Dream of Asian Tiger

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EXPRESSING satisfaction over mega infrastructure projects initiated in present era that will also connect Pakistan with China and Central Asian States, Prime Minister Nawaz Sharif while inspecting the work on M-3 on Wednesday once again repeated his long cherished avowal of making the country an Asian Tiger and economic power of the region in the next few years. This in fact is not only the dream of the PM but of the entire nation to see the country rising on economic front in order to achieve its desired status in comity of nations.
Had the democratic governments were allowed to complete their mandated terms in the past with no military takeovers, we understand the country would have been far better placed today both in terms of economy and social sector development. Anyway as democracy is taking its roots in the country especially after 2013 elections which saw smooth handing over of power, we have no doubt in saying that future of the country is bright provided it remained on the track and political system remained strong. But still there are many challenges that require urgent govt attention. Trade deficit has reached a whopping $26.6b and remittances dropped by seven percent in April. According to a recent survey conducted by Overseas Investors Chamber of Commerce and Industry, business confidence in Pakistan has declined during last six months due to various reasons. Economic growth is being reported on an upward trajectory but these are serious issues which need to be resolved by right kind of interventions in important sectors especially agriculture and industry as expanding the export basket is pivotal to address all economic related issues. We expect that establishment of special economic zones under the CPEC will go a long way in giving a major boost to our exports but government in short term will have to announce substantial incentives for farmers and industries in order to put the economy on sound footing in order to realise the long cherished dream of making Pakistan a regional economic power or what the PM says ‘the Asian Tiger’.