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Development Beyond Seventy: The Way Forward

dc.contributor.authorIshrat Husain
dc.description.abstractTo propose the way forward for Pakistan, it is essential to understand the past historical pattern and outcomes and the factors that contributed to those outcomes. The goal that Pakistan has set itself for the future is to become 20th largest economy in the world by 2025. What are the influences that can facilitate or constrain the achievement of the proposed goal? Pakistan's economic history has gone through the periods of boom and bust. Broadly speaking, the seventy years of Pakistan's economy can be divided into two distinct periods. The first forty years (1950-90) during which Pakistan was one of the top ten economic performers among the developing countries and the next twenty five years (1990-2015) when the country had fallen behind its neighbouring countries with a decline in the average annual growth rate from 6.5 per cent to 4.5 per cent (International Monetary Fund 2016). The reversal of this declining trend and resumption of the past growth trajectory are, therefore, the main challenges that have to be addressed in the next eight years. This paper attempts to examine the several alternative hypotheses that can explain this slowdown, and the reason behind this volatile and inequitable growth of the last twenty five years. Through a process of elimination, it advances theoretical and empirical evidence to show that the most powerful explanatory hypothesis lies in the decay of institutions of governance. The same institutions, on the other hand, were strong and performed quite well during the first four decades despite a myriad of difficulties and external and internal shocks.
dc.publisherSustainable Development Policy Institute
dc.titleDevelopment Beyond Seventy: The Way Forward
dc.typePolicy Notes
dc.subject.expertDevelopment Economics
dc.subject.expertRegional Economic Development
dc.subject.expertEconomic Impact
dc.subject.expertAsian Development Bank
dc.subject.expertEconomic Boom
dc.subject.expertRegional Economic Integration
dc.subject.expertGood Governance
dc.subject.expertGovernance Approach
dc.subject.adbEconomic planning
dc.subject.adbEconomic structure
dc.subject.adbGrowth policy
dc.subject.adbTrade relations
dc.subject.adbTrade policy
dc.subject.adbTrade policy
dc.subject.adbEconomic development
dc.subject.adbEconomies in transition
dc.subject.adbInternational economy
dc.subject.adbBorder integration
dc.subject.adbEconomic integration
dc.subject.adbGross domestic product
dc.subject.adbTrade policy
dc.subject.adbInstitutional Framework
dc.subject.adbPublic Administration
dc.subject.adbBusiness Ethics
dc.subject.naturalRegional economics
dc.subject.naturalEconomic forecasting
dc.subject.naturalEconomic development projects
dc.subject.naturalSuccess in business
dc.subject.naturalFree trade
dc.subject.naturalCommunication in economic development
dc.subject.naturalRestraint of trade
dc.subject.naturalInternational economic integration
dc.subject.naturalTrade blocs
dc.subject.naturalEast-West trade
dc.title.seriesPolicy Note
dc.title.volume# 01/2018
dc.contributor.imprintSustainable Development Policy Institute
oar.adminregionCentral West Asia Region
oar.authorIshrat Husain

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