The developing world is striving to achieve high economic growth and the developed world is endeavoring to maintain the established economy. However, the high economic growth remains the major concern for both worlds. Every country, whether it is developing or developed, uses different strategies to achieve high economic growth. Pakistan is no exception. Pakistan has been using different strategies to achieve its dream to become a strong economy for over several decades but these strategies could not produce desired outcomes. The country’s economy has been surviving on external debt and foreign aid. The major structural issues and the unwillingness of the leadership further deteriorated the economic conditions of the country. The present government of Pakistan has adopted the policy of export-oriented growth and is aggressively working to save the crippling economy of Pakistan. It is important to note that this policy has generated positive results so far, but the objective of high economic growth is still a long way to go.
Export-led economic growth is a strategy that helps to speed up the industrialization process of a country by exporting goods for which the country has a comparative advantage. It is also about opening the domestic markets to foreign competition in exchange for market access in other countries. The adaptation of this strategy by the government of Pakistan is generating positive results. Despite COVID lockdowns, Pakistani exports especially textile and IT exports have witnessed exponential growth in recent months. In short, the macroeconomic indicators show that Pakistan is moving in the right direction. The strategy of export-oriented economic growth is generating positive results for Pakistan’s economy which has been facing severe crises for over several decades. The government should focus on the exports which are still missing on Pakistan’s boot. There is also a need for keeping the impetus of the upward trajectory through sustained economic policies, to create fiscal space for investment in human capital and improved human security.
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