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A Portrait of the Death of an EconomyMy topic deals with Pakistan its relationship with the IMF and World Bank and its internal problems that are causing unemployment poverty economic crisis and hunger I shall be analyzing the situation using the neo-classical theory as it is what the economists of the Pakistan government and the IMF are using to alleviate the economic instability of the countrySituated in the sub-continent Pakistan is a low-income country with great promise for growth Unfortunately it is held back from reaching middle-income status by chronic problems like a rapidly growing population sizable government deficits a heavy dependence on foreign aid recurrent governmental instability and large military expenditures It is to address these fundamental faults in Pakistans economy that the IMF has initiated the Structural Adjustment Programs SAPs in the country This is discussed in further detail later in the paperLike all developing countries Pakistans population is largely employed in the agricultural sector which accounts for about 48 percent of the labor force In todays world the Industrial and Service sectors are the largest growing areas of a developed countys economy Yet Pakistan only employs 39 percent of its population in Service and a minute 13 percent in Industry This is a paltry figure compared to the employment statistics of a developed country Pakistan is also heavily dependent on a single export crop cotton Hence the countrys fortunes rise and fall with the cotton market It is no wonder that there are so many poverty stricken people in Pakistan When almost half the population is involved in a very volatile market a lot of the time a lot of people will be burnt by price fluctuations The country is also subject to the mercy of the weather Focussing on a major cash crop means very little diversification This translates to mass hunger and hard times for the agricultural sector whenever the agrarian lands are ravaged by floods or conversely by droughts
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