Economy skyrocketed during Musharraf era

[darkinsky]

NRO.... WOT....

and that out weighed what positives he did?

as a result of WOT pakistan got several loans right off, and pakistan didnt had much choice regarding WOT

coming to NRO, NRO was done between benazir and not zardari

A friend of mine went to states for education in 1998, he was forced to buy USD from open market @ rate of 1USD=80PKR.

Musharraf, also did this one miracle that he reversed the equation and 1USD=45PKR.

Eventually, Musharraf was punished for this and world media came hard on him, in the case of Mukhtar Mai, Red Mosque and cheap justice case.

That brought on to us revenge of demoncracy.

cheap justice really ruined the reputation of musharraf and for what? what did this idiot do after he was restored after so much drama

he couldnt even hold fair elections for the love of god

and this cheap guy is now looking for extension

 

[A1Kaid]

In general from 2000 to 2008, world economy added wealth faster than ever before in the human history. Most economies added lot of wealth. China was growing at double digit rate, India's growth was hovering around 8%, US was growing at near 4% and Europe at 2.5%. I am not sure how much was the Musharraf's contribution in that. May be Musharraf was lucky to be at the helm when world was adding lot of wealth. Comparatively from 2000 to 2008, Pakistan performed lesser than other populous economies.

Comparatively from 2000 to 2008, Pakistan performed lesser than other populous economies

Have to disagree with that. In 2004 Pakistan recorded the second highest GDP growth rate in the world second only to China, at 8.96%, and in 2003 7.48% which made it the second or third highest in 2003 in terms of GDP growth rate. In 2006 Pakistan had a 6.81% GDP growth rate also one of the highes in the world.

So I really don't know what led you to your conclusion that Pakistan comparatively grew less than other populous economies from 2000-2008, in fact the exact opposite is true.

 

[SQ8]

I believe the differentiation between a service based economy and a manufacturing economy needs to be made before falling for such analysis. There was an untapped service economy in Pakistan that is the cause of this skyrocketing. However, Service economies essentially block growth and improve lifestyles. In contrast, manufacturing economies increase growth but reduce quality of life.
The ideal situation is a balance between the two, however in Musharraf's tenure only the service sector grew while no manufacturing industry was added as such.. the result was that there was an eventual slowdown and with the international financial market crash the service industry was hit as well.
Now, a service industry improves the lives of the people that it serves(banks, telcos , hotels, restaurants etc)..yet it also stops the growth of the economy as it does not add jobs beyond what is the demand. Pakistan's demand for services are generally fulfilled as those that are out of the service loop cant afford them. Had there been a manufacturing economy the result would have been that the export of goods and more self reliance would create more jobs and provide higher pays for the lower and middle class. As that did not happen and only the service sector grew, now Pakistan's economy is stagnant and shrinking. Whatever manufacturing industry there was has/is being eaten up by corruption and we are slowly reverting to a total agrarian economy.
So while this agrarian economy will sustain the population for a while it cannot achieve any growth and as a result even the service sectors of Pakistan will struggle. The rich will get richer and the poor will get poorer..

 

[BATMAN]

What matter is ground reality... however lot of indsutries were being setup during Musharraf ery.

Auto, Aviation, defence, air-conditioning & refrigeration, power generation, steel, construction, communication, food, textile... just to name few, while Asif Ali Zardari has closed every thing.

 

[SQ8]

What matter is ground reality... however lot of indsutries were being setup during Musharraf ery.

Auto, Aviation, defence, air-conditioning & refrigeration, power generation, steel, construction, communication, food, textile... just to name few, while Asif Ali Zardari has closed every thing.

Please name those companies. A list would be nice. Specifically those that were not selling re-branded Chinese goods.

 

[A1Kaid]

50 Economic and development achievements of Musharraf.

1. Nine world class engineering universities were developed and 18 public universities further developed.

2. Pakistan was ranked third in world banking profitability.

3. The IT industry was valued at around $2 billion, including $1 billion in exports and employed around 90,000 professionals.

