MACROECONOMIC ADJUSTMENT IN PAKISTAN [1981-2004]: An EVALUATION

Mohammad Afzal

Applied Econometrics and International Development, 2007, vol. 7, issue 1

Abstract: The empirical evidence indicates that the overall macro impact of the adjustment programme was not adverse. Investment, government expenditure, absorption exports, imports, terms of trade and money supply had a significant deviation during the years 1991-2004. Exchange rate has been depreciating but the rate of depreciation is not significant. Debt servicing, external debt and debt servicing ratio to export earnings have followed an uneven trend mostly due to macroeconomic imbalances. Today Pakistan’s economy is more moderate and reformed than it was two decades ago, of course with certain adverse impacts of structural adjustment programme.

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