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PAKISTAN
Pakistan inherited an extremely narrow
economic base at the time of Partition in 1947
Since then, the Government of Pakistan is
making
rigorous
efforts
to
build
up
infrastructure and productive potential of the
economy through the process of development
planning. The start for preparing the country
for future advancement was made by launching
a Six Year Development Programmer (1951-57)
named as Colombo Plan. The Plan was
suspended two years before its completion due
to the repercussions of Korea War. In addition to
the Colombo Plan, Five other Five Year
Development Plans were drawn up and
implemented. The Sixth and Seventh Five Year
Plan are complete. The 8th Five Year Plan
(1993-98) has been implemented.
If the economic performance since 1947 is
evaluated, the overall results are not very
encouraging. The per capita income at market
price is only 925 dollars per year in 2007 in
Pakistan. The major portion of the population is
just above the poverty line (poverty line 23.9%)
The disturbing feature of the economy is that
whatever economic growth has been achieved,
it is accompanied by unequal distribution of
wealth. |This has created social tension in the
country and has slowed down the rate of
economic growth. Pakistan has devised various
strategies to quicken the tempo of economic
development but it has not been able to break
the vicious circle of poverty and enter into take
off stage. The main obstacles which have
affected the rate of growth in Pakistan are
grouped under following heads.
(1) Economic obstacles (2) Social and cultural
obstacles (3) Administrative obstacles. These
obstacles are now discussed in brief:
1 Economic Obstacles
economic