PAKISTAN'S ECONOMY, TRADE AND MANAGEMENT — AN OVERVIEW

Pakistan has made significant progress since its birth in 1947, keeping in mind the enormous difficulties it was confronted with at that time. Pakistan's development has not been commensurate with its potential. The formation of Pakistan, as is the case with a number of developing countries in Asia, South America and Africa, is a story of betrayal by its politicians and leaders, the mismanagement and inefficiencies of economic managers, and the pilferage of national wealth and resources by the privileged and influential. This has been compounded by external shocks: the increase of oil prices during the late 1970s, the international recession during the late 80s, and recent economic sanctions against Pakistan. The country is, therefore, now straddled with numerous economic, social and political problems.