The Islamic Republic of Pakistan is the only Muslim country in the world that has a nuclear weapon. The country was born in 1947. After the birth of the country, she faces several aggressions from its neighbor. Pakistan had to fight against India and Afghanistan many times. However, their economy was never collapsed at that time. Even, they were far richer compared to her neighbours in terms of GDP per Capita. The current GDP of Pakistan is $388 billion, and her neighbours India, China, and Bangladesh GDPs are $3.96 trillion, $19 trillion, and $491 billion, respectively. In terms of GDP per capita, Pakistan is $1467, India is $2345, Bangladesh is $3,145, and China is $13,689.
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After the division of Pakistan, East Pakistan created a new country called Bangladesh. In the 1971 war, the Pakistani army lost against Bangladesh and also lost to India. This was costly to them so badly. The collapse of Pakistan’s economy was started from that time. China overtook Pakistan for the first time in terms of GDP per capita. Before 1971, the GDP per capita of Pakistan was $896, and the GDP per capita of India and China were $689 and $586, respectively.
Why the sudden collapse of Pakistan’s economy?
There are many reasons why the economy of Pakistan collapsed. One of the most prominent reasons is that they have been involved in many wars with India and East Pakistan. As a result, the supplies of Pakistan were shut down, and they had to spend more behind the military than on education and healthcare.
However, the major reason was that the country has been ruled by the army since its creation. As a result, the Army is spending more money behind their own than general people. Also, most of the top-level Army officers in Pakistan are corrupt, and they’re making their own profit.
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Additionally, the politicians are also corrupted. The former prime minister and his daughter charged against the anti-corruption movement, but the army backed them. As a result, they’re still free and not in jail. On the contrary, the honest and democratically elected Prime Minister Imran Khan is now in custody.
Besides, sponsoring terrorists and supporting terrorism also caused significant damage to their economy. The USA and Europe have imposed many sanctions on them. Right now the country is totally dependent on the loans of China, Saudi Arabia, and the United Arab Emirates.
Is there any way to rebuild the economy of Pakistan?
To be true, this is quite tough right now for any Pakistan government or officials to save their economy. The country has 250 million people, and they should work together to get a better life. But it is a great matter of sorrow that they don’t have any unity among them. They’re religiously divided into two parts. Religious riots are common things in Pakistan.
Additionally, the armed forces of Pakistan are full of corrupted officers, and they should be sacked before it’s too late. And honest, and the people who love their country should take the positions. Their task will be to avoid starting a war with India and Afghanistan.
Pakistan needs a democratically elected prime minister. If they can achieve it, it could be a great achievement for them. If they could do it in the future, the government should introduce some strong rules and regulations to stop the corruption from the country. Most importantly, the people of Pakistan should be united against the great drawbacks of their country. The Pakistani people who live in the western countries should send remittances to their own.
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Moreover, the development and the future of Pakistan are totally in the Pakistani people’s hands. They should try to save their country and her economy from the corrupted authorities. If they failed to do so, then the economy of Pakistan will be in great danger. A Swiss report said the GDP per capita of Pakistan will be only $2,600 by 2039. When the GDP per capita of Bangladesh will be $9,764 and the GDP per capita of India will be $8,567. Source So, the Pakistani government should work hard to overcome the current situation and try to prove them wrong.
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