Economic History of Pakistan
As a nascent state, Pakistan faced myriad of challenges to give itself a firm basis. Despite being deprived of the timely assest supply and struck with management crisis owing to the two parts of country (East and West Pakistan), the nation persisted to grow.
The growth in economy is evident as average income increased by 150% from 1950 to 1996. Despite the transfer of power between civilian and military regimes back and forth, the nation managed to display an annual growth rate of 6% during the first four decades.
However, during 1985-95, the annual GNP stood 1.2% as compared to 3.2% of India and 2.1% of Bangladesh.
Decade of Management and Planning (1947-57)
• The era from 1947-1957 was wielded by a sprouting state to bring in stabilization despite being deprived of sources in all major sectors.
Ayub Khan's era (1958-1969)
• During Gen. Ayub Khan's era, the state managed an average growth rate of 5.82%.
• The agricultural and manufacturing sectors evolved by 6% and 17% respectively. It is also distinguished as the 'Great Decade' when analysts observed a three times faster economic growth as compared to other South Asian Countries.