The reality check on SDGs and the auto industry The term “sustainable development” is interpreted in diverse meanings, it refers to a development strategy that aims to strike a balance between many, sometimes conflicting needs and a growing understanding of the environmental, social, and economic constraints. Sustainable development is a development that satisfies current demands while maintaining future generations’ capacity to fulfill their demands. It is observed that more than 95% of CO2 emissions into the atmosphere originate from natural processes including fires, volcanic eruptions, and biological decomposition. But while photosynthesis and other natural processes absorb and balance 95% of…
Author: Urooj Aijaz
* Step towards sustainable oil & gas industry In the oil and gas sector, the phrase “sustainable development” does not refer to continuing oil and gas production indefinitely. The phrase describes how human existence may be sustained in a world that is always changing by carefully balancing social, economic, and environmental capital. Until adequate alternative energy sources are available, the oil and gas industry’s responsibility in sustainable development should be to satisfy the demands of the global community for oil and gas at a fair cost, safely, and with little environmental damage which requires social investment. In the oil and…
Islamic finance: an instrument to unlock the potential of blue economy and sustainable future The goal of the green economy is to attain sustainable development that preserves and enhances the environment by lowering the environmental risk in a particular consumption-production relationship where the world’s economies are directed to use marine resources without endangering their environmental sustainability due to the establishment of an ecological shortage of terrestrial resources, which illustrates the transition from a green to a blue economy. The main goals of the “blue economy” are also to raise living standards, economic growth, and social inclusiveness while maintaining environmental equilibrium.…
Political leaders must accept accountability and behave honorably to lessen the suffering of vulnerable members of our society In the 27th annual session of Pakistan Muslim League scheduled on 23-3-1940 Maulvi Fazal-ul-Haq, the Chief Minister of Bengal, proposed the resolution that the majority of the 80 million Muslims living in the Sub-Continent called for the establishment of a separate nation, and the calls for a separate electorate changed into a quest for an independent homeland, where they could live freely and practice their beliefs in the manner they chose. Quaid-e-Azam Muhammad Ali Jinnah presided over this historic session, lending weight…
Need to prioritise human development, economic growth and promote inclusive progress in societies Rising GDP growth rates and equal access to opportunities, irrespective of gender, income, religion, or ethnicity, are closely linked to decreasing poverty but the goal of all human undertakings should not be economic growth; instead, human development should be the ultimate goal. The deliberate governmental attempt to establish a connection between economic growth and human development indicators is the source of this phenomena of poverty alleviation. Focusing public policy on nutrition, health, education, and asset redistribution through fiscal policy tools is essential for any meaningful shift in…
Sports occupy a unique place in the public psyche. In the past, the outcomes of the sport were published and analysed in newspapers, magazines, books, TV shows, and radio programmes but generated only less cash than many other sectors. But today, in the era of globalisation, where the entire world is interconnected, the industries under the roof of sports in general and professional leagues, in particular, are expanding at a very rapid pace as professional leagues offer financial benefits to players, governments, boards, the general public, and investors. The determinants of its growth include the interest of the public, attraction…
Financial technology, commonly known as fintech, has been transforming the financial industry worldwide in recent years. Fintech services are considered technology-driven innovations that provide a range of financial products as well as services to customers and the purpose of these services is to enhance the effectiveness, velocity, and convenience of traditional financial services. Advancements in the fintech business worldwide have resulted in the creation of procedures such as lending, mobile payments, blockchain-based solutions, robo-advisors, and more sophisticated crowd-funding techniques. The industry already accounts for a sizeable 2 per cent of the world economy, but by 2030, it is expected to…
A bridge to catch rural development and women empowerment The importance of the China-Pakistan Economic Corridor (CPEC) for economic growth, living standards, and sustainable development goals has made it a major area of discussion. If we look at the bilateral connection and historical background of China and Pakistan then this project is the largest economic corridor through which, both nations hope to achieve different objectives. In particular, Pakistan wants to overcome obstacles in the areas of social welfare, energy, and economic development, while China wants to expand its trade routes and trade periphery in the international market to achieve rapid…
Economic powerhouses with livability at the core A variety of concepts come up as we discuss smart cities but the smart cities description lacks a single definition. Some speak to local issues and goals, others concentrate on the socioeconomic environment, while others are only socio-economic factors; some stem from the need to find answers, while others connect it to other fields of study, such as the climatology and cultural legacy. Few analysts have concluded that smart cities would be defined in a particular way by private partnership models for urban development. If we look around almost 80% of the world’s…
Pakistan-UAE lasting relations in trade, culture and economic ventures Cross-border trade is one of the main indicators and drivers of national growth. Countries with more partnerships and trade ties typically have more cordial international relations. It is to their best advantage to have friendly ties with other countries that serve as vital logistical routes or economic partners. If we look at global trade then there is no doubt in the fact that the twenty-first century has seen a greater evolution in diplomacy and international relations than in previous decades, as governments have rearranged their alliances and changed their alignments on…
Incentivising economic growth through effective leadership of Chinese leader For rising nations with extensive expertise and insight into how to face the obstacles of economic growth, China’s successful economic reform offers a wealth of lessons. China has benefited the most from globalisation and has been the nation that has done so despite the current financial crisis. Over the course of more than 20 years of extraordinary success, a tremendous transformation has taken place in every element of the Chinese economy and society. China is one of the fastest-growing economies in the world and has achieved remarkable progress over the past…