4. The CNG sector attracted over $70 billion in investment in the past five years and created 45,000 jobs.

5. The telecommunications sector attracted around $10 billion in investments and created over 1.3 million jobs.

6. Industrial parks were set up throughout the country for the first time.

7. Mega projects such as the Saindak, Rekodiq, marble production, coal production, mining and quarrying were pursued.

8. Foreign reserves increased from $700 million to $17 billion.

9. The Karachi stock market went from 700 points to 15,000 points.

10. The literacy rate improved by 11 per cent.

11. Poverty decreased by 10 per cent.

12. Four dams were built: Mirani, Subakzai, Gomalzam, Khurram, and Tangi,

13. Seven motorways were completed or were under construction,

14. Gwadar, an advanced sea port, was developed,

15. 650 kilometres of coastal highways were constructed.

16. A historic 100% increase in tax collection (amounting to Rs1 trillion) was observed.

17. Large scale manufacturing was at a 30-year high, and construction at a 17-year high.

18. Copper and gold deposits were found in Chagai, worth about $600 million annually if sold.

19. A new oil refinery with the UAE that could process 300,000 oil barrels a day was established.

20. The industrial sector registered 26 per cent growth.

21. The economy was the third fastest growing economy after China and India .

22. The Institute of Space Technology was established.

23. Sardar Bahadur Khan Women University Quetta was established.

24. The University of Science and Technology, Bannu, was established.

25. The University of Hazara was founded.

26. The Malakand University in Chakdara was established.

27. The University of Gujrat was established

28. The Virtual University of Pakistan was established

29. Sarhad University of IT in Peshawar was established

30. The National Law University in Islamabad was established

31. The Media University in Islamabad was established

32. University of Education in Lahore was established

33. Lasbela University of Marine Sciences, Baluchistan, was established

34. Baluchistan University of IT & Management, Quetta (2002)

35. The Pakistan economy was worth $ 160 billion in 2007

36. GDP Purchasing Power Parity (PPP) was $ 475.5 billion in 2007

37. The GDP per Capita in 2007 was $ 1000

38. Revenue collection in 2007/08 was Rs1.002 billion

39. Exports in 2007were worth $18.5 billion

40. Textile exports in 2007 were worth $11.2 billion

41. Foreign direct investment in 2007 was $8.5 billion

42. Debt servicing in 2007 was 26 per cent of the GDP

43. The poverty level in 2007 was 24 per cent

44. The literacy rate in 2007 was 53 per cent

45. Pakistan development programs in 2007 were valued at Rs520 billion

46. The Karachi stock exchange in 2007 was $70 billion at 15,000 points

47. Exports in 2007: $18.5 billion

48. Pakistan now has a total of 245,682 educational institutions in all categories, including 164,579 in the public sector and 81,103 in the private sector, according to the National Education Census (NEC-2005).

49. There are now more than 5,000 Pakistanis doing PhDs in foreign countries on scholarship. 300 Pakistanis receive PhD degrees every year, in 1999, the number was just 20.

50. In total, 99,319 educational institutions increased in Musharraf’s era!

This was some of the good Musharraf delivered to Pakistan during his martially-democratic rule from 1999 to 2008. Strange how quickly we forget his foreign policy efforts, which helped elevate the image of Pakistan globally added acceptance value to our green passports. Even the Indians next door were ready to discuss Kashmir for a solution and praised the man for his sincerity, honesty and amicable handling of the issues.

Source: 50 reasons Pakistan needs Musharraf – The Express Tribune Blog



@Oscar

What you say is totally false, saying the manufacturing and industrial sector was not developed or improved in Pakistan only the service sector is rubbish. Under Musharraf's tenure manufacturing was booming, manufacturing at that scale wasn't that high since the era of Ayub khan. What are you even talking about Oscar you couldn't be further from the truth. Why don't you back up your baseless claims with any source or facts? You're completely wrong on this one.

