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Pakistan: Breaking Out of Stagflation into Sustained Growth

Rashid Amjad Chaudhry (), Musleh-ud Din () and Abdul Qayyum ()
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Rashid Amjad Chaudhry: Pakistan Institute of Development Economics (P.I.D.E), Islamabad, Pakistan

Lahore Journal of Economics, 2011, vol. 16, issue Special Edition, 13-30

Abstract: This paper proposes that the underlying cause of the macroeconomic problems facing Pakistan today are a series of supply shocks which have constrained output growth. It is argued that while the current debate has solely focused on government expenditures and revenues, it is critical to also address the acute energy shortages which is constraining supply. The paper goes on to present four recommendations for breaking out of the present stagflation: (i) prudent macroeconomic management, (ii) reviving the role of the government in development while restoring fiscal balance, (iii) loosening monetary policy in order to spur the private sector, and (iv) improving social safety nets.

Keywords: Economic Growth; Supply Shock; Pakistan. (search for similar items in EconPapers)
JEL-codes: F43 P44 (search for similar items in EconPapers)
Date: 2011
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