Some Ways to Improve the Economy of Pakistan

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World Finance Reviews

Pakistan is facing Big economic crises. There are several reasons for these crises but majorly we can say these are due to political instability, Corruption, and COVID19. During these crucial times, the Government may take some important measures to improve it before it may too late. There should be a periodical review of each indicator. The following main five areas may be focused on to improve the economy of Pakistan. 

  1. Improve the law-and-Order Situation. 

 This is a very important factor for the development of any country because the Investors prefer to invest in a peaceful country and the peaceful environment will attract the entrepreneurs and the locals to invest in their country. It will also reduce the brain drain of the country. This can be improved by Bringing Police reforms. Police should not be influenced by the politicians of the country and should well trained and well equipped with transparent systems. 

  2. Reduce The rates of Utilities. 

Our country has the one the cheapest labor of the world, if we reduce the rates of Gas and Electricity then It will create an environment where the international Investors can get a platform for the manufacturing sector at the cheapest cost, that will increase employment, increase the exports of finished goods instead of raw materials, and as well as increase the tax collection of the country. Especially our textile sector can be boosted with these reforms. 

  3. Establish and Improve our Education Sector. 

We are unfortunately very far in improving our educations systems as per the modern advancement of the world. We should focus on our Education system. By improving our education system, we can get long term benefits from it by producing a skilled and educated generation. We can get help from china to establishing new world-class universities and can get technical help to improve our existing education system.

 4. Encourage International Tourism

 This is also an important factor for improving the economy of any country, but the tourism sector is closely related to the improvement of the law-and-order situation of any country which we already recommended to improve. We can also improve our tourism by Rehabilitation of our Heritage and by improving the infrastructure of our roads and transport systems. Developing and Enhancing tourism spots. 

 5. Improve the Tax Collection Mechanism 

The Tax collection mechanism in our country is very weak, it should improve. We are mostly relying on Indirect Taxes; the indirect tax burden is on the whole public of the country and the income tax is payable by the people only who can afford it. Unfortunately, due to our weak collection systems, the majority is not paying the actual income tax payable by them. 

6. Encourage the Exports of Finished Goods instead of Raw Materials. 

Pakistan is majorly exporting the raw materials and the country that imports it is earning much more by value addition or making it finishing good so the country should take some measure to discourage it either by increasing taxes such exports or announcing the subsidiary on such specific factories and for importing their machinery.

 


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