Pakistan is facing various economic challenges and crises such as energy shortages, fiscal deficits, and high inflation. Additionally, issues like political instability and security concerns are also affecting the economic growth. Pakistan has a mixed economy, with agriculture, manufacturing, and services sectors contributing to its Gross Domestic Product (GDP).
Remittances from overseas and agriculture play a significant role in the country’s economy. Inspite of that the country’s economy remained in crisis throughout because of its sole reliance on debts, agriculture or remittances. Pakistan possesses several untapped economic potentials that, if harnessed effectively, could contribute significantly to the country’s economic growth.
Pakistan can be a tourist delight
Pakistan has huge potential of religious, cultural, heritage and adventures tourism. According to a recent study, the tourism industry in Pakistan generated approximately $19.5 billion in revenue in 2021, which represents approximately 4% of the country’s GDP. Pakistan yet to unleash the true potential of tourism. The presence of Holy sites of several religions in the country is one of the most promising tourist attraction. Pakistan is the home to religious heritage of major religions of the world. Saudia Arabia is earning more than $130 bn from annual pilgrimage. On the other hand, Pakistan total revenue based on tourism is only $ 7.6 bn. Pakistan failed to tap the potential in religious tourism. One of the world largest sleeping Buddha was found in Hazara region of Pakistan. Pakistan can cash it by approaching the large Buddhist community present in China, Japan and South East Asia. Similarly, cultural heritage of Mohenjo-Daro and Harappa civilization and beautiful mountains of Himalayas, Natural lakes and many other beautiful destinations are present in Pakistan that need to untapped to revive the trembling economy of Pakistan.
Pakistan’s Blue Economy Potential
Blue economy is the sustainable use of the ocean resources for the economic development. In the earth only 25% land and 71%, water is present. Economic exploitation through land is a traditional resource for economy and it give rise to the issues like food insecurity, pollution and climate change. Now world is looking for Seas, Oceans for Economic perspectives. Pakistan having a huge potential to utilize their 200, nautical miles of seas, which is almost 36% geography of whole country. Pakistan having a huge population of Tuna Fish in their oceans. Tuna Fish is the most liked fish in western countries. France imports 71.4% of its fresh tuna from non-European countries, and the European Union, the United States and Japan are the largest consumers of canned tuna, using about 51 percent, 31 percent and 6 percent, respectively, of the world’s canned tuna products. Pakistan can also tap this economic potential and revive its economy by increasing export and reducing trade deficit.
Increasing the women workforce participation I the economic activities
In 2023, female population for Pakistan was around 119 million. Women’s participation in the workforce in Pakistan has been consistently low, hovering below 25pc. The Quaid’s wise words, delivered at Aligarh in 1944, sum it up best: “…no nation can rise to the height of glory, unless women are side by side with you”. Women participation is necessary for the socio-economic growth of the country.
Investment in Knowledge Economy
Modern era is based on technology. In ancient time economies depends upon Natural Resources i.e. Coal, Gas, Oil, salt etc. With the passage of time, the economy transformed into Knowledge based Economies. By knowledge economy means “Development of skills through education”. Through investment in education at primary level and produce a skilled resource who brings innovative idea that contributes in the country’s economy. Microsoft, Apple and many other service-oriented economies are doing wonders. Pakistan should invest and think in this regard for long-term economic revival of the country.
Pakistan’s economic potential is immense. According to a recent World Bank Report, with sound economic policies, Pakistan economy could reach US$ 2 trillion by 2047. Therefore, Pakistan should focus to tap the untapped potential that can bring economic peace and prosperity and will able to resolve the long lasting problem of economic instability.
Mr. Imran Yousaf is Mentor – Civil Services Examination, Pakistan.