Pakistan, a nation by design, lives and thrives upon the bedrock of ancient lands and cultures. Regions that Pakistan consists of are home to some of the oldest civilizations in human history, which for the most part, have been an agrarian society since time immemorial. Therefore, Pakistan, upon its birth in 1947, inherited an agricultural economy that still functioned the good old way. The scale of mechanization in agriculture, the construction of canal systems, dams, water distribution systems, and advancements in technology helped Pakistan increase its agricultural output – leading to the development of an agri-centric export economy, especially the textile industry.
Despite its early success, the Pakistani economy could not diversify or transform itself from an agricultural economy into an industrialized economy – as it was done by South Korea, Japan, China, Taiwan, and several other Southeast Asian economies; therefore, the story of Pakistan is the story of missed opportunities.
Pakistan not only missed out on the post-World-War-II industrial rush but also missed many opportunities to become a diversified economy later on, such as mining, tourism, food, defense R&D and manufacturing, automobile, and hydrocarbon sectors of the economy. This situation has landed Pakistan into a trap – where Pakistan’s imports, driven by a growing middle class, are increasing in contrast to its exports, a problem that continues to plague the Pakistani economy to date. Although mega...
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