Was this content written or created while at IBA?
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Document Type
Conference Paper
Publication Date
10-7-2005
Conference Name
Public lecture delivered at the Indian Business School
Conference Location
Hyderabad, India
Conference Dates
October 7, 2005
Series
Faculty Research - Book Chapters and Conference Papers
First Page
1
Last Page
13
Keywords
Reforms, Economy, Pakistan, Economic growth, Poverty
Abstract / Description
Pakistan is one of the few developing countries that was able to attain an impressive record of economic growth and poverty reduction in the first forty years of its existence. GDP growth rate until late 1980s averaged about 6 percent per annum and the incidence of poverty was lowered from 46 percent to 18 percent. Inflation remained low and despite high population growth per capita incomes had almost doubled. This favorable situation was reversed in the decade of the 1990s. Growth rates tumbled to an average 3 to 4 per cent and poverty resurged to 33 percent of the population. Inflation was in double digits, large current account and fiscal deficits escalated debt – GDP ratios to over 100 percent. The country’s foreign exchange reserves fell to less than $1 billion, exports were stagnant, tax collection efforts were lackluster. The country was almost on the verge of a default crisis on its external payments in October 1999 when President Musharraf took over the reigns of the Government.
Recommended Citation
Husain, I. (2005). Structural reforms in Pakistan’s economy., 1-13. Retrieved from https://ir.iba.edu.pk/faculty-research-series/191
