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Economic liberalisation in Pakistan

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576:. Major ground base was built in order to liberalize the economy and soon after his election, an intense privatisation and liberalisation programme was started in 1990. From the statements issued by Sharif, both publicly and privately, the privatisation and liberalisation programmes were the pillars of Sharif's economic policies. Nawaz Sharif aggressively forwarded towards the privatisation, deregulation and liberalisation of private sector in a vision to "turning Pakistan into a Korea by encouraging greater private saving and investment to accelerate economic growth". Prime Minister Sharif's economics team actually implemented some of the serious economic liberalisation and privatisation measures that previous governments merely talked about. Many of the members of previous regimes now are seen arguing vociferously from the unfortunate position of, " 701:, who was destined to become country's successful technocratic Prime minister in 2004–07. The new economic liberalisation efforts began in 2000 after a year of careful studies. A powerful and aggressive liberalisation programme was launched with major state-owned enterprises (SOEs), banks, and other industries were put in private-sector ownership management. Particularly after 2001, the country went rapid rise in economic development and its GDP rate heightened first time in 1992. Shaukat Aziz aggressively implemented economic liberalisation policies despite labor union's resentments and reserves. For the first time 1980s, the GDP growth rate reached to 9.0%, one of the highest growth rate in the world. 777:), the economic liberalisation had halted Pakistan's GDP growth. The liberalisation reforms in 1990s entered Pakistan's economy into the "Era of Stagflation" where the unemployment and inflation took sharp rise but other hand, the productivity and the quality assurance of products increased. The Era of Stagflation hit poor and working class very hard and the inflation kept to rise despite many initiatives were taken by the successive governments. Pakistan's economist and financial specialists are uncertain what caused the stagflation in the first place with some arguing that the 280:. Under this programme, all major liberalised industries came under intense government-ownership management where majority of industries were vertically integrated. Under limited five-year of his government, the public and government sector expanded greatly, and government investment grew each and every year to boost the function of the industries. An extreme level of left-wing but nationalist economics reforms were introduced by Bhutto to raise the economic revenue of the government sector while curbing down the liberalise private-sector. 312:'s economic policy, including liberalisation and Islamisation of the economy. The government employed and adopted many recommendation policy studies by professionals, engineers, and economists to meet the goals of economic reforms. The new policy relied upon building private-sector and enterprises to achieve economic goals. Although, the new policy focused on liberalisation of economy but it fell under the Islamization programme, and forcefully reversed the nationalisation programme. 19: 161: 728: 2250: 237:
economists from government institutions in the 1960s indicated that the forty big industrial oligarch groups have had owned around 42% of the nation's industrial assets and more than 50% of private domestic assets. Eight of the nine major commercial banks were also controlled by these same industrial groups. Concern over the concentration of wealth was dramatically articulated in a 1968 speech by dr.