Maritime tourism may bring in $1 to 2bn for the national exchequer a year and create jobs The Rio+20 Conference of the United Nations on Sustainable Development was the place where the phrase “Blue Economy” first appeared in 2012. In the conference, the development and expansion of the blue economy have been hailed as the solution to all of the economic problems facing less developed coastal nations, given the abundance of resources found in the ocean. Basically, it means using marine and coastal resources for financial advantages, placing a focus on sustainable economic growth, and preservation of the environment 2030…
To achieve zero hunger, all people must have cheap access to safe, wholesome, and nutrient-rich food Global climate change has increased the frequency of natural calamities, which has reduced agricultural output and exacerbated the problem of food security. In developing nations like Pakistan, where the majority of the population still lives in poverty and hunger, there are serious problems with food security. Flood disasters ruin valuable land, cause agricultural production losses, and interrupt livelihood routines as expected household livelihood becomes more vulnerable. Pakistan was listed as the fifth most vulnerable country in the world to climate change-related natural disasters because…
Obstacles and subsidies in consumer financing Consumers and companies in Pakistan have suffered greatly from policy shifts and uncertainty. Important policies are created, modified, and abandoned precisely as quickly as governments change regularly. Unfortunately, solar energy has not been an exception. At the start of the year 2022, the previous government imposed a general sales tax (GST) of 17 per cent on all solar equipment, causing a substantial price increase and resulting in a reduction in demand. Reduced demand and deployment of solar power inadvertently mean that our import bill for fossil fuels continues to increase instead of reducing. In…
The Gulf region is one of the world’s most security-critical locations, where stakeholders from outside the area work together or compete with each other on security apparatus for the region. The Gulf area includes six Middle Eastern nations, including Saudi Arabia, Qatar, Bahrain, Oman, Kuwait, United Arab Emirates under the flag of Gulf Cooperation Council (GCC). The GCC. For Asian governments, the area has taken on particular significance. This is seen in the two areas growing relationships and partnerships between nations. The GCC and Pakistan have traditionally maintained cordial relationships, which were primarily founded in religion but have now expanded…
Research and development is a critical long-run determinant of productivity of any country, but the main question is how much to invest in R&D and the answer only depends on the returns attached to it in the form of growth and development. Solow in 1956 asserted that sustained technological progress is essential to drive economic growth while the contribution of technology development to growth in the majority of economies is highlighted by new economic growth theories as well so, technological advancement via R&D has recently been a significant driver of individual business success and, as a result, the expansion of…
In recent years, Pakistan has seen an incredible amount of property demolished and destroyed due to a storm of political upheaval, economic difficulties, and a terrible climatic disaster. In addition to dealing with this load, the country is also up against the food inflation plague, a powerful adversary that has driven countless people into extreme poverty. As a result, inflation may be defined as the gradual but constant increase in the average price of goods and services over time. Inflation has long been a problem for Pakistan’s economy and has its roots in a complicated web of elements. Notably, the…
Pakistan is still caught in a vicious cycle of poor savings, little domestic investment, massive borrowing, rising foreign debt, low productivity and high inflation On August 14th, 2023, Pakistan celebrates its 76th Independence Day. For the common nationals, the past few decades have been a mixed bag who are still waiting for Pakistan to pay off its pledge. Under both democratic and military administrations, Pakistan’s rentier economy has done rather well. However, it has become a habit to live off of the money of others while creating insufficient trade products and services. Pakistan is a frequent borrower with a low…
A country’s total economic progress is significantly influenced by its financial sector. The financial industry fosters economic growth in a number of ways. Nowadays few prominent networks have received a lot of attention including the capacity of the financial industry to: Pool risk so that it is reduced in financial transactions and reducing risk factors. Reduce the cost of financial intermediation by making use of advantages the benefits of economies of size and scope. Mobilise savings and direct these funds Optimise the distribution of the economy’s resources into investment activities. Since the late 1980s, Pakistan has been pursuing financial sector…
The growing interest in the development of renewable energy technology is a result of growing concern over the threat posed by global climate change. The ocean offers a substantial amount of potential energy resources, and investment in ocean energy is projected to increase as renewable energy technology advances. Research in the fields of ocean thermal energy conversion, wave, tidal, and offshore wind energy has produced promising technologies that have even seen commercial application in certain situations. These resources have the potential to lessen the harm posed by climate change, but the ocean ecosystem has to be safeguarded while these technologies…
The government’s main policy document, the budget, outlines how it will set priorities and carry out its yearly and long-term goals. The budget is the main tool for carrying out fiscal policy, which has an impact on the entire economy in addition to funding new and ongoing programmes. The budget strives to make plans and aspirations a reality alongside other instruments of government policy like laws, regulations and collaborative action with other actors in society. More than this, the budget demonstrates how funds are produced and distributed for the provision of public services and functions as a contract between the…
The usual budget at the unusual time The government budget serves as a harsh reminder each year of the collapse of Pakistan’s economy and the meaninglessness of statistics. Now, with no end in sight to this craziness, the mediocrity of the quantity of outlays, the absurd aims, and the crushing weight of debt are all repeated elements. The coalition government unveiled an expansive budget for fiscal 2023-24 with the impending elections in mind, increasing federal employee salaries by a whopping 30-35%, increasing development spending by 33% and announcing tax incentives for industry, construction, information technology, agriculture and other sectors only…
