Economic Effects Essay

763 WordsApr 21, 20134 Pages
Economic Effects Economic effects can either bring a country in power or in recession, depending upon the ruler. My native country is Pakistan which is suffering from severe economic recession. Ever since Pakistan has gained its independence in 1947, many rulers have come and gone. They have attempted to elevate the country’s economy but failed. While working its way up Pakistan has achieved a lot, it even became one of the first countries to gain nuclear power. Despite being a third world country, Pakistan was never this vulnerable as it is now. In the beginning of the 21st century, corrupted rulers have brought the country’s economy down and that has weakened Pakistan for several reasons such as, dysfunctional economy, unemployment rate, deficiency of electricity, gas, and debt. First of all, lack of organization leads to a corrupt system. The rule of law is unstable across the country. Dysfunctional economy has not only brought pain and misery to the common man, but it has also threatened the country’s national security. The government is using up all the treasure money, which belongs to the people, for its own benefits. Industrial and commercial activities of the country have been obliterated causing the railway industry, PIA airline, and steel industry to be in huge debt. For example, Pakistan International Airlines (PIA) total losses have touched 70 billion rupees in local currency and over $885 million in foreign currency. Pakistan Railways at present has a massive debt of Rs56 billion, including Rs25 billion in foreign debt. The payable liability of Pakistan steel industry is exceeded over 75billions. Pakistan has faced many challenges since the past several years and still has not been able to stabilize. Pakistan’s last four years of misgovern has brought the economy to its worst point and keeping it to a consistent failure. Another effect of the weak
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