Unpacking Pakistan's Economic Challenges
September 02, 2024
Key topics included the impact of trade tariffs, price elasticity of demand, and technological advancements on Pakistan's economy. The lecture emphasized the balance of payments constrained growth, highlighting how structural issues in the export and import sectors limit Pakistan's economic expansion beyond a certain threshold. This balance of payments dilemma, exacerbated by a narrow export base and inelastic import demands, leads to unsustainable growth as imports rise disproportionately compared to exports when GDP growth accelerates.
Professor Chaudhry also delved into the implications of the Pak-China Free Trade Agreement and its Phase II negotiations, analyzing its effects on local industries and overall trade balance. He provided a nuanced view of how lowering tariffs has influenced the Pakistani market, particularly in making it vulnerable to increased imports from China, which has not been matched by an equivalent increase in exports.
This lecture not only enriched the understanding of Pakistan's economic landscape but also outlined the significant need for policy interventions aimed at broadening the export base, enhancing technological adaptability, and fostering economic stability through informed trade policies.
Labels: Dr. Azam Chaudhry, Pakistan Economy, WTO
posted by S A J Shirazi @ 9/02/2024 03:50:00 PM,
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