Islamabad: Four basic steps have to be taken to get the country out of the economic crisis.
First the entire economic model has to be changed, there is no possibility of economic improvement without rapid reforms, weak institutions, dependence on loans and remittances, uncompetitive industrial environment, declining exports, brain drain, low tax base. , economic improvement is not possible with economic uncertainty and heavy government burdens etc. Besides, it is also necessary to enable rule of law and accountability process, but all this requires strong political commitment.
If the government does not carry out broad-based institutional reforms regardless of the political damage, there will be no chance of improvement. The full potential can be used for the development of the country.
The fourth step is to link industrial policy with the achievement of industrial development goals, in order to promote industrial development, it must provide support to certain industries, so that they can compete at the local and international level, thereby increasing the size of the market. will increase and exports will increase.