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of being pursued with even greater vigor and effectiveness, the liberalisation programme could not substitute for adequate stabilization efforts and macroeconomic stability. By the end of 1993 which was the year of ousting the government of Nawaz Sharif, the benefits from economic liberalisation were seriously limited in the absence of reduction of effective
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Although the economic liberalisation process in the country took off with great ground success, but in the 1990s, the targets were not successfully achieved because of the certain monetary obstacles and financial anomalies, despite the great expectation of Prime minister Nawaz Sharif. Ironically, the
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which was readily free, and at the same time, the interest rates were substantially liberalised, credit subsidies were cut, and energy prices were moved much closer to costs. The economic liberalisation and structural reform measures were necessary and had been overdue at that time. However, instead
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and monetary policies and the annual budget clearly confirmed the pause in the process of adjustment and reform, eliciting an adverse market reaction. This policy participated in sharp rise in unemployment and rapid deterioration in the external reserves position, bringing the country back to the
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severed the economic conditions in Pakistan. The growth of the economy relatively slowed down in the year 1993–97, the country failed to attract the foreign investors to boost the economy. Responding to the crises, Benazir Bhutto tightened the control of megacorporations while on the other hand,
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went into complete effect and force, that led the economic and financial crises in Pakistan. A much powerful socialist capitalism version was adopted in order to secure the revenue and financial capital of existing state-owned enterprises, with enforcement of nationalisation and privatisation at
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rates increased, except Pakistan where its economic rates underwent either stagnation or stagflation. As compared to Indian economic liberalisation where growth rate of employment increased, on the other hand, Pakistan's growth rate dramatically fell, though it did reached the level of negative
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Several industries were privatised but not banks that were kept under government-ownership management. Under a new policy, the private-sector investment grew from ~33% in 1980 to ~44% in 1989. A new system was also formed in 1979, which marked the Islamization of the economy. The new Islamize
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to liberalise the economy, the reforms on the other hand, came with controversies and popular rejections by the civil society. In public circles, the considerable debate about the inequitable distribution of income, wealth, and economic power began to take place at national level. Studies by
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resembled planned and central planning exclusively restricted for the military contracts, power and energy sector, and manufacture and operation of railroad network, telephone, telegraph, and wireless equipment. The rest of the sectors were left for the private-sector ownership management.
146:. The fruits of liberalisation reached their peak in 2003–04 when Pakistan recorded its highest national GDP growth to 8.96%~9.9%. In 2008–10, Pakistan is ranked 47th largest in the world in nominal terms and 27th largest in the world in terms of purchasing power parity (PPP). 201:'s government lacked qualified technical personnel, financial institutions, and natural resources to play a large role in developing the economy. Policies were goaded in the road of liberalism and state intervention at once to promote the national growth. The 644:, that was aimed to adjust the macroeconomics principles to alleviate the national economy. But, it had produced the short-lived outcomes and in 1994–95, the country had performed the economic results below its potential. Major concessions were made in 1416: 188:
in 1947. Since 1947, economic officials of government have sought a high rate of economic growth in an effort to lift the population out of poverty, first viewing rapid heavy industrialization and strong and powerful
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to development" had only concentrated wealth in the hands of "twenty-two industrial families." The Planning Commission argued that the government needed to intervene in the economy to correct the natural tendency of
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was declined under Sharif's new economic policy. Sharif's government liberalise the exchange rate policy and residents and nonresidents in the country were allowed the open foreign currency accounts with banks and
668:. Sharif again put forward the aggressive privatisation and liberalisation programme, starting first with new monetary and taxation policies. At government level, the private-sector was given much support and the 583:
The liberalisation of economy was intended to end the government subsidiaries and to reduce the role of the government in national economy. Successful attempts were carried out by Sharif to expand the role of the
677:. However, such policies were short-lived when Pakistan under the leadership of Nawaz Sharif, ordered to perform nuclear tests in a direct response to Indian nuclear aggression, which led the imposition of 308:. Immediately, a new programme of reforms were introduced in order to secure the private-sector from being diminished in the country's economical platform. There were two cornerstones of President 785:
was doomed to failure from the very beginning, while others remained that there was a lack of coordination between fiscal and monetary authorities in a policies directed by Nawaz Sharif.
245:. Dr. Haq and the officials at planning commission claimed that Pakistan's national economic growth had done little to improve the standard of living of the common person and that the " 2227: 1248: 588:, and to redress the imbalances in social services. From 1990 to 1993, the private and foreign investments were greatly relaxed. This was followed by the liberalisation of the 2108: 597:
policies. As it grappled with the ongoing foreign exchange crisis in early 1993–97, Pakistan's most urgent economic need was to raise both national savings and exports.
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crisis in October 1995. In 1996–97, Pakistan have ranked and regarded as "highly in-debt developing country" by the international financial organisations.
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percentage. Traditionally and in the universal terminology, the economic liberalisation reforms are viewed as to grow and promote the GDP growth (such as
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The GDP growth in each provinces of Pakistan, for instance, Punjab had higher GDP growth were majority of economic liberalisation took place in 1980–99.
