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Pakistan Economy: Caught in a Maelstrom

Author

Listed:
  • Amjad, Rashid
  • Din, Musleh ud
Abstract
This paper investigates why Pakistan was not able to weather and quickly recover from the global financial crisis compared to other South Asian countries and the larger Asia-Pacific region. The paper argues that in fact Pakistan's macroeconomic difficulties preceded the crisis due to the spike in global food and fuel prices with its current account and fiscal deficits rising sharply - a situation further exacerbated due to the global economic slowdown. In spite of contractionary macroeconomic policies under an IMF programme it was not able to breakout of low economic growth and double digit inflation. A three pronged strategy is suggested to move the economy out of this maelstrom with a focus on prudent macroeconomic management, structural reforms and growth - enhancing public investments.

Suggested Citation

  • Amjad, Rashid & Din, Musleh ud, 2014. "Pakistan Economy: Caught in a Maelstrom," MPRA Paper 61668, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:61668
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/61668/1/MPRA_paper_61668.pdf
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    References listed on IDEAS

    as
    1. Rashid Amjad & Musleh Ud Din & Idrees Khawaja & Nasir Iqbal & Ahmad Waqar Qasim, 2012. "Fiscal Federalism In Pakistan," PIDE Monograph Series 2012:4, Pakistan Institute of Development Economics.
    2. M. Ashraf Janjua, 2005. "Money Supply, Inflation and Economic Growth: Issues in Monetary Management in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 10(Special E), pages 72-105, September.
    3. Rashid Amjad Chaudhry & Musleh ud Din & Abdul Qayyum, 2011. "Pakistan: Breaking Out of Stagflation into Sustained Growth," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(Special E), pages 13-30, September.
    4. repec:pid:wpaper:2012:4 is not listed on IDEAS
    5. Afia Malik, 2012. "Power Crisis in Pakistan: A Crisis in Governance?," PIDE Monograph Series 2012:1, Pakistan Institute of Development Economics.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic impact of global financial crisis: stagflation; prudent macroeconomic management; structural reforms;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

    NEP fields

    This paper has been announced in the following NEP Reports:

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