Geo-strategic and geo-economical alliances between nations have been facilitated by the emergence of regional and global strategic movements around the world in the twenty-first century. CPEC, or the China-Pakistan Economic Corridor, is among the most successful examples of such alliances. The CPEC’s entire launch period ranges from 2014 to 2030. The projects under CPEC are being implemented in three stages. According to estimates, the short-, mid-, and long-term projects will be finished in 2017, 2025, and 2030, respectively. These projects are expected to cost $46 billion to build. It is a system of roads, trains, pipelines, transport, gas, oil, and…
The role of logistics in contemporary transportation networks is crucial. The cost, effectiveness, and dependability of freight and passenger transport networks have all increased as a result of recent technical and geographical improvements. Additionally, the negative effects of travel on the environment have received widespread attention and are at the heart of the sustainability debate, particularly in metropolitan areas. It has been proposed that logistics is ecologically friendly since its applications typically improve the effectiveness of transportation networks, giving rise to the idea of green logistics. ‘Greenness’ became a buzzword in the transport sector in the late 1980s and early…
Over the past ten years, credit has expanded at a high pace in emerging economies. The recent significant rise of credit in emerging markets (EMs) are the outcome of a number of factors, such as macroeconomic stability, financial deepening, the availability of new lending instruments, as well as economic growth. Over the past ten years, average credit growth has exceeded 10% in some nations, including Brazil, Indonesia, Russia, and Turkey. Other nations display slower rates of credit expansion where, the composition of the credit portfolio and in particular the contribution of each type of loan that is, corporate, consumer and…
The evolution of the necessary institutional infrastructure and infrastructure for communities and economies is a continual process where, we may utilize Islamic understanding for development as a standard for measuring the desired change? The goals of Shariah (Maqid Al-Shariah) and its manifestation in the concept of complete human development (CHD) serve as the model for Islamic economics and finance. However, the linear economy paradigm, which was influenced by Hotelling’s renowned 1931 framework based on the economics of exploiting natural resources and which does not acknowledge the ecological environment as a resource, drives the free-market economies in the real world. The…
The primary goal of the global agenda for sustainable development is the decrease of poverty but developing cost-effective poverty reduction programs and safety nets, the identification of the poor and the assessment of the severity of poverty are the matter of concern for every developing nation which require accurate determination of poverty resulted in the form of effective and significant policy impact while in Pakistan, one of the variables used to calculate each province’s share of the federal allocations sent to the provinces through the National Finance Commission (NFC) Award is poverty. Numerous efforts are taken to estimate poverty and…
With each passing day, Pakistan becomes an even more crucial player in world affairs. Home of the world’s second-largest Muslim population, location of perhaps the planet’s most dangerous borderlands, and armed with nuclear weapons, this South Asian nation will go a long way towards determining what the world looks like ten years from now. The future of Pakistan presents and evaluates several scenarios for how the country will develop, evolve, and act in the near future, as well as the geopolitical implications of each. History reveals the fact that, the future of any nation will not determine by its physical…
The oil refining sector is the foundation of people and business livelihoods all across the world. Aiming to become sustainable, networked and integrated with petrochemicals. Many refiners are driven by the never-ending desire to extract more value from every drop of oil, but the route they follow to get there is particular to each refinery and is established by incremental capital investments made over time. The refinery of the future is evaluated at each level based on how effectively it utilizes six essential resources to seize progress. These six efficiencies assess a refinery’s ability to utilize, precious scarce water resources,…
Pakistan’s robust population growth and the accelerating buying behavior of the consumers transformed Pakistan Super League in a short period of time. As a short-format high-value cricket league, it features the participation of major international cricketers who not only visit Pakistan to join one of the franchised teams in the competitive tournament but act as an ambassador of their country. Using the sociological framework of glocalization, the intersection of the global economic forces and the local culture that celebrates cricket has created a glocal space for its performance, and with the mediation of communication technology, it has widened the viewership…
Pakistan and India are two crazy cricket nations, therefore whenever these two teams face off, it produces a really special atmosphere both inside and outside the stadium. The cricket matches between the two nations carry significant political and diplomatic overtones. In South Asian politics, symbols have been especially important in inter-nation interactions. Multi-track systems bring together several organizations, each with its own methods for fostering peace that might add to a larger effort to lessen violence. The widespread use of T20 cricket, particularly franchise-based leagues like the Pakistan Super League (PSL), Bangladesh Premier League (BPL), and Indian premier League (IPL),…
A Tough Fight by Women Actors to Beat Poverty It is widely acknowledged that private sector development in this era of globalization through international trade has a significant role to play in reducing poverty. A significant portion of the Pakistan economy is made up of micro, small, and medium-sized businesses, which are cited in the Pakistan strategy for growth and poverty reduction. Being an essential component of meeting the issues and goals of the future, Small and medium-sized businesses (SMEs) are considered to be the primary source of economic growth for any nation because the sector’s capacity to operate at…
The world has faced extraordinary difficulties and upheavals over the past few years, mostly as an outcome of COVID19, climate change, and various other problems. Every nation, has seen difficult times as Covid19’s repercussions are still being felt today, which has led to increased economic unrest and political instability. People and officials both confront troubles because of concerns like skyrocketing inflation, supply-line woes, and unmanageable food price increases in every nation on Earth. A million-dollar question is that, how each region is handling these difficulties and how that is going. As services and industry pick up, consumption increases, and economic…
