Stories about economic

Before blocking NATO supplies, take a look at the repercussions for Pakistan’s economy!

In an interview with a journalist, Akram Durrani of Jamiat Ulema-Islam-Fazal (JUI-F), who was the former Chief Minister of Khyber-Pakhtunkhwa (KPK) portrayed his plans for economic development as: “We believe that God prearranged food and clothing for every man, which He created. If we give up the ways of God and devise our own solutions to perceived problems, we may land in trouble.” The policy pursued by Pakistan Tehreek-e-Insaf (PTI) and Jamaat-e-Islami (JI) towards the drones strike is very much in procession with that of Akram Durrani’s. It is true that God feeds every mouth on the planet but it is also true ...

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Why tech-based entrepreneurship is important

Technology based entrepreneurship has rapidly gained momentum in western societies with low costs to entry and high Return on Investment (ROIs) acting as the prime catalysts. The trend has piqued interest in Pakistan recently as well for similar reasons. Consequently, entrepreneurship courses and workshops are gaining interest among the country’s youth. As recently as a month ago, there was news in The Express Tribune about a book exchange project launched by two students of the Institute of Business Administration (IBA), Karachi. This was truly a commendable effort and such entrepreneurial spirit can only be facilitated through the innovative use ...

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Federal Budget 2013-14: More business friendly than people friendly

I still remember my Economics professor’s words, “The political cost of economic decisions is the worst nightmare for the policy-making circles particularly political parties and this is what plays the most significant role in budgetary allocations.” The federal budget 2013-14 has proved this statement correct. With the new political administration at the helm of affairs, the situation is surely somehow different than the past five years, though not an ideal one. A short glimpse of the budget document clearly shows that the budget is more business friendly than people friendly. We find that the government has focused on fiscal discipline, development, power generation, political ...

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Pervez Musharraf deserves a second chance, our economy needs him!

Over the last five years, one question that has remained of integral significance amongst political contentions has been; was former military chief Pervez Musharraf better than this current ‘battered but not shattered’ democracy? You can easily find a group of people who believe that his ‘martially-democratic’ epoch from 1999 to 2008 was better than the current democracy we have. There is no doubt about it; his policies were a huge turn on for economic developments and they deserve extolment. But on the way, Mr Commando made some huge mistakes which instigated a drastic series of social and political turmoil. Even if I try to use sasti (insubstantial) ...

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Will China-India relations dent Pak-China relations?

China and Pakistan historically have enjoyed long standing, versatile and cordial relations. From the very beginning, in 1955, when the then Prime Minister Chaudary Muhammad Ali and his Chinese counterpart Zhou Enlai consolidated their support on mutual understanding, the relationship between the two countries have remained ‘tested by adversity’. Pakistan was a key ally for China throughout the Cold War period in coping with India and the Soviet Union until the Gorbachev and Beijing reached and acceded to certain demands. However, many advantages were also accrued to Pakistan as a result of its alliance with a more culturally diverse,  communist country like China. It furthered Pakistan’s security, ...

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How Sandy took Pakistan by storm

Superstorm Sandy could be the second most damaging natural disaster ever in the US’s history in terms of economic loss. Losses estimated by experts have soared up to $20 billion and another $50 billion will be required to revive economic activity in the worst-hit states. The reaction of Pakistanis to superstorm Sandy was mixed. Pakistan had been abuzz with text messages describing the hurricane as nature’s revenge on America for disposing Osama bin Laden’s body in the ocean and some stated that it was the result of the film “Innocence of Muslims”. Many took to social media to describe just ...

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Does the EU deserve a Nobel Peace Prize?

The European Union (EU) has been recently awarded the Nobel Peace Prize for the year 2012 recently ‘for bringing peace to a continent that tore itself apart in two world wars’. There is no doubt that a supra-national political framework such as EU has done a lot of good work in the past, but choosing the EU for a Nobel Peace Prize has been more of a motivational gesture. The Eurozone’s economic troubles have escalated to a point that an economic breakup of the organisation is being discussed by experts and diplomats. In these hard times, awarding this prize is only ...

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Love thy neighbour (India), it’s economically viable!

Pakistan and India have shared decades of a love-hate relationship under different regimes. The present government is leaning more towards love than hate and took the bold decision of granting most favoured nation (MFN) status to India, in order to open up trade between the two countries. Some critics hope that trade with India may dispel the impression that Pakistan is a land of fear ruled by the Taliban. The question is whether an enhanced trade relationship between the two countries will bring these two rivals closer. In recent talks held in Islamabad, India offered to set up a 2,000MW power ...

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Who wins if Punjab is divided?

There has been a lot of talk recently regarding the impending division of Punjab. From the viewpoint of many analysts and politicians, it is simply a matter of time before Punjab is divided into, at least, two provinces. The question, however, remains; does division, whatever form it eventually takes on, make sense? There is one line of argument that focuses on how large countries, like China and India, are able to experience substantial economic growth side-by-side with a substantial number of provinces. This argument makes the false assumption that the provincialism is somehow driving the economic growth. The truth is that ...

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How golden was Ayub Khan’s era?

The numbers do not lie: in terms of economic growth, former President Ayub Khan was not the best ruler Pakistan ever had. Admittedly, he is in second place and beaten only very narrowly by former President Ziaul Haq: Ayub averaged 5.82% growth during his eleven years in office compared to Zia’s 5.88%. Still, the myth of Ayub’s “Decade of Development” persists and so it is worth examining (on what would have been his 105th birthday), what his record was and how he compared to the rest of Pakistan’s rulers. Perhaps the single biggest reason people remember Ayub’s era fondly is because ...

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