Was this content written or created while at IBA?
No
Document Type
Conference Paper
Publication Date
7-11-2004
Conference Name
Middle East and South Asia Conference of KPMG
Conference Location
Bahrain
Conference Dates
July 11, 2004
Series
Faculty Research - Book Chapters and Conference Papers
First Page
1
Last Page
8
Keywords
Economy, Economic Development, Economic situation, South Asia, East Asia Comparison, Globalization
Abstract / Description
South Asia has grown at 5.6 percent in the decade of 1990s – faster than for low income countries but slower than the East Asian countries. The wide ranging reforms that have been implemented in this region during the last ten years or so have brought about some fundamental changes in the economic landscape and removed some of the major constraints that were retarding the progress of this region. Let me recapitulate them briefly. First, there is now a broad political consensus about the thrust and direction of economic policies in almost all the countries. The defeat of BJP Government in the recent Indian elections should not be construed as an indictment of reforms but a manifestation of the growing impatience of the electorate that these reforms have not been deep, pride and fast enough to touch the lives of the majority of the population. This political consensus has survived many changes of the governments in India since 1991 and the alternating shift of power in Pakistan, Bangladesh and Sri Lanka. Second, reliance on private sector as the main investor, producer and distributor of goods and services has replaced the old notion of the commanding heights model of the economy in which State and State-owned enterprises were the main tools of industrial development. The demise of Licence Raj has given rise to a healthy competitive environment in which market mechanism is used for allocation of resources. This shift has improved the overall efficiency of resource allocation and utilization in South Asia.
Recommended Citation
Husain, I. (2004). Economic development in South Asia and the impact of globalization., 1-8. Retrieved from https://ir.iba.edu.pk/faculty-research-series/194