Governance issue has gained importance over the last ten years and become a key component of policies for economic development. Good governance acts as a positive force to influence economic growth where, a growing amount of available evidence suggests that lack of quality governance hinders growth and investment, and aggravates poverty and inequality. In fact, governance problems foil every effort to improve infrastructure, attract investment, and raise educational standards (Harford, 2006). Governance matters significantly for a country’s performance effectiveness. Better governance will lead a country to achieve greater competitiveness. Competitiveness indicates the ability of a nation to maintain high rates of…
China Pakistan Economic Corridor from Kashgar to Gwadar port is the starting and ending point with a total length of 3000 km along the MSR (maritime Silk Road) in the 21st century is a key hub linking the north and south Silk Road including highway, railway, oil and gas trade corridors and cable channels. The CPEC with an investment of $62bn in energy and infrastructure development in Pakistan seems indispensable and sizeable to Pakistan’s economy. Besides enhancing bilateral trade between Pakistan and China, the CPEC is also going to oblige Africa as a gateway. Under CPEC Chinese multinationals and other…
The economics of port has greatly influenced the world’s economy over time. Oceans have always been an alien realm for humans. Ancient humans dared not sail too far into the ocean for fear of falling off the edge of the world. As science progressed, humans began to understand more about this unknown world and Ancient civilizations had more trade relations between the coastal cities and nations due to better and cheap modes of transportation, there is no doubt in the fact that transport sector is always a crucial sector for any nation which act as a catalyst in the balanced economic…
Pakistan is always considered to be the land of opportunities having the potential to show its global existence but unfortunately, instead of changing many things like infrastructure (since the 90s) and working on Pakistan’s economic policies, very crucial ones remain unchanged. Human capital outcomes remain low, the country continues to experience periodic economic boom and bust cycles. The problems faced by the people of Pakistan are largely still the same as they were 30 years ago, while over the same period, people of South Korea, Malaysia, Thailand, and China have increased their incomes several-folds. Like many other Pakistanis, I also…
As the end of the year approaches, a series of events have led to a boisterous global economy raising a need for proper policy action. The Russia and Ukraine war caused severe supply shocks that in turn caused commodity prices to rise. Where fuel adds to the already burning-hot inflation caused by recovering demand amid supply chain disruption. Central banks across the world have been forced to tighten financial constraints to fight inflation. This means central banks have had to start normalizing the loose liquidity/monetary policy seen during the pandemic earlier than expected to tame rising inflation. In 2023, several lingering…
After the few years of the onset of the pandemic, inflation has become one of the main concerns for the global economy where the world appears to be moving towards a stage of acceleration in inflation not seen in the last forty years and this inflationary surge is being felt not just by the advanced economies but also by the majority of emerging markets and developing economies. Although its causes vary across countries, the task of resolving the problem ultimately will fall to the world’s major central banks. This global Inflation has come back faster, spiked, and proved to be…
After the long phase of COVID-19 crisis, Pakistan’s economy is expected to grow by only 2% in the current fiscal year ending June 2023 where, slower growth will reflect damages and disruptions caused by catastrophic floods, a tight monetary stance, high inflation, and a less conducive global environment. Recovery will be gradual, with real GDP growth projected to reach 3.2% in fiscal year 2024.Poverty in the hardest-hit will likely worsen in the context of the recent flooding. Preliminary estimates suggest that without decisive relief and recovery efforts to help the poor; the national poverty rate may increase by 2.5 to…
A last window of opportunity for climate adaptation Climate change refers to long-term shifts in temperatures and weather patterns either due to nature or due to human activities (one of the main drivers of climate change, primarily due to the burning of fossil fuels, increasing heat-trapping greenhouse gas levels in the Earth’s atmosphere, deforestation, poor urban planning, illegal constructions and increase in greenhouse gas emissions from human activities as it acts like a blanket wrapped around the earth, trapping the sun’s heat and raising temperatures where a change in temperature is only the beginning of the story. Because the Earth…
Financial Institutions are becoming crucial in today’s competitive and uncertain economic environment as it pump the idle funds in various productive channels of the economy. Therefore, it is important for every country to have efficient financial institutions for continuous growth. Financial institutions can improve their efficiency with the production of high outputs or by reducing their input costs. There are various types of efficiency concepts, which explain a range of dimensions such as; technical efficiency determines the ability of financial institutions to maximize their outputs with the utilization of lower inputs. Profit efficiency examines that how profitable a firm to…
Bahria University — the trend setter in Blue education Education is one of the most crucial and irrefutable parts of any economy which guarantee the economic prosperity of any nation through its catalytic effects on growth and development and leave its meaningful footprints on the generation of human capital, which in turn revamps the level of productivity and transitional growth towards a much greater level of quality output. Education will increase the cognitive skills of individuals through incorporating new knowledge and enable society to confront the challenges of new technology by greasing the wheels of knowledge through the characteristics of transposal and propagation…
Pakistan; the land of Pak is the land of my forefathers. Every handful of its dust colored with the blood of ancestors. They are buried here and become the part of this land with the hope that their upcoming generations will led independent, safe and prosperous life here, they always wanted to see a prosperous Pakistan; a country that could be a shining example for all the Muslim nations in the world. Unfortunately, we have not been able to achieve his dream despite 75 years of independence. I wonder what our future generations will see when they look around? Will…
