The illusion of Musharraf's economic growth!

Its all been agreed, that Musharraf era had created a illusion of economic growth. There was no economic growth in real sense. Only consumer driven growth which had increased due to high influx of aid during the period. There was no infrastructure development, no electricity production and no development of industries. The Pakistani government had no real vision to steer the economic growth.

This fact hardly recognised by the Pakistani think-tanks, has now been able to gain momentum. Musharraf's era did not increase tax collections. The Tax-GDP ratio has gone too low.

Hereis an article from pakistani Financial ....

"Probably the greatest wrong that the Musharraf government gave to Pakistan was the perpetual lies that his PM and his economic team foisted on to the country. Old habits die hard and the continuation of those lies is now a way of life with the public functionaries. The other day, it was mentioned that functionaries belonging to a real estate company were caught with fictitious land documents.

The owner is way up with every political party that is in power. The expense that comes with it is so huge that the country will reel under it. It happened in the US and in the EU zone countries. Once that bubble bursts, the end will be significantly different. Pakistan is already reeling under huge deficits not of finance but of every damn thing under the sun. The distribution network has been undone by the price increase and there is now no way that the country can undo what has happened as a result of the inconsequential postings that have been given.

Pakistan's competitive edge has been eroded by the inefficiencies that have been perpetuated by an inefficient human resource and a corrupt leadership-style in which a corrupt distributed leadership plays a humongous part. The distributed leadership is part of the new management style where the lower functionaries are allowed to work independently, but within a certain sphere of work rules and regulations. These rules and regulations are kept up-to-date by the political leadership. Where the political leadership is found inept and wanting in discretion and the rule of law, these and other national matters and issues cannot be resolved."