17. Large scale manufacturing was at a 30-year high, and construction at a 17-year high.

 

[genmirajborgza786]

I believe the differentiation between a service based economy and a manufacturing economy needs to be made before falling for such analysis. There was an untapped service economy in Pakistan that is the cause of this skyrocketing. However, Service economies essentially block growth and improve lifestyles. In contrast, manufacturing economies increase growth but reduce quality of life.
The ideal situation is a balance between the two, however in Musharraf's tenure only the service sector grew while no manufacturing industry was added as such.. the result was that there was an eventual slowdown and with the international financial market crash the service industry was hit as well.
Now, a service industry improves the lives of the people that it serves(banks, telcos , hotels, restaurants etc)..yet it also stops the growth of the economy as it does not add jobs beyond what is the demand. Pakistan's demand for services are generally fulfilled as those that are out of the service loop cant afford them. Had there been a manufacturing economy the result would have been that the export of goods and more self reliance would create more jobs and provide higher pays for the lower and middle class. As that did not happen and only the service sector grew, now Pakistan's economy is stagnant and shrinking. Whatever manufacturing industry there was has/is being eaten up by corruption and we are slowly reverting to a total agrarian economy.
So while this agrarian economy will sustain the population for a while it cannot achieve any growth and as a result even the service sectors of Pakistan will struggle. The rich will get richer and the poor will get poorer..

this is exactly what I have always emphasized upon, a balance between manufacturing capabilities & the service sector, industrializations strengthens a country's backbone by giving it a strong base to deal with the world & its internal needs, it play a pivotal role in sustaining the country's confidence as well as its public faith & unity in both the public & private sectors, thus strengthening a country from inside with strong support from the masses as their welfare is dependent on that, industrialization is a must for Pakistan with out which the country can never progress on a real term basis, I remember back in the early 90's Taiwan & Korea used to introduce their manufactured good to both home & in the international markets from bikes to goldstars, Samsung, Hyundai, Daewoo to toys, watches , video games etc
as an alternative to the more expansive & quality goods that were available from other parts of the world markets, even though they struggled in the initial phase, none the less, they were persistence & resolute in their endurance to make it to the world economy & they made it big. for example of what we once used to make fun of as cheap stuff & now the fruits of their resolute & determinations is that, today they have made us eat our own words by producing quality stuff like "Samsung galaxy" & many more which we all like to own as well as show this is what great nations are made of, I wish I could have said the same thing about Pakistan, a country nearly ten times the size of Korea & nearly 24 times the size of Taiwan, with much more both natural & human recourses !
the travesty of our economical mismanagement , lack of social obligations & ethics as a society (taxes) the laws of sycophancies
in all walks of life's that we ourselves have so readily inherited & accepted in our daily lives & in our mindset , right from the business class to the establishment to the regular public that it has eaten us up from inside out & still we don't realise it

 

[Jade]

Have to disagree with that. In 2004 Pakistan recorded the second highest GDP growth rate in the world second only to China, at 8.96%, and in 2003 7.48% which made it the second or third highest in 2003 in terms of GDP growth rate. In 2006 Pakistan had a 6.81% GDP growth rate also one of the highes in the world.

So I really don't know what led you to your conclusion that Pakistan comparatively grew less than other populous economies from 2000-2008, in fact the exact opposite is true.

Pls see the graph below. It is comparing India, China and Pakistan between 2000 to 2008. Not once did Pakistan crossed either India or China. You can add more countries to compare with Pakistan.

World Development Indicators - Google Public Data Explorer

 

[A1Kaid]

Pls see the graph below. It is comparing India, China and Pakistan between 2000 to 2008. Not once did Pakistan crossed either India or China. You can add more countries to compare with Pakistan.

World Development Indicators - Google Public Data Explorer

That chart shows incorrect data for 2005 and 2006 for Pakistan, and incorrect data for India. In 2006 Pakistan's GDP growth rate was higher than India's Pakistan had 8.96% GDP growth rate that year. Even Bloomberg reported Pakistan's had the second highest gdp growth rate second only to China in 2006, you can read the article linked by Farhan in the first page.

 

[Argus Panoptes]

...................

This is a discussion of the Musharraf administration from an economic standpoint. Please don't drag in politics or other fields into the discussion. Thanks. Way to go Musharraf, he was the greatest Pakistani president for the economy.

Chalo maan liya he was the greatest. Ab aagey kiya kerna hey? General Sahib kaa kiya ab hum achaar dalein gey?

Praising an ex-President from years ago will do what exactly? We have huge economic issues to deal with in the here and now. Let's concentrate on those.