At present, mankind is in an era of major development as well as profound transformation and change. The trend toward multi-polarity and economic globalization is surging. IT application in social development and cultural diversity are making continued progress. A new round of scientific and industrial revolution is in the making Interconnection and interdependence between countries are crucial for human survival so, outweigh factors causing war, and the trend of Investment, development, cooperation and win-win outcomes has gained stronger momentum. Our Earth is a blue planet, where ocean covers 70% of the Earth’s surface and connects all humanity. Mankind obtains resources…
Convergence between Information and Communications Technologies (ICT), in particular the Internet, and its related applications has enabled low-cost diffusion of information technology products and many telecommunication services in developing economies. The telecommunications sector continues to be deregulated world-wide, the co-existence of stark poverty and islands of technology innovation in many developing countries has received little attention. This paradox provides the motivation to find the relationship between telecommunications and the state of economic growth in developing countries. The world economy has experienced enormous growth in the past 50 years, yet the gap between the richest and the poorest countries has increased.…
Growing world population and socio-economic development are at the root of an ever-increasing energy demand throughout the world. Total world energy use rises from 308 Quadrillion Btu in 1985 to 472 Quadrillion Btu in 2007, and then rises to 506.2–510.5 Quadrillion Btu in 2010. Much of this demand is met by means of fossil fuels, leading to greenhouse gas emissions and climate change so, the efforts are taken to increase the share of renewable energy sources in the global energy mix where, Marine energy is a reliable, high-density source of energy with limited environmental impacts. Wave and tidal energy is a visible…
In modern economies, budget is the key instrument for the execution of government economic policies. Because government budgets may promote or retard economic growth in certain areas of the economy and highlighting priorities in government spending which ultimately becomes the focus of competing political interests. Country’s budget facilitates financial stability by tracking expenses and following a plan, to pay bills on time, build an emergency fund, and save for major expenses. Overall, a budget puts a nation on stronger financial footing for both the day-to-day and the long term working. Objectives of government budget are: Reallocation of Resources through tax…
In today’s world of Globalization and STEM (science, technology, engineering and maths) sciences successfully captured the attention of the world, and consequently Academic Institutions across the globe ignore the importance of social sciences which is the root cause of social imbalance in society so, addressing this educational imbalance is vital for every nations. Usually, the phrase “social sciences” may conjure up with images of social workers or teachers, which is totally a misconception, as social sciences focus on the study of society and the relationship among individuals within society covering a wide spectrum of subjects, including economics, political science, international relations,…
There is no doubt in the fact that financial sector play a pivotal role in the socio-economic development of any nation as it mobilize and allocate resources necessary for socio-economic progress. But the development of socio-economic sector through Islamic finance is quite different from the conventional modes of financing as interest is prohibited in Islamic finance where generating money by money is also prohibited. According to Shariah, money itself has no value and the risk involved in investment of money should be divisible among all stakeholders ensuring increase in wealth through productive activities. In Islamic finance investment in gambling, unethical…
Societies are the heterogeneous combination of people where they are differentiated on the basis of their physic, by their intellect while few by their financial positions. Some lived hand to mouth and some are born with spoon of gold. The thing in common is the existence of rich in minorities where majority was struggling to meet their ends by scarce means. This division becomes worse after the outbreak of COVID-19 as it increased the class gap and added a new layer to socioeconomic vulnerabilities. It push many people survive on the border line of poverty to vicious circle of poverty.…
We celebrate Pakistan Day on 23rd March every year with full zeal and enthusiasm in memory of resolution presented by A. K. Fazl-e-Haq in 1940 at Lahore. Although the resolution comprises of only few pages but represents true guideline and recipe of a prosperous country and nation. It states that, minorities (Muslims) must be protected not only physically but also in performing their religious, cultural, socio-economic activities. This is the statement that void the slogan of rule of majority and haggard protection of human rights and tolerance to accept minorities. Quaid-e-Azam, second the resolution by adding that, we are ambitious…
Land is an essential, fixed and scarce resource which require efficient utilization. Traditional economics is limited to explain the impact of time and space in context of property as it always consider economic activity placed at a single point in time and always consider consumption at the time of transaction. However, real state being the durable asset with long life, location and heterogeneous character will be traded in the market very differently if we compare it with other commodities. Adam Smith (father of economics) also devoted a considerable portion of his book, “WEALTH OF NATIONS” on rent earned from the…
Economical housing is the matter of real concern specifically in developing countries like Pakistan where housing backlog is almost 10 million units. Deficiency of housing in Pakistan is a function of both quantity and affordability. In order to cope up the issue, government in 2018 announced Naya Pakistan Housing Project with an objective to target the poor. A large gap between the supply and demand for housing is evident in urban areas around the world. Because of the uncontrolled housing crisis, many families are forced to live in extreme conditions with unhealthy and unsafe homes. By 2030, more than half…
Education in every sense is one of the fundamental factors of development. No country can achieve sustainable economic development without substantial investment in human capital. Education enriches people’s understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society. Education raises people’s productivity and creativity and promotes entrepreneurship and technological advances. In addition it plays a very crucial role in securing economic and social progress and improving income distribution. Education being the important determinant of economic well-being of any nation, emphasizes on three mechanisms through which education impact economic…
India and Pakistan being one country before 1947, where British Crown ruled this region from 1858 till the partition in 1947 and the people of both countries used to live together and share a lot of common interest. So, the concept of history of cricket in Pakistan and India referred to the time before partition where British’s brought this game to India in early 1700s and after that some cricket clubs in different communities started establishing. In the today’s world of globalization; markets are following change and integration to acquire benefits to achieve desired economic outcomes but this globalization practice…