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later than a year in Pakistan. In 1980–89, the economic reforms gained momentum and hard efforts were put to liberalise the economy before the
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in 1990. The programme of economic liberalisation, as one of the counter-policy measure programme, came in a direct response to
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economic liberalisation had a reversed effect on Pakistan's economic development unlike neighboring India who started the
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Once again, the comprehensive and much more effective studies were conducted by then-Finance minister and Prime minister
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against Benazir Bhutto gained currency. In midst of 1993, Benazir Bhutto embarked an ambitious medium term programme,
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However, the efforts to liberalise the economy waned due to amid social and political unrest which led to the first
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Periods of Stagflation: the inflation increased as US Dollar gained currency during the times of liberalisation.
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ordinances were promulgated which also absorbed the liberalisation of the economy under a new economic system.
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that introduced extreme level of economic liberalisation of the economy. Widely appreciated and backed by the
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continued the privatisation of mediocre industries to private-sector. From the period 1994–96, the level of
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The liberalisation methods raised country's GDP growth at 9.38% (1964), 8.71% (1980s) and 8.97% (2004–07).
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took many initiatives for liberalising the economy and successfully supervised the promulgation of the
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The productivity and quality assurance increased but on the other hand, inflation took a sharp rise.
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was deeply understood and extensive efforts were carried out by the government of Prime minister
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The economic liberalism opens new stock exchanges offices in the country, the one illustrated.
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once. Second attempt was again attempted by the Pakistan Muslim League and Prime minister
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This policy programme was first conceived in early 1980s and thoroughly studied by the
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Singh, Sarina; Brown, Lindsay; Clammer, Paul; Cocks, Rodney; Mock, John (1 May 2008).
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to concentrate wealth in the hands of those who already possessed substantial assets.
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Khan, Mohammad Zubair. "Overview of Macroeconomic Developments During 1992–1998".
1062:. Abdus Samad PhD, author of "Governance, Economic Policy and Reform in Pakistan" 769: 757: 209: 132: 46: 2181: 1361: 1292:. ZEF Bonn Zentrum für Entwicklungsforschung Center for Development Research 860: 858: 856: 854: 753: 128: 866: 852: 850: 848: 846: 844: 842: 840: 838: 836: 834: 611: 276:, Bhutto launched a much serious policy measure programme in 1971, called 1219:. University of Cambridge: Cambridge University Press. pp. 350–500. 656:
This led the dismissal of Benazir Bhutto's government, and the return of
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in 2000 after assuming the charge of national economy as an aftermath of
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symbolises the success of the economic liberalisation in Pakistan.
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Halliday, Terence C.; Karpik, Lucien; Malcolm M. Feeley (2012).
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Public-sector Enterprises Management: International Case Studies
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The United States Government and the U.S. Library of Congress
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Syed Fazl-e-Haider, Special to Gulf News (20 January 2011).
