Has Pakistan Failed To Cope Up With Its South Asian Comrades?

It’s 2016 and we expect much more from Pakistan, rather than a few buses to help us commute. How do we find out about how well is any country’s economy doing? Obviously through its GDP rate, that helps us determine any country’s yearly performance on the basis of its productivity throughout the year.
Sadly, Pakistan’s GDP, i.e. The Growth Domestic Product is still 4.7, which without a doubt has fallen way behind, relative to the other South Asian countries.
According to the GDP rates of the South Asian countries in 2016; Myanmar excels with a GDP of 8.6%, Bhutan follows with 8.4%, after which, come India and Bangladesh with respective GDP’s of 7.5% and 6.6%.
Myanmar, a country that had confined itself and seemed inactive over the past few decades has surprisingly started making progress by surpassing all the big countries that were once intimidated as a competition.
If we look into the time not so far, we will find out that Myanmar came up with the plan to enhance its economy in 2013; the year, when Pakistan’s currently ruling party came into power. Myanmar planned out a new economic expedient known as the ‘Framework for Economic and Social Reform (FESR)’, as a result to which, in the shortest and most noticeable span of 3 years, the country that was ignored all this time made a remarkable improvement in its economy against all the other mega-countries.
Trying to think about what’s causing Pakistan’s economy a setback, then we’ll probably come across the only answer and that is Pakistan’s languid movement towards its growth. Over the time of 3 years, Pakistan has raised only its tax rates and not the productivity.
Ahead of the time when the Nawaz government came into power, around 40% tariff faced elimination from the customs duty that was previously imposed on raw materials and machinery, which now, seem to have been disappeared. The 32% leap seen in the custom duty acquisition is actually the fall in Pakistan’s exports, which unfortunately is left ignored and unattended by most of the policymakers this country has.

Has Pakistan Failed To Cope Up With Its South Asian Comrades?

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