Thirty years back, when China starts its transition phase we observe inexplicable growth of China where they are beating the expectations. No Country has ever managed to pull 70 million nationals out from vicious circle of poverty accompanied with the growth rates of more than 10%. None managed to expand its economic pie with the multiple of 42 that is from $305 billion-$12.7 trillion but this Chinese growth has a social and cultural side. Deng Xiaoping is the person who acted as the catalyst to intensify the growth targets so since that time, a shared work ethic is etched in…
Power to influence others is an essential and common trait of inter-state diplomacy which can be classified in the domains of military, economic, political and visionary prospects of countries which may be in the form of soft power or the hard one. China is the real time example of soft power empowered by economic power through the tool of political power as it is said by the Jose saramago (Noble prize winner of 1998) that, “It is the economic power that determines political power and the government becomes the political functionaries of economic power” so, BRI generally and CPEC especially,…
Leaders all across the globe reach a consent to make immediate action against climate change and to keep global warming to 1.5 degrees Celsius above pre-industrial levels and to secure net-zero emissions by 2050, not only through controls on traditional trade and land activities but also through the sea. Some of the actions considered, affect directly the way in which firms will trade their output. These actions aim at ensuring the environmental externality associated with trade but the real question is that, how can a country like Pakistan facilitate the activities and ease trade process that is: ‘Green and Blue’…
Leadership is always considered as a driver to bring change in any society and discussed since humans started working with each other and like many other things it also evolved over the centuries. Today’s leaders act in a global, complex, uncertain and interconnected business environment. Among the challenges in this context is the need to reduce complexity and uncertainty for people and provide a desirable picture of the future, which is shared by the people they lead. Leaders need to have a sense of purpose and a guiding vision, which help bundle of individuals and generate ‘‘National energy’’ but the…
The fisheries and aquaculture sector is a vital source of livelihoods, nutritious food and economic opportunities, and has a key role to play in meeting one of the world’s greatest challenges of feeding the population set to rise to 9.6 billion people by 2050. Fisheries and aquaculture play a significant role in eliminating hunger, promoting health and reducing poverty. If future potential of food production from the ocean are estimated than it concludes with the fact that, the oceans are uniquely positioned to contribute to food security due to the highly nutritious nature of seafood, which contains essential vitamins, minerals,…
An attempt to reduce distributional equity through consumer financing Affordable housing is a common concern of developing nations like Pakistan. Developing countries are the victims of housing shortage, which is in critical condition over the past decade. Every political party is come up with the slogan of ‘Food, Clothes, and Housing’ in their election manifesto, but this issue gains priority in present government as Prime Minister, made a campaign promise during the elections 2018 to build five million homes so, after winning the elections government announce Naya Pakistan Housing Project to address the affordable housing situation. As of 2021, this…
Capital has significant impact on economic development which involve structural transformation. In developed countries usually the rate of capital formation is 10 per cent or above while the rate in developing nations is as low as 5 per cent including foreign investments which is insufficient so, countries will take various domestic measures to mobilize labour for capital formation. Theories suggest that economy need a big push to remove the economic stagnation and low capital formation which cause vicious circle of poverty. The supply of capital depends on ability and willingness to save while demand of capital is governed by incentives…
The port, as an infrastructure of maritime services has evolved its functions over the years to become a complex logistic node within the multimodal chain of freight transport. Ports in the entire world are playing significant role in development of trade and economic growth as the ports are border points to connect different markets through maritime transport so it add value to the surrounding regions by the provision of significant economic and social benefits. Indeed, ports are the backbone of the transport network, without which the worldwide economy could not exist in its present form and if we cumulate all…
The world is moving around the Liberal approaches towards economy where development is supported by foreign direct investment (FDI) but under the depressing environment of COVID-19 where humanity is confronting the challenges of health crisis, international flows are also disrupted which declines almost 49% in the first wave of pandemic. Despite of worst situation internationally, FDI inflows into Pakistan have been quite resilient. This continues a trend of generally strong performance in attracting inward FDI in the years immediately preceding the emergence of Covid-19. Between 2015 and 2019, FDI inflows into Pakistan expanded from $1.67 billion to $2.22bn. As of…
Pakistan will celebrate its 75th Independence Day on this 14th August under the threats of COVID-19 which slow down the pace of our economy through diplomatic and health challenges. Pakistan, the land of almost 210 million people are struggling to survive since 18 months because without health insurance people live sicker and die younger and this is not the end as covid-19 exposes deep-Seated Economic Inequality. Hence, people of different communities and belongings are disproportionately affected by both the economic and health crisis so, it is very crucial that, they receive quick entitled support. Path towards a stronger nation requires…
The Earth’s oceans face many threats, none of which have quick fixes. Still, the solutions are known, and with a sufficiently broad coalition of partners, we can get the ball rolling on a number of fronts. A wide range of human activities from burning fossil fuels to over-fishing have been degrading the oceans for years. By increasing the absorption of carbon dioxide, global warming is acidifying the oceans and reducing oxygen levels, harming or killing marine plants, animals, and other organisms and as the ice caps melt, rising sea levels are increasingly putting hundreds of millions of people in coastal…
