Youth can be used as a useful resource for the economic progress. Realizing this fact, most of the economies in the world have started giving attention on youth development. But in Pakistan, situation does not seem very encouraging, though it has a large population of youth. .
About 63 per cent of human resource in Pakistan is less than 25 years old. But majority of them are not exposed to quality education, trainings and opportunities to perform. East Asian economies lack natural resources but these countries focusing on youth education outpaced South Asian economies.
In early 1960s per capita income of Pakistan was more than double that of South Korea. It is now only $1046 whereas South Korea per capita income has reached to $21,530. Accordingly to analysts, education is one of the major factors of this phenomenal growth.
In 1960s literacy rate of Republic of Korea, Thailand and Malaysia was 71, 68 and 50 percent respectively, on the other hand in South Asian developing countries, the literacy rate remained low; i.e. it was only 9 per cent for Nepal and 16 per cent for Pakistan.
Almost after five decades, literacy rate in Pakistan is 60 per cent (official figures) which is still lower than the literacy rate of Korea in 1961. The literacy rate in South Korea has reached 98 per cent and Malaysia has managed a rate of about 90 per cent.
In Pakistan a large proportion of working population is increasing and it is reverse in most developed economies. But available human capital should be empowered with knowledge based education so that it can play an effective role in the economic development.
Strategist should seriously think to fully exploit the potential of the available human resource and must suggest plans that are vital to harness the talent in youth. The spending on education must be increased which at present is quite below the desired level. According to Economic Survey 2008-09, public expenditure in Pakistan on education as a percentage to GDP was the lowest in the South Asian region. Pakistan was ranked 144th in UNDP's Human Development Index (HDI) out of total 178 countries. One of the major reasons of this ranking was the low spending and less emphasis on education.
Saturday, January 15, 2011
Media needs to promote Economic Journalism
The Reformed General Sales Tax is one of the hottest issues these days. Government, in any case, on the external pressure is quite determined to implement it, while on other hand private sector, opposition political parties and people from different segments of society are totally opposing its implementation because they fear that along with inflation, a number of other problems would emerge.
Media as usual is highlighting this issue widely and almost on every TV channel, people from government and Private Sector are invited to talk on this issue. Government speaks highly in its favour and wants to collect addition taxes with a pretext to run the wheel of the economy, though it has already greatly burdened the common man by gradually increasing electric, gas and petroleum tariffs.
A general perception has developed that RGST will erupt a new wave of high inflation and prices of a large number of daily use consumer items will go up. Government is of the opinion that it will broaden the tax net and impact of inflation will not be much, as perceived.
Everyone knows that initially government was planning to implement Value Added Tax (VAT), which on the pressure of people, could not be implemented. Later on VAT was changed to RGST but government is facing similar resistance in getting it approval from the parliament.
People are criticizing government on RGST issue and also in a very confused state of its impact. Actually government had considerable time, to discuss and spread awareness on RGST but it was not done.
Trade bodies could be used as discussion forums to create an atmosphere of trust on RGST issue. Also through media, mass awareness should have been spread to avoid the prevailing situation.
Electronic media must be used as an effective platform for giving information and knowledge to taxpayers. One thing is strongly felt that role of electronic media has been extremely weak in giving attention to economic journalism because TV channels only generate hot debates on issues and don’t focus to telecast awareness programs of important issues.
Not a single program has been telecasted on the collection mechanism of taxes and implementation of RGST. Now it is the need of the hour that economic journalism must be promoted to pass on right information to viewers on various economic issues. This approach will not only create awareness on different issues, but also help the government in taking right decision and making growth oriented policies for the sustainable development of Pakistan.
TV channel must change approach and avoid giving unnecessary air to issues just for the sake of taking lead from each other. Economic journalism must be promoted for bringing positive changes and spreading true and right information to people.
Media as usual is highlighting this issue widely and almost on every TV channel, people from government and Private Sector are invited to talk on this issue. Government speaks highly in its favour and wants to collect addition taxes with a pretext to run the wheel of the economy, though it has already greatly burdened the common man by gradually increasing electric, gas and petroleum tariffs.
A general perception has developed that RGST will erupt a new wave of high inflation and prices of a large number of daily use consumer items will go up. Government is of the opinion that it will broaden the tax net and impact of inflation will not be much, as perceived.
Everyone knows that initially government was planning to implement Value Added Tax (VAT), which on the pressure of people, could not be implemented. Later on VAT was changed to RGST but government is facing similar resistance in getting it approval from the parliament.
People are criticizing government on RGST issue and also in a very confused state of its impact. Actually government had considerable time, to discuss and spread awareness on RGST but it was not done.
Trade bodies could be used as discussion forums to create an atmosphere of trust on RGST issue. Also through media, mass awareness should have been spread to avoid the prevailing situation.
Electronic media must be used as an effective platform for giving information and knowledge to taxpayers. One thing is strongly felt that role of electronic media has been extremely weak in giving attention to economic journalism because TV channels only generate hot debates on issues and don’t focus to telecast awareness programs of important issues.
Not a single program has been telecasted on the collection mechanism of taxes and implementation of RGST. Now it is the need of the hour that economic journalism must be promoted to pass on right information to viewers on various economic issues. This approach will not only create awareness on different issues, but also help the government in taking right decision and making growth oriented policies for the sustainable development of Pakistan.
TV channel must change approach and avoid giving unnecessary air to issues just for the sake of taking lead from each other. Economic journalism must be promoted for bringing positive changes and spreading true and right information to people.
Emerging Markets
In the fast moving world, a large number of countries on the globe are confronted with many challenges but corrective measures, right and proactive approach, elimination of ills from the society, strong political and visionary democratic leadership and will of doing something better for the society by overcoming menace of corruption, building strong institutions, creation of conducive and business friendly environment and addressing many other interrelated factors, can provide better chances to the countries to emerge as attractive destinations for doing business.
Some countries have tremendous potential and resources but unfortunately due to poor governance, this huge treasures is not being properly utilized for the economic growth and providing comfortable life to the inhabitants.
Also week rule of law leads the societies to adopt unfair means and bad practices. Corruption prevails from top to bottom and gives birth to countless evils in the society.
Those countries which are suffering with these problems have to stand up to set the things right and to get the attention of the world markets. The government and the private sector working together have to bring positive changes and accept challenges to emerge on the world map.
Youth can be used as one of the best tools to move countries forward by providing them the right opportunities to grow and perform.
Countries, which are seriously working on the highlighted issues, could definitely pose a big challenge to the existing emerging markets, and can take a lead in 2011 and the years to come.
Some countries have tremendous potential and resources but unfortunately due to poor governance, this huge treasures is not being properly utilized for the economic growth and providing comfortable life to the inhabitants.
Also week rule of law leads the societies to adopt unfair means and bad practices. Corruption prevails from top to bottom and gives birth to countless evils in the society.
Those countries which are suffering with these problems have to stand up to set the things right and to get the attention of the world markets. The government and the private sector working together have to bring positive changes and accept challenges to emerge on the world map.
Youth can be used as one of the best tools to move countries forward by providing them the right opportunities to grow and perform.
Countries, which are seriously working on the highlighted issues, could definitely pose a big challenge to the existing emerging markets, and can take a lead in 2011 and the years to come.
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