 

[Jade]

I believe the differentiation between a service based economy and a manufacturing economy needs to be made before falling for such analysis. There was an untapped service economy in Pakistan that is the cause of this skyrocketing. However, Service economies essentially block growth and improve lifestyles. In contrast, manufacturing economies increase growth but reduce quality of life.
The ideal situation is a balance between the two, however in Musharraf's tenure only the service sector grew while no manufacturing industry was added as such.. the result was that there was an eventual slowdown and with the international financial market crash the service industry was hit as well.
Now, a service industry improves the lives of the people that it serves(banks, telcos , hotels, restaurants etc)..yet it also stops the growth of the economy as it does not add jobs beyond what is the demand. Pakistan's demand for services are generally fulfilled as those that are out of the service loop cant afford them. Had there been a manufacturing economy the result would have been that the export of goods and more self reliance would create more jobs and provide higher pays for the lower and middle class. As that did not happen and only the service sector grew, now Pakistan's economy is stagnant and shrinking. Whatever manufacturing industry there was has/is being eaten up by corruption and we are slowly reverting to a total agrarian economy.
So while this agrarian economy will sustain the population for a while it cannot achieve any growth and as a result even the service sectors of Pakistan will struggle. The rich will get richer and the poor will get poorer..

Any growth either from service or manufacturing or even from agriculture improves quality of life of all people irrespective of the sector they work, however, I agree that a balanced portion of service, manufacturing and agriculture makes a economy more sustainable.

That chart shows incorrect data for 2005 and 2006 for Pakistan, and incorrect data for India. In 2006 Pakistan's GDP growth rate was higher than India's Pakistan had 8.96% GDP growth rate that year. Even Bloomberg reported Pakistan's had the second highest gdp growth rate second only to China in 2006, you can read the article linked by Farhan in the first page.

The data is from World Bank.

 

[A1Kaid]

Chalo maan liya he was the greatest. Ab aagey kiya kerna hey? General Sahib kaa kiya ab hum achaar dalein gey?

Praising an ex-President from years ago will do what exactly? We have huge economic issues to deal with in the here and now. Let's concentrate on those.

Argus if you want to talk about future economic develop go start a new thread or post this in already existing threads. As I stated in my very first post this is an analysis Pakistan's economy in the PAST of Pres. Musharraf's administration and previous administration. This does not have to do with future prospects.


Hope you understand, please stay on topic.

Any growth either from service or manufacturing or even from agriculture improves quality of life of all people irrespective of the sector they work, however, I agree that a balanced portion of service, manufacturing and agriculture makes a economy more sustainable.



The data is from World Bank.

Well the World Bank has its own data, they can be wrong. Pakistan's data and other sources like Bloomberg also report Pakistan having the second higest GDP growth in the world in 2006, Pres. Musharraf also stated this in his book.

 

[SQ8]

What you say is totally false, saying the manufacturing and industrial sector was not developed or improved in Pakistan only the service sector is rubbish. Under Musharraf's tenure manufacturing was booming, manufacturing at that scale wasn't that high since the era of Ayub khan. What are you even talking about Oscar you couldn't be further from the truth. Why don't you back up your baseless claims with any source or facts? You're completely wrong on this one.

What source are you guys using? A Blog?
Where are the hundreds of industries he put? Did they just shut off overnight after 2008?
You sound more like someone whose tail somebody had stepped on instead of arguing the points one by one.

 

[Argus Panoptes]

Argus if you want to talk about future economic develop go start a new thread or post this in already existing threads. As I stated in my very first post this is an analysis Pakistan's economy in the PAST of Pres. Musharraf's administration and previous administration. This does not have to do with future prospects.


Hope you understand, please stay on topic.




Well the World Bank has its own data, they can be wrong. Pakistan's data and other sources like Bloomberg also report Pakistan having the second higest GDP growth in the world in 2006, Pres. Musharraf also stated this in his book.

Well, let us talk about one thing first: How can any President be regarded as being good for the economy so much that it "skyrocketed" without adding ANY major power generation projects either planned or executed during his tenure?

 

[A1Kaid]

Well, let us talk about one thing first: How can any President be regarded as being good for the economy so much that it "skyrocketed" without adding ANY major power generation projects either planned or executed during his tenure?

That question can't be answered because the very premise of it is invalid.