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Scholarly studies of Pakistan-based economic liberalization
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Fates of Political Liberalization in Post-British Colonies
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First Five-Year Plans for the national economy of Pakistan
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Period of stagflation and general impact in South Asia
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under a democratic system. This right-wing alliance,
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Jeddah Economic Forum. Archived from 807: 685:Attainability of capital liberalisation 290:Islamisation of the economy in Pakistan 37:in the 1990s to promote and accelerate 7: 1251:. Freidrich Neumann. Archived from 121:Chagai weapons-testing laboratories 1509:Governor of State Bank of Pakistan 1092:Administration (30 January 2010). 928:Pakistan and the Karakoram Highway 891:See the scholarly publications on 607:Periods of stagflation in Pakistan 320:Persuasive economic liberalisation 14: 1620:Medium Term Development Framework 930:. Lonely Planet. pp. 34–35. 2249: 2248: 969:Mohiuddin, Yasmeen Niaz (2007). 815:Armstrong, Shiro (7 July 2008). 711:Economic liberalisation in India 98:and the Peoples Party after the 1210:"Judicialization of Governance" 572:who was also country's elected 258:Era of economic progressiveness 2021:Mobile phone network operators 90:(PPP) in the 1970s. After the 1: 2288:Economic planning in Pakistan 1562:Pakistan Bureau of Statistics 921:"Chapter I: Military Misrule" 241:, the chief economist of the 67:and was implemented first by 2273:Economic history of Pakistan 1526:Finance Minister of Pakistan 578:we were going to do that too 180:for the rapid growth of the 156:Economic history of Pakistan 1011:Ali Farazmand, ed. (1996). 905:Five-Year Plans of Pakistan 795:Five-Year Plans of Pakistan 601:Era of economic stagflation 566:Islamic Democratic Alliance 331:PKR per US dollar 1995–2008 294:In 1977, the government of 264:Nationalization in Pakistan 203:Five-Year Plans of Pakistan 2309: 2213:Central business districts 2172:Central business districts 2165:Central business districts 978:Pakistan: A Global Studies 865:United States Government. 708: 604: 347: 342: 323: 287: 261: 153: 2246: 1630:National debt of Pakistan 545:PKR exchange rates in USD 542: 349: 344: 339: 326:Privatization in Pakistan 278:nationalization programme 84:nationalization programme 1555:Federal Board of Revenue 681:embargo on both states. 284:Reforms and Islamization 117:weapon-test performances 2283:Economic liberalization 2233:Pakistanis by net worth 1984:Cottage and small scale 1876:Entertainment and Media 1855:Pakistan Stock Exchange 1647:Foreign aid to Pakistan 1615:Economic Liberalization 1484:State-owned enterprises 1174:Jeddah Economic Forum. 738:economic liberalisation 296:Pakistan People's Party 80:privatisation programme 35:economic liberalisation 22:The golden bull of the 2278:Liberalism in Pakistan 1994:Information technology 1957:Science and technology 1908:Healthcare in Pakistan 1625:Periods of stagflation 1504:State Bank of Pakistan 732: 666:1997 general elections 642:Eighth Five-Year Plans 629:Asian financial crisis 616: 558:1990 general elections 298:(PPP) was ousted in a 214: 165: 113:1997 general elections 92:1993 general elections 88:Pakistan Peoples Party 69:Pakistan Muslim League 27: 2223:International ranking 2177:I. I. Chundrigar Road 1610:Islamic economization 730: 723:Economy of Bangladesh 614: 247:trickle-down approach 212: 163: 39:economic independence 21: 1979:Books and publishing 715:Economy of Sri Lanka 150:Exclusive liberalism 1453:Economy of Pakistan 1255:on 15 December 2013 636:heightened and the 556:As an aftermath of 336: 268:Socialist economics 243:Planning Commission 54:ministry of finance 2293:Reform in Pakistan 2238:Standard of living 2124:Khyber Pakhtunkhwa 2092:Domestic economies 1967:Telecommunications 1366:Najam Sethi (1994) 1247:Nueman, Fredrich. 