The World Economic Forum’s (WEF) has issued a Global Competitiveness Report for 2014 – 2015, indicating that there is improvement in the Pakistani economy, and it is now at 129th place out of 144 economies around the world. The report issued by Mishal Pakistan, the country partner institute of the Center for Global Competitiveness and Bench-marking Networks of the WEF, further says that the Pakistani economy had been showing a sign of improvement for the last two years which led to improve its ranking by four degrees up from 133 to take 129. With regard to efficiency enhancers, the country ranks at 104 while it ranks at 78 in innovation and sophistication. The country is at 138 in labour market efficiency, at 67 in financial market development, at 118 in technological readiness, at 30 in market size, at 85 in business sophistication and at 77 in innovation. The improvement in the economy is being attributed to the government’s measures to curtail inflation and fiscal deficit. However, economic, social, health, and industrial reforms are still a challenge for the present government. The WEF report does not paint a rosy picture of the economy as the social sectors need urgent government attention. Pakistan is at 142th place with regard to security situation, showing that it is more insecure than Yemen and Libya. The situation in the education and health sectors is also not different which paint a bleak picture as one-fourth of the country’s children do not see the door of a school and health seems to be a neglected sector in Pakistan marred by corruption and mismanagement. The report says that the country is passing through difficult times despite its improvement in the Global Competitiveness Index. It has to adopt a policy for a steady growth and sustainable development, covering all the factors of the economy. Pakistan is a resourceful country and it survived three years from 1948 to 1951 without any foreign assistance. The country has the ability to face any economic challenge, but sometime inefficiency and sometime insincerity caused a big dent in the government efforts. It is a fact that not the whole official machinery is corrupt and not all the officers are moralistic and this is the situation in every country of the world. Only need to do in Pakistan is to devise a mechanism to streamline the management and punish the corrupt.
Pakistan improves world ranking, but …
Reported by: `Customs Today Report September 5, 2014