Economic policies aimed at promoting the elite, damaging policies have led to a massive increase in poverty
\n islamabad
\nBusiness leader and former president of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, on Friday said that Pakistan\u2019s economic model is highly flawed.
\nHe said our flawed economic model cannot achieve any goal except elitism and increasing poverty in the country.
\nShahid Rasheed Butt said in a statement issued here today that due to this economic model, the gap between the rich and the poor is continuously widening.
\nDue to increasing poverty, it is becoming difficult for people to access health, education, and food, and social problems are growing.
\nShahid Rashid Butt said that as long as the life of people with low incomes continues to be made complex, it is impossible to increase investment and productivity, and the economy will have to run on loans.
\nHe said that most of the country\u2019s policies in its history have been made for the benefit of the influential classes, which has tormented the people.
\nThese policies have hindered public development instead of helping people out of poverty. Pakistan has borrowed from the IMF twenty-four times, and many from other institutions, but the economy has deteriorated instead of improving.
\nThe social and economic deterioration shows that international institutions are not interested in improving the Pakistani economy or implementing essential conditions.
\nIf the IMF and the World Bank wanted, Pakistan\u2019s economy would be in a much better condition at the moment, but he observed they aim to achieve political interests, for which Pakistan must be burdened with debt.
\nThe business leader noted that Pakistan\u2019s economy has faced persistent challenges, hindering its growth despite having significant potential. One of the primary reasons is political instability. Frequent changes in government and inconsistent policies disrupt long-term economic planning and discourage local and foreign investment.
\nAdditionally, Pakistan suffers from a narrow tax base, with only a tiny percentage of the population paying taxes. This leads to insufficient revenue for critical infrastructure development and social services. High levels of corruption further erode public trust and misallocate resources.
\nThe country also faces an energy crisis, with frequent power outages hampering industrial productivity. Coupled with outdated infrastructure, these issues make it difficult for businesses to thrive and compete globally.
\nAnother major factor is a heavy reliance on imports, which leads to a widening trade deficit. The inability to diversify exports beyond textiles limits foreign exchange earnings. Moreover, excessive borrowing to finance deficits has resulted in a growing debt burden, straining the national budget.
\nPakistan\u2019s education and skill development systems are inadequate, leaving many in the workforce underprepared for modern job markets. This, combined with a rapidly growing population, creates high unemployment and poverty rates.
\nAddressing these structural issues requires visionary leadership, consistent policies, and bold economic reforms to unlock Pakistan\u2019s growth potential.<\/p>\n","protected":false},"excerpt":{"rendered":"
Economic policies aimed at promoting the elite, damaging policies have led to a massive increase in poverty islamabad Business leader and former president of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, on Friday said that Pakistan\u2019s economic model is highly flawed. He said our flawed economic model cannot achieve any […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-457460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n