Economic hurdles
Among 157 countries worldwide, Pakistan ranked 153 on the Global Wellness Index. It shows a lot about its feeble economy. According to some economists, a country’s per capita GDP must be between $12000 to $25000 to be declared as a developed country but Pakistan’s per capita GDP is merely $1,349 which is too low. Obviously, per capita income results in low saving, low investment, lack of foreign and capital exchange and these are the biggest hurdles in the way of economic growth.
Currently, Pakistan is the thirty-fourth largest economy in the world. It is the third-largest rice-exporter and one of the world’s leading textile exporters but the living standard of its locals is not encouraging. Pakistan spends merely 2.4 per cent of its Gross Domestic Product (GDP) on education which is too low as compared to military expenditures. This paints a bleak image of our education sector.
In Spite of taking already twenty-two loans, Pakistan is intended to take another loan from the International Monetary Fund (IMF). The government must learn that a country can not develop on borrowed money.
Additionally, there are numerous barriers which prevent the development of our economy such as, bad governance, poverty, gender inequality, high population rate, insincere leaders, high illiteracy rate, old ways of cultivation etc. Such obstacles hold the growth of a country restrained.
However, real development not only strengthens the country’s economy but changes the masses’ living standards, too. But, our government has completely left the country in turmoil where the gap between poor and rich is heightening frequently. Pakistan must learn that the doors closed to education results only in destruction. The government should know that illiterate masses are more threatful than outer enemies.