Well known Pakistani economist Akbar Zaidi discussed various aspects of Pakistan?s economy with special emphasis on the period since the 1980s, at a round table conference at Observer Research Foundation, New Delhi, on February 23, 2004.
< class="greytext1" style="font-size: small;">Well known Pakistani economist Akbar Zaidi discussed various aspects of Pakistan's economy with special emphasis on the period since the 1980s, at a round table conference at Observer Research Foundation, New Delhi, on February 23, 2004. The round table was attended by well-known Indian economists, academics and media professionals.
Zaidi made a critical analysis of economic and social development in Pakistan in the context of regional and global factors, and identified the key issues that have influenced Pakistan's economy in the past. He observed that they would continue to impact on Pakistan's development for some more years to come. He discussed at length the turn of events in Pakistan on the economic front, especially after Gen Musharraf came to power and the United States (US) launched its 'global war on terror'. Quoting Gen Musharraf, Zaidi said: "Jihad should be against poverty". He said Pakistan's economy in the fiscal year 2002-03 reflected a growth rate of 5.1 per cent, the highest in the last eight years. This was made possible because of two factors: one, repayment of $12.1 billion debt has been rescheduled to 35 years. Normally, Pakistan was repaying around $5-7 billon debt per year but after the present rescheduling the burden has been eased. Two, there occurred 'capital flight' from the US, because Pakistani nationals residing in the US became apprehensive of their future there after 9/11, and have repatriated their earnings in large quantities. On relations with India, Zaidi noted that there was a growing awareness in Pakistan that "we need to be responsive and work with India." It is, however, too early to term this a 'shift' in Pakistan's thinking. In his concluding remarks, Zaidi said domestic, regional and global factors, though not directly related to Pakistan's economy, are likely to have a significant impact on its future political and economic developments. The answer to several of Pakistan's problems lies in promoting peace and in forging greater regional integration. < class="greytext1" style="font-size: small;"> Report is Prepared by Garima SinghThe views expressed above belong to the author(s). ORF research and analyses now available on Telegram! Click here to access our curated content — blogs, longforms and interviews.
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