Imran Khan's economic vision is bold and if he gets it right Pakistan could be a transformed country
International News → With cricketer turned politician Imran Khan on the cusp of becoming the next Wazir-e-Azam of Pakistan, his economic vision has the potential of transforming Pakistan's stuttering economy. But his road to redeem Pakistan's economy could ruffle a lot of feathers, including that of the Pakistan army which has a major role to play in Khan's rise to the top. Khan certainly faces an uphill task – the nation he will lead sits at the bottom of the pile on several important social and economic parameters.
The World Bank estimates that Pakistan's GDP growth rate will decline to 5 per cent in 2019 from 5.7 per cent in 2017. In 2018, Pakistan won't grow more than 5 per cent. In 2020, it will grow at 5.4 per cent – significantly lower than other South Asian nations like India and Bangladesh. In 2017, its per capita GDP grew by 3.6 per cent – again lower than India and Bangladesh but better than Sri Lanka.
One of the key aspects of Khan's economic reform program which he dubbed as a “five-point emergency plan” in Pakistan Tehreek-e-Insaaf’s (PTI) manifesto, which could ruffle many feathers and generate a political backlash from his opponents, pertains to radically reform the way Pakistan spends its Rs 4.75 trillion (1 USD equals 129 Pakistani rupees) budget. Khan has promised that among other things, he would be looking to reduce the defence budget of Pakistan.
While Khan hasn't specified how he intends to get Pakistan’s all-powerful military to reconcile to this, his plan is to trim Pakistan's $9.6 billion military budget which accounts for almost a fifth of the country's total budget.
The World Bank estimates that Pakistan's GDP growth rate will decline to 5 per cent in 2019 from 5.7 per cent in 2017. In 2018, Pakistan won't grow more than 5 per cent. In 2020, it will grow at 5.4 per cent – significantly lower than other South Asian nations like India and Bangladesh. In 2017, its per capita GDP grew by 3.6 per cent – again lower than India and Bangladesh but better than Sri Lanka.
Pakistan Election Results
In 2016, almost 5 million children in Pakistan were out of school. The country has the lowest primary school enrollment rate in the region. It has more child laborers than other nations in the neighborhood. Its labor participation rates are abysmal. It ranks 147 in the Ease of Doing Business Index – better than Bangladesh. Suicide bombings, armed insurgency and military coups are the order of the day gnawing away the nation's soul every single day. In many ways, the Pakistan Imran Khan is inheriting is a tinderbox waiting to explode.One of the key aspects of Khan's economic reform program which he dubbed as a “five-point emergency plan” in Pakistan Tehreek-e-Insaaf’s (PTI) manifesto, which could ruffle many feathers and generate a political backlash from his opponents, pertains to radically reform the way Pakistan spends its Rs 4.75 trillion (1 USD equals 129 Pakistani rupees) budget. Khan has promised that among other things, he would be looking to reduce the defence budget of Pakistan.
While Khan hasn't specified how he intends to get Pakistan’s all-powerful military to reconcile to this, his plan is to trim Pakistan's $9.6 billion military budget which accounts for almost a fifth of the country's total budget.
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