The world is confronting the challenges of sustainable economic development these days along with the challenges of sovereignty and security, sustaining national development, access to food and energy, management of natural resources, effects of climate change, and resilience in the face of natural disasters. With a growing population, set to rise over nine billion by 2050, these pressures and impacts are likely to intensify unless the world becomes more intelligent about managing these essential resources. Countries are moving towards seas and oceans to sustain their economic development and national power and the phenomenon is known as “Blue Economy”. The idea…
Sialkot District is one of the districts of the Punjab province of Pakistan located in the north-east of the province and is the 13th largest city by population. Sialkot is a wealthy city relative to the rest of Pakistan and South Asia with a per capita income in 2014 estimated at $2800. The city has been noted for its entrepreneurial spirit, and productive business climate that have made Sialkot an example of a small Pakistani city that has emerged as a “world-class manufacturing hub”. The relatively small city exported approximately $2 billion worth of goods in 2015, or about 10%…
Budget of any country always have huge impact on government itself, private businesses, civil society, and the public in general and specific at the time of ongoing pandemic situation across the country, an important debate has evolved in many circles regarding the degree to which the scourge of coronavirus (Covid-19) might impact the Pakistani economy. If we evaluate our economy’s aggregate expenditure model we can easily understand how vulnerable each might be to a corona contagion at multi-durational intervals of three, six, and 12 months in the initial phases. The major areas where government focus includes: Prioritizing the businesses of…
Energy is recognized as a key player in socio-economic progress of any country. Pakistan, like other developing nations in the region are struggling due to energy shortfall as energy sector remains embroiled due to the mismatch between the supply and demand as policymakers have continued to focus on traditional sources of power generation; namely, oil and natural gas. Pakistan is a nature blessed nation where every province has its own kind of wealth where Balochistan and Khyber Pakhtunkhwa (KPK) is gifted by immense wealth through its energy sources. Now a days, Pakistan is suffering from a natural gas shortage crisis…
The Covid-19 crisis is unique in several respects. This devastating recession does not have an economic origin, will dance largely to the tune of non-economic factors, and is truly global. The policy response has been equally unique, in terms of speed, size and scope, eliciting an unprecedented concerted effort combining monetary, fiscal and prudential policies. All this raises difficult near and longer-term challenges. Rebuilding policy buffers in all policy areas is likely to be the policy challenge of the decade ahead, the current pandemic threatens the world economy not only as a health crisis but as a severe social, economic…
Pakistan instead of being the maritime nation unable to effectively exploit the sea and its resources. Decades of neglect have hampered the development of the maritime sector, which in turn has hurt both economic and blue growth along with the national security of the country. While seaborne trade is the backbone of Pakistan’s economy, the domestic shipping and shipbuilding industries are in disarray. The exploitation of offshore natural resources is restricted to coastal fisheries. Despite its animosity with neighboring India, Pakistan has until recently relied on two co-located ports at Karachi and now partially on Gwadar which is expected to…
The COVID-19 pandemic delivers a powerful shock to economies and exposes uncertainty all across the globe. Government’s brakes on imposing lockdowns vary time to time as per the rate of infections along with the negative interest rates on governmental debt as there are massive increase in central bank bond holdings. Huge fiscal deficits will add substantially to total government debt. Trade patterns will be adjusted, some permanently as many nations move toward producing more goods themselves. Some argue the crisis was unforeseeable while others retort that the failure to build emergency savings was inexcusable but as the pandemic and economic…
The novel COVID-19 virus has caused an economic shock three times worse than the 2008 financial crisis. It has been a crisis like no other shutting shops and schools, closing borders and putting half of humanity under some form of lockdown during the spring of 2020. The extent of the damage will depend on how quickly the virus is contained, the steps authorities take to contain it, and how much economic support governments are willing and able to deploy. The COVID-19 outbreak has generated both demand and supply shocks reverberating across the global economy. However, pandemic will have more severe…
The growing COVID-19 crisis threatens to disproportionately hit developing countries, not only as a health crisis in the short term but also as a devastating social, economic and political crisis. At present the bigger challenge for the world and for the developing countries is to keep economic wheel moving to ensure food security and wellbeing of the society during the various barriers of physical distancing and lock downs. COVID-19 threatens to have devastating consequences in developing countries. Health systems are unable to cope with the precipitous increase in infections and these countries limited resources to cope up with the socioeconomic…
Everybody in this world is prone to dreaming which they need their future to be, hence I have a dream for a Pakistan, which is much different than the one we see today. I dream for a Pakistan to be a developed welfare state where industrial revolution will transform our agrarian economy into the new diversified economy as extraordinary pace of technological change in the so called fourth industrial revolution promised tremendous growth by highlighting new opportunities to achieve inclusive agriculture and rural growth at an accelerated speed and transition towards high productivity manufacturing and other economic sectors in developing…
Digital technologies have been changing the world economy where numerous nations still can’t seem to encounter the full developmental advantages of digital technologies, for example, inclusive and sustainable development, better governance, and responsive delivery of services. Given the size of change in competitive advantage that digital technologies can confer on adopters, the risks of slow or poor adoption of these innovations can be dire for industries, governments, individuals, and nations so, Government of Pakistan striving hard to document the international transaction with tax rebates to ensure not only economic expansion but encourage international financial tools to enter in our market.…
