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The Economics of War on Terror

The outgoing year has roughly been tough for Pakistan economy and full recovery is far from the sight. The official data for the FY 09/10 suggest, agriculture sector grew an estimated 2%. Live stock grew 4.1%, industrial output 4.9% and the services sector 4.6 %. The overall economy, however, grew by 4.1 % (provisional estimate). According to the latest Labor Force Survey 08/09, the unemployment rate has increased to 5.5% from last year figure of 5.2% and urban unemployment 7.1% from 6.3%. Analysts believe that the unemployment rate is running into double-digit, however, and the government’s figures are hard to buy. The good news is that overall headline inflation measured by the CPI, however, declined to 13.3 % from 25% in October 2008, albeit, has remained very high by any standard. The outlook of the economy, in near terms, seems fragile as suggested by the Economic Survey of Pakistan (ESP) 09/10.
One cannot disagree with government’s claim that it really finding it difficult to give any stimuli package now. The main impediments to this effect are rising debt and spending on sec…
 

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