ISLAMABAD, April 30 (Online): The Pakistan Economy Watch (PEW) on Saturday said despite being a rich country, Pakistan depends on foreign loans for its survival because its economy is non-productive.<\/p>\n
Profit in non-productive sectors is much higher than in the productive sectors therefore the investment continues to find its way to the non-productive sectors, it said.<\/p>\n
Many countries that gained independence after Pakistan have stood on their own feet because they have focused on production and exports, said Dr. Murtaza Mughal, President of PEW.<\/p>\n
However, Pakistan has become a perfect example of elite capture and they will never allow the productive sector of Pakistan to develop as their interests arelinked to the promotion of non-productive sectors.<\/p>\n
The industrial and agricultural elite are addicted to subsidies, packages and amnesty schemes and it is difficult to form positive policies as long as they control important matters, he observed.<\/p>\n
Pakistan’s foreign exchange reserves fell to 400 million dollars in 1998 but that crisis was not enough to act as a wake-up call and no real effort was made to improve the economy.<\/p>\n
Now the situation has become so unfavourable due to negative policies that it has become increasingly difficult to run the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD, April 30 (Online): The Pakistan Economy Watch (PEW) on Saturday said despite being a rich country, Pakistan depends on foreign loans for its survival because its economy is non-productive. Profit in non-productive sectors is much higher than in the productive sectors therefore the investment […]<\/p>\n
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