Skip to main content

What is there any solution for developing countries like Pakistan to overcome the economical challenges?

 What is there any solution for developing countries like Pakistan to overcome the economical challenge

Problems of  Developing countries like Pakistan

All the world especially developing countries have low growth rate and low productivity. These countries have been facing several economical challenges for many decades like unskilled labour, climate change, unemployment, politically mismanagement, over population, unfavorable structural issue, low infrastructure, inflation, unbalanced BOP, external and internal debt, foreign intervention socially and economically,  These issues are a cause of low economical status.

Need of proper allocation of  population and resources

In this perspective mentioned above, labour should train and unitize them in manufacturing and production because production is as important as manufacturing due to the drought of food in coming years. By using labour intensive techniques, the expenses of imports of technological goods will be decrease and free people can earn their livelihood and can developed their standard of living.

Manufacturing activity should be also export oriented. In this way foreign exchange can be earned by export to heel the damaged economy.

Hurdles in the way of development

The consumer in the developing countries have 32 times less resources than developed countries.Poor infrastructure and no check and balance on protection of intellectual rights are major hurdles.So it is neccessary to provide the protection and a stronge infrastructure to capture the attention of economical factors. Aftet over come these hurdles the gao between two main class like lower class and upper class will be fill and then the probleme of unequal distribution of money will be solved.

Mostly developing countries are agricultural based, but the people of village and peasants are much effected by envirnmental changes. unskilled workforce leads to low productivity in agriculture. So it is essential to educate the people. They should train with proper way to use the modern tools like heavy michinary to get more production 

The move of villagers towards the cities is also a big problem. Because cities are not able to accumudate new migrated population because of the lack of facilities. This migration gives birth so many new challenges in cities  If the workforce adjusts in villages with proper emploment facilities than the move from villages to cities can be stop.

New affiliate industries should be developed in UDC's for use of agricultural raw material. In this way foreign exchange can be in earned by exports, and more oppertunities can be produce to develope the economy in UDC's.

What is there any soulution for developing countries


In the perspective of Pakistan

Most if developed countries have agrarian economy like Pakistan. Pakistan has  been employing approximately 43% of its economically dynamic people.As a result development has been deteriorating for many years. So it is the need of time to take some steps to overcome these issues

  1. Increase technological innovation.
  2. Increase agrarian  production.
  3. To gain political stability.
  4. Key economic sectors should be pushed by the activity of research & development.
  5. Ensure the best allocation of natural and human resources.
  6. To establish the fair and loyal political setup. 

  7. Make a chain of industries related to each other for production by using agricutural raw material.

  8. Government should increase budget on education especially for research and technology.

  9. Try to facilitate rural population in rural areas inspite of migration 

Comments

Post a Comment

Popular posts from this blog

Understanding Current Inflation: Causes, Effects, and Implications for Consumers and Businesses in 2024

Understanding 0f Current Inflation: Causes, Effects, and Implications for Consumers and Businesses in 2024 Introduction Inflation is the constant rise in the price level of goods and services. It is a fundamental economic occurrence that influences everyone. The current flow in inflation rates across the globe has glimmered general concern and debate. Understanding the causes of current inflation, its effects, and the implications for consumers and businesses is crucial for directing this stimulating economic environment. Inflation not only affects the common man life but also affects the business and industry all over the world. So it is necessary to understand what inflation is and how it affects the economy. Understanding Current Inflation in 2024 Causes of Current Inflation Several features contribute to the existing inflationary pressures, each playing a exclusive role in driving up rates of goods. 1.   Supply Chain Disturbances The COVID-19 pandemic triggered signi...
Post a Comment
Read more

What is FATF and how does it add countries to the grey and black list? What about Pakistan?

 What is FATF and how does it add countries to the grey and black list? What about Pakistan? what is FATF The Financial Action Task Force is a decision-making institution. It deals with the issues of money laundering and virtual currencies. This body aimed to give protection to the security of the financial system at the international level. For this, it's one role is the war against terror financing. Greylisting is not as harmful to a country as much blacklist. FATF can influence economic activities by scrutinizing and keeping eye on their international level transections. So it can say that the blacklist is the "call for action" and the grey list is "monitoring by FATF". So it will decrease trade opportunities and has the disadvantage of a closed economy. The war against terror financing FATF is against the support of terrorists by money. For this reason in 2019, it blacklisted two countries Iran and North Korea. Twenty-three countries are on the grey list. Pa...
Post a Comment
Read more

Economic reforms of Hazrat Umar Farooq R.A are the need of time for developing countries like Pakistan

  Economic reforms of Hazrat Umar Farooq R.A are the need of time for developing countries like Pakistan   Who is ''Farooq The Great'' Hazrat Umar R.A is the second caliph of Islam from 634 to 644 AC and a great administrator.  Gandhi said about him that he was a leader of a vast empire(Arabian Peninsula) but lived simple life to cut the public expenditures by adopting a simple lifestyle. He was the influential king who trigger the economic revelation in Arabia and was worthy of the following but unfortunately, he is ignored by the intellectuals of the world. so it is the need of time for poor developing countries to follow his reforms to overcome the challenges which are faced by them.   Islam and welfare economics   It is not an exaggeration to say that Islamic teachings paved the way for welfare economics and introduced great reforms which are applicable to the present and future. Islam forced the state to give all basic rights and to provide basic needs to t...
Post a Comment
Read more