Better for business
These days, a good report card for Pakistan is something of a rarity. Therefore, the news that Pakistan has been ranked 83 in a global list of the best countries to do business in by Forbes Magazine, improving from a rank of 93 of last year, is cause for celebration. The study attributes the improved rating for Pakistan to IMF-approved reforms implemented since 2001, most notably, privatization of the banking sector. Macroeconomic recovery, due to foreign assistance, and access to global markets are also cited as factors, as is the GDP growth which ranged between six to eight per cent between 2004 and 2007, spurred by gains in the industrial and service sectors. Whereas poverty and a high rate of inflation are listed as negative factors, the new report highlights the fact that Pakistan does have the potential to offer a positive climate for business. Certainly, giving the sense of economic despondency that today prevails in Pakistan, this boost was needed. As the report hints, an improvement in relations with India would offer a still better climate for business. This is something the country's leaders need to work towards. Higher rates of education and improved law and order could also prove beneficial.
A rank of 83 of course means that Pakistan still figures fairly low down on the list of countries that offer good business opportunities. The rating of India, which has fallen about 13 places on the Forbes index for the year to 64th place, remains well above that of Pakistan. Denmark - a country that was also, in a different survey, ranked as among the happiest places in the world - figures at the top of the list. But the improvement in Pakistan's rating offers something to work towards in the future, so that Pakistan's ranking rises still higher over the years ahead encouraging the investment the country so badly needs.
Posted on: 4-July-2008
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Source: The News (http://www.thenews.com.pk)
A rank of 83 of course means that Pakistan still figures fairly low down on the list of countries that offer good business opportunities. The rating of India, which has fallen about 13 places on the Forbes index for the year to 64th place, remains well above that of Pakistan. Denmark - a country that was also, in a different survey, ranked as among the happiest places in the world - figures at the top of the list. But the improvement in Pakistan's rating offers something to work towards in the future, so that Pakistan's ranking rises still higher over the years ahead encouraging the investment the country so badly needs.
Posted on: 4-July-2008
Share:
Source: The News (http://www.thenews.com.pk)
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