781:of Prime minister 733: 625:Pressler amendment 617: 568:(IDA), was led by 330: 215: 166: 100:Pressler amendment 33:began a period of 28: 2260: 2259: 2034:People and labour 2029: 2028: 1697:National highways 1411:Scholarly sources 1389:"The Blind Spots" 1387:Dr. Abdus Samad. 1226:978-1-107-01278-3 1096:. Viewstonews.com 987:978-1-85109-802-6 819:. East Asia Forum 742:Fall of communism 662:exclusive mandate 554: 553: 335: 230:1962 Constitution 109:exclusive mandate 78:, as part of the 61:Ghulam Ishaq Khan 58:finance ministers 2300: 2252: 2251: 2228:Provinces by GDP 2114:Gilgit-Baltistan 1751:Renewable energy 1739: 1707:Railway stations 1585:Numbering system 1521:Finance ministry 1446: 1439: 1432: 1423: 1404: 1403: 1401: 1399: 1384: 1378: 1377: 1375: 1373: 1362:"A Brave Budget" 1357: 1351: 1350: 1348: 1346: 1341:. 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Najam Sethi 1367: 1363: 1356: 1353: 1340: 1333: 1330: 1318: 1314: 1307: 1304: 1288: 1281: 1279: 1277: 1275: 1273: 1271: 1267: 1254: 1250: 1243: 1240: 1228: 1222: 1218: 1211: 1204: 1202: 1200: 1198: 1194: 1182:on 5 May 2012 1181: 1177: 1170: 1167: 1162: 1155: 1153: 1151: 1149: 1145: 1129: 1128: 1120: 1118: 1116: 1114: 1112: 1108: 1095: 1088: 1086: 1084: 1082: 1080: 1078: 1074: 1061: 1055: 1053: 1051: 1049: 1047: 1043: 1031: 1029:0-313-28025-8 1025: 1021: 1014: 1007: 1005: 1001: 989: 983: 979: 972: 965: 963: 961: 959: 957: 955: 951: 939: 937:9781741045420 933: 929: 922: 915: 913: 909: 906: 900: 897: 894: 888: 885: 872: 868: 861: 859: 857: 855: 853: 851: 849: 847: 845: 843: 841: 839: 837: 835: 831: 818: 811: 808: 801: 796: 793: 792: 788: 786: 784: 780: 776: 771: 767: 763: 759: 755: 751: 747: 743: 739: 729: 724: 720: 716: 712: 704: 702: 700: 697:as appointed 696: 692: 684: 682: 680: 676: 671: 670:public sector 667: 663: 659: 654: 652: 647: 643: 639: 635: 630: 626: 622: 621:United States 613: 608: 600: 598: 596: 595:macroeconomic 591: 587: 581: 579: 575: 571: 567: 563: 559: 550: 546: 541: 537: 534: 531: 528: 525: 524: 520: 517: 514: 511: 508: 507: 504: 502: 499: 497: 494: 493: 490: 488: 485: 483: 480: 479: 476: 474: 471: 469: 466: 465: 462: 460: 457: 455: 452: 451: 448: 446: 443: 441: 438: 437: 434: 432: 429: 427: 424: 423: 420: 418: 415: 413: 410: 409: 406: 404: 401: 399: 396: 395: 391: 389: 387: 385: 382: 381: 378: 376: 373: 371: 368: 367: 363: 360: 357: 354: 353: 338: 327: 319: 317: 313: 311: 307: 306: 301: 297: 291: 283: 281: 279: 275: 269: 265: 257: 255: 253: 248: 244: 240: 239:Mahbub-ul-Haq 235: 234:United States 231: 227: 224: 220: 211: 207: 204: 200: 196: 192: 187: 183: 179: 175: 171: 170:establishment 162: 157: 149: 147: 145: 141: 136: 134: 130: 126: 123:in 1998 (See 122: 118: 114: 110: 106: 101: 97: 93: 89: 85: 81: 77: 74: 70: 66: 65:Mahbub-ul-Haq 62: 59: 55: 50: 48: 44: 40: 36: 32: 25: 20: 16: 2099:Azad Kashmir 2083:Unemployment 2061:Child labour 2056:Labour force 2041:Billionaires 1742:Resource and 1474:KSE 30 Index 1469:KMI 30 Index 1396:. 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Index


PSX
Pakistan
economic liberalisation
economic independence
development
GDP growth
ministry of finance
finance ministers
Ghulam Ishaq Khan
Mahbub-ul-Haq
Pakistan Muslim League
Prime minister
Nawaz Sharif
privatisation programme
nationalization programme
Pakistan Peoples Party
1993 general elections
Benazir Bhutto
Pressler amendment
Nawaz Sharif
exclusive mandate
1997 general elections
weapon-test performances
Chagai weapons-testing laboratories
Chagai-I
Chagai-II
Kargil debacle
Shaukat Aziz
1999 coup d'état

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