Pakistan boasts a superb strategic location at the crossroads of Asia. Historically, its economic woes have been likened to Turkey’s, earning it the harsh moniker “Sick Man of Asia.” Pakistan’s persistent issues require a close examination at a time when the Asian economy is growing stronger. Understanding the gravity of the current economic crisis in Pakistan requires a look back in time. There has been a tendency to prioritize short-term gains above long-term economic progress as a result of the country’s tumultuous political history, which military interventions, unpredictable economic policies, and a volatile democratic landscape have distinguished. This convoluted history provides context for understanding current issues.
Pakistan’s economic status in the international community has risen and fallen throughout history. The “Sick Man of Asia” label it’s been given in recent years doesn’t have to stick around for good. Pakistan may learn from the extensive research and data-driven insights that can help it succeed in the dynamic Asian economy. Pakistan’s underinvestment, especially in technology, significantly contributes to the country’s economic woes. Recent statistics show that the government needs help conducting R&D and developing new ideas. Research and development spending in Pakistan is a worryingly low 0.29 percent of GDP, well below global and regional standards. The tiny number of research universities and institutions compounds the effects of the country...
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