in 2007 indicate that Pakistan's total debt stands at 56% of GDP, significantly lower than the 99% of GDP in 1999.Pakistan attracted over $5 billion in foreign direct investment in the 2006-07 fiscal year, ten times the figure of 2000-01. The Karachi stock market surged tenfold from 2001 to 2007.
Pakistan positioned itself as one of the four fastest growing economies in the Asian region during 2000-07 with its growth averaging 7.0 per cent per year for most of this period. As a result of strong economic growth, Pakistan succeeded in reducing poverty by one-half, creating almost 13 million jobs, halving the country's debt burden, raising foreign exchange reserves to a comfortable position and propping the country's exchange rate, restoring investors' confidence and most importantly, taking Pakistan out of the IMF Program.
Since the takeover by the PPP-PML (N) coalition, there has been a sharp decline in Pakistan's economy.
It was on "dictator" Musharraf's watch that Pakistan saw unprecedented deregulation of the mass media, prolific growth, and vibrant debate that had never occurred before him. None of the "democrats" or "dictators" who ruled before him gave such a gift to the people of Pakistan.
It is this media freedom that I think is Musharraf's best legacy that cannot be easily denied or reversed. It'll serve Pakistan well by shining light on the misdeeds of Pakistan's leaders now, and in the future.
Musharraf was doing a good job under the circumstances, to modernize and raise the std of living in Pak. Seriously, i am feeling sad on his departure, he was a brave leader who faced crises both internally and externally, but now challenging period has been started for existing government, let’s see that what government elected by people can do for them. :-)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment