Table of Contents Show
- Political stability in Pakistan
- Political stability
- How does political instability affect economic growth
- Political stability in Asia: China, Malaysia, and Singapore
- Political Stability in China, Malaysia, and Singapore
- Stability of Political regimes
- Economic stability in Pakistan
- Political instability in Pakistan
- The way forward: Rewrite the Constitution
Political stability in Pakistan
Political stability is the most debated issue in Pakistan, and political instability hampers economic growth. In Pakistan, maintaining political stability is the topic that generates the most discussion. Let’s find out the answers to all…
A state of order in a country is defined by: the rule of law, sovereignty respected by outside powers, and an economy that serves people’s needs, as well as a general level of social contentment and equality, The accumulation of wealth, the development of human resources, and technological innovation are the three pillars upon which economic growth is based.
There is a correlation between political stability and capital accumulation, including foreign direct investment (FDI). Foreign direct investment (FDI) carries with it not only technology but also trained human resources. Simply put, political stability is the essential factor contributing to economic growth. Uncertainty in the political sphere is a surefire way to stop economic growth. There is no mystery involved here.
How does political instability affect economic growth
The economy’s expansion and the maintenance of political order are intrinsically linked. On the one hand, the uncertainty that comes with an unstable political environment may slow economic development and investment. On the other hand, bad financial performance could result in the government’s downfall and increased political instability. Political unrest can hurt financial performance. It impacts the economy by increasing uncertainty about future financial situations and policies (Carmignani, 2003), creating an unfavourable climate for local and foreign investments. Political instability is likely to limit the horizons of policymakers, resulting in suboptimal macroeconomic policies soon. It may also result in more significant policy changes, generating volatility and negatively impacting macroeconomic performance.
Political stability in Asia: China, Malaysia, and Singapore
The average annual salary of a Chinese citizen has increased from $959 to $10,216 during the past 20 years. Since 1949, the Chinese Communist Party has held the position of leader. The average salary of a Singaporean citizen in 1960 was $428; by 1990, it had increased to $11,861. Lee Kuan Yew served as Singapore’s Prime Minister for 31 years, making him the country’s founding and first Prime Minister (1959-1990). The average income of a Malaysian citizen in 1981 was $1,769; by 2003, it had increased to $4,461. For 22 years, Mahathir bin Mohamad served as Prime Minister of Malaysia (1981-2003).
Political Stability in China, Malaysia, and Singapore
The length of time a government has been in power, the number of political parties, the amount of money spent on the military, and the power of the party in power are all indicators that can be used to measure political stability. A study eventually published in the American Journal of Applied Sciences undertook a quantification exercise similar to this one. This study shows that China, Singapore, and Malaysia have higher levels of political stability, whereas India, the Philippines, Pakistan, and Sri Lanka have lower levels. China is in the first place, and India is in the last.
Stability of Political regimes
It is fascinating to note that the length of a regime is essential to a country’s economic prosperity regardless of the regime in place. According to the study’s findings, the term “stability of political regimes” is interpreted differently in the field of economics than in the field of political science. When it comes to economics, it doesn’t matter if the government is democratic or authoritarian. When it comes to the economy, it doesn’t matter if the government is autocratic or not.
Economic stability in Pakistan
For example, Pakistan saw its highest-ever economic growth of 11.35 percent of GDP in 1970, most likely due to General Ayub Khan’s eleven years of political stability (a period known as ‘The Golden Sixties’). This increase was reported in 1970. In 1999, the average person in Pakistan made $454 a year. By 2007, it had increased to $908, which was most likely since nine years of political stability had been provided by General Musharraf.
Political instability in Pakistan
Pakistan is in desperate need of economic growth at whatever cost. Pakistan must prioritize the maintenance of political stability at any expense. Although it is true that “economics does not care whether the state is a democracy or a dictatorship,” I have no doubt that the people of Pakistan would prefer to live under a democratic government. Let’s assume that democracy will eventually prevail in Pakistan. Therefore, the question that needs to be asked is whether or not the existing constitutional framework can produce political stability. Answer: Our history is “the witness that testifies to the passing of time; it illumines reality, vitalizes memory, and provides advice.” History is “the testimony that testifies to the passing of time.”
The way forward: Rewrite the Constitution
Keep in mