Stories about economy

Is it time for Pakistan to reconsider the US as its ally?

Close to 50,000 deaths, over $100 billion in losses, and growing insecurity and fear among the citizens with each passing day. These are few of the highlights of Pakistan’s involvement in the US-led war on terror that has now been fought for more than 12 years.  This war which was initiated to target the militants in Afghanistan has haunted and continues to haunt, many innocent civilians, not only in Afghanistan but also in Pakistan. The United States, along with its allies, began this war to hunt down the 9/11 mastermind, Osama bin Laden and to put an end to the Taliban regime and its activities. However, in ...

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Pakistan, a song of love and brotherhood

History tells us that all great nations were once not great. A nation like America had been war struck for more than 100 years. Racial inequality was at its peak in America. The economy was badly affected eight years ago. England too was war ridden for many years. China was once a collection of divided people with vastly differing aims. All great nations faced a plethora of problems before they became truly great. A citizen of the great Pakistan. Photo: Salman Javed I am citizen of a country where, Every day, Earth witnesses blood, The sky witnesses injustice, The sun sees poverty, The stars see slums. And the ...

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Can the banking sector help Pakistan’s education crisis?

Pakistan is going through an economic crisis. It has been years since the nation has been suffering. For more than 60 years, the nation has put up with different politicians and military dictators. We have no one but ourselves to blame. We are the one who welcomed each of these rulers as our saviours. Despite all of these governing problems, we see that the private sector has sustained itself, and is growing no matter what the circumstances may be. A recent study shows that large private sector organisations can impact the country’s GDP by working on becoming more efficient and improving ...

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Inflating food prices and deflating wallets: Don’t blame the government, blame yourself

Inflation is one of the hot topics in Pakistan these days. There has been a drastic increase in the general level of prices in recent years. As per the press release of the Pakistan Bureau of Statistics (PBS), the Consumer Price Index (CPI) as of November 2013 stood at 191.21 index points compared to 172.42 index points in the corresponding month last year. It is pertinent to note that the CPI has increased from record lows of 62.82 index points in July 2001 to skyrocketing 191.21 index points within 13 years. According to the PBS, the category that has the highest weight in the CPI ...

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Pakistan’s Stock Market: A lost investment opportunity?

The phrase ‘stock market’ has a charm around it, which grabs the attention of almost any listener anywhere in the world. In Pakistan, however, it portrays a picture of an exclusive club for the aristocrats who bet their easily earned fortunes in the corporate bazaar. However, perceptions are often incorrect and the same is the case with the Pakistan’s stock markets, where the consequences usually involve lost opportunities to rake in money. A recently published report in The Economist concluded that the proportion of capital to labour is rising in developing economies. Simply put, to employ your human capital, as an entrepreneur, provides more financial ...

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How the corporate sector turned me into a hypocrite

To become a part of the corporate world had always been my dream, and ever since my graduation, it had become my vision to enter this grand realm and use my knowledge to cater to its needs. However, it did not take me long to understand that my vision was better as a dream than as a reality, and these are the reasons why. As planned, a month after my graduation, I joined a renowned multinational to kick-start my career. Everything was looking glorious to me, as if it could not possibly get any better than this – the office, the environment, ...

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Chaklala Cantonment Board: Making a fool of those who pay taxes

Taxes. Everyone hates them, everybody tries to get around them, but at the end of the day, they serve an important purpose. Taxes are the only thing that keep a government afloat. Well, international aid also applies in the cases of many third world nations, but that is a different story. Pakistan has ridiculously high rates of direct tax avoidance, mostly by businesses and the upper class, but even at the lowest levels, tax-free smuggled goods and handwritten ‘kachi’ receipts deprive the state of indirect taxes. The federal board of revenue regularly comes up with tax amnesty schemes to try ...

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Youth bulge: a ticking time bomb?

Over six decades of a perennially faltering economy? There has got to be something that Pakistan is doing wrong. I have found my country in an economic morass for as long as I can remember. While this issue invariably makes the headlines, it has assumed an unprecedented significance following a Unicef report that cites Pakistan’s youth bulge as one of the largest in the world. According to the report, more than a third of the country is aged under-15 and the number of people in the 15-49 age bracket will double by the year 2050. Though many countries might view ...

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Poverty and population growth

Sceptics may call it statistical trickery, but economic data confirms that global poverty has indeed been falling for the last three decades. According to the Poverty Reduction and Equity report of the World Bank, which was updated in April, the percentage of people living in the developing world on less than $1.25 a day (in purchasing power parity terms) was 52.2 per cent back in 1981. The figure dropped to just 20.6% in 2010. In other words, 1.2 billion people were impoverished in 2010 in the developing world as opposed to 1.9 billion in 1981. However, far more people would have ...

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Justice Ebrahim, when will you tell us if overseas Pakistanis can vote or not?

This is a sincere request to our Chief Election Commissioner of Pakistan, Justice Fakhruddin G Ebrahim, to take emergency notice of the matter regarding voting rights of overseas Pakistanis. Officials of the Election Commission of Pakistan (ECP) have buried the issue by saying that bureaucratic hurdles are making it impossible to grant voting facilities to expats. Currently, there are around 7.5 million Pakistanis abroad, and our economy is primarily running on remittances sent by them. Pakistan was ranked number ten for remittances in 2012, which totalled around $13 billion that year. Due to meagre employment opportunities, many leave the country in search of a better livelihood so that ...

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