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| EconomyOfPakistan » Economic History of Pakistan » The Economy after Independence |
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The Economy after Independence |
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Pakistan's economy was based on agriculture and controlled by feudal elites, after independence. The country was left with only 17.5% of the British colonial government's financial reserves after partition. It has seen sustained growth since the early 1950s despite internal strife, conflict with India, US sanctions and global recession. The Economy after Independence took off in 2000 after reforms that saw public sector enterprises privatized, relaxation of regulations on external trade and reform of the banking sector.
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Due to economic growth and foreign investment, the health and education services of Pakistan has improved a lot. Life expectancy has increased, infant and maternal death rates have dropped, and literacy rates risen. Pakistan's Economy after Independence has reflected the profoundly inconsistent phenomenon of 'boom and bust'. Pakistan's macro-economic indicators have improved over time. But, the improvement has not resulted in progress at the micro level, and has created a skewed and highly-unequal income distribution across in Pakistani society.
Since 1947 Pakistani officials have sought a high rate of economic growth in an effort to lift the population out of poverty. Rapid industrialization was viewed as a basic necessity and as a vehicle for economic growth. For more than two decades, economic expansion was substantial, and growth of industrial output was striking. During 1960, Pakistan became a model for other developing countries. Rapid expansion of the Economy after Independence , however, did not alleviate widespread poverty. In the 1970s and 1980s, although a high rate of growth was sought, greater attention was given to income distribution. In the early 1990s, a more equitable distribution of income remained an important but elusive goal of government policy.
For more information about The Economy after Independence of Pakistan, log onto our website, economyofpakistan.com.
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