In the current world of globalization markets and their economies leading from the front and every activity of residents of any nation are measured economically. In past most of the people used to utilize their leisure hours (entertainment) in watching sports which was quite casual and relaxed but today’s sport is often organized, mechanized, marketed, and administered as a business. Commercial interests influence virtually every decision in sports. Events are rated by television audience share, tickets sales, web site hits, concession sales, and sponsor revenue and media coverage. Wins and losses are also important because they influence all of these…
Infrastructure development is one of the main pillars of economic growth of any economy and China Pakistan Economic Corridor being one of the largest project of its kind witnessed the transformational change in almost every sector of Pakistan’s economy and like other sectors it also brought revolutionary change in real estate and infrastructure of Pakistan through linkage of Gwadar and Kashgar. This linkage, change the dynamics of real estate and it is the time that foresee the increasing trend of this sector, which is obviously transformed into employment opportunities and development of allied industries in near future. CPEC impacts Pakistan…
A compulsory COVID recovery plan for developing nations There is no doubt in the fact that Covid-19 pandemic impacted each and every aspect of Life leading towards the most dangerous recession in the entire world. Apart from its health or medical implications developing countries in specific and the world in general may face its enormous consequences on capital accumulation which obviously have negative results on the long term growth of their economies. History witnessed the every pandemic not only impacted the capital formation but disproportionately widen the gap of gender divides in educational attainment for which every developing nation already…
Nationwide campaign of Bahria University to promote Blue Economy of Pakistan Whenever we think of water the thing which comes in our mind is life representing its importance and enforces me to call all oceanic activities as Blue Gold. Oceans are of great significance for the survival and advancement of societies as they sustain life, connect the world and facilitate development. “The blue planet that humans inhabit is not divided into islands by the oceans, but is connected by the oceans to form a community with a shared future, where people of all countries share weal and woe”. Hence peace…
Peace building, conflict resolution, conflict prevention, whichever term we use, sits uneasily within one particular field, discipline, or government department for that matter. Is it development, foreign policy, diplomacy, defense and security, justice and human rights, any or all of the above? Perhaps it is unsurprising that there is no neat fit. Addressing the root causes and drivers of conflict is a long-term and complex task for those living with conflict first and foremost, but also for those supporting people working for peace. Conflicts have multiple drivers, operate as systems, are often local and do not stop at state borders.…
Nation branding has become an increasingly important strategy for world because of increasing market complexity resulting from globalization forces, domestic and international government policies, foreign exchange fluctuations and changes in the natural environment, which obviously wider the range of factors such as sustainability and market competitiveness. Nation branding is crucial in order to attract investment, boost exports and attract tourists and talented workforce and stands between public diplomacy and economic benefits. An adequate policy of Nation Branding based on a positive, credible and economically reliable image can be able to extend the range of potential customers and of potential investors.…
A unique and terrifying moment in modern history is unfolding before us, every day but it teaches us a lesson of rapid transformation in many areas of public life as no country, or state, or locality, or even individual hospital was properly prepared for Covid-19. At this time of crisis where social distancing and culture of stay home to be safe are promoted supply of basic needs and goods is really a big challenge for governments all around the world and this crisis metastasizes into the kind of ugliness and horror we have witnessed in other countries, it will become…
The Gravitational forces of global geopolitics and geo-economics is moving back towards East from the West and as this rebalancing unfolds, the 21st century will be the Asian Century. BRI is the key that not only integrates Asia but ensures stable and sustainable future of this continent. Asia is always a continent with socio-economic and cultural divides and to overcome these divisions into inclusive Asia integration on all fronts is very important so there is a strong need to work on three modes of connectivity: physical, digital, and people-to-people and BRI successfully doing this by reducing the gap between its…
COVID-19 threatened the world in each and every sector of their economies and may also increase the chances of corruption as every government nowadays are busy to counter the health crisis. Corruption, the abuse of public office for private gain, it erodes the social contract and corrodes the government’s ability to help grow the economy in a way that benefits all citizens the COVID-19 pandemic has heightened the importance of stronger governance for three reasons. 1st Governments around the world are playing a bigger role in the economy to combat the pandemic and provide economic lifelines to people and domestic…
Almost no facet of our world economy has been immune to the COVID-19 crisis not only as a health crisis in the short term but also as a devastating social, economic and political crisis. People think that most disruptions occur in health, airline, hotel and restaurants and sports industries but the long arm of COVID-19 has also reached out to sea, affecting our “blue economy.” This collection of formal and informal marine jobs, products and services has been valued at $2.5 trillion a year. If the ocean were a nation, it would rank as the 7th largest economy in the…
The coronavirus pandemic has rapidly transformed life of millions of people all over the world. For many, COVID-19 carries feelings and challenges of fear, anxiety, economic hardships, isolation, and many other stresses but developing countries are the main hit of the pandemic, not only as a health crisis in the short term but also as a devastating social, economic and political crisis. At present the bigger challenge for the entire world and especially for the developing nations is to keep their economic wheel moving to ensure food security and wellbeing of the society under the barriers of lock downs. Beside…
The growing COVID-19 crisis threatens to disproportionately hit developing countries, not only as a health crisis in the short term but also as a devastating social, economic and political crisis. At present the bigger challenge for the world and for the developing countries is to keep economic wheel moving to ensure food security and wellbeing of the society during the various barriers of physical distancing and lock downs. With calls for social distancing, service sector jobs that depend on customer-provider interactions or involve the congregation of large numbers of people are likely to take a huge hit. Workers in industries…