By Riaz Gilani | August 29, 2024
The paradigm of national security revolves around economic security. A country is strong only when its economy is strong. Pakistan today faces enormous economic challenges that require urgent attention from policymakers.
Political instability: The first fault line
Political instability is the first fault line disturbing economic security. Ensuring political stability is crucial for achieving economic stability. The government must correct its course, as internal strife and pressures are hurting the country.
Lack of planning: A critical fault line
A lack of planning or no planning at all is another fault line that needs correction. Policymakers must think twice about correcting planning or identifying priority areas. The planning division lacks vision due to a lack of experts and professionals.
Industrialization: A missing priority
Industrialization is essential for growth, but the government's proclivity to industrialize is missing. Total exports of about $30 billion are a serious concern for a country with a population of 250 million.
Debt trap: A significant handicap
A large amount of debt is holding the country back from economic growth. Pakistan suffers from severe economic recession, with an internal and external debt of around 70 trillion rupees. There seems to be no strategy to unload this huge sum.
Security situation: A complicated concern
The security situation is complicated, with the resurgence of terrorist activities creating further problems. Terrorism has damaged and destroyed the fabric of society, discouraging investment and affecting foreign direct investment (FDI).
Population bomb: A major concern
Population growth needs to be checked at all costs, requiring a sound policy on a war footing. Illiteracy and crime are also significant concerns, with a literacy rate of 61% and around 26 million children out of school.
Regional cooperation: A neglected area
Relations with neighbors, cooperation on various economic forums, and coalitions must be activated and expanded. Our lack of cooperation with regional players affects our economic security and national security goals.
By addressing these fault lines, Pakistan can ensure economic security, which is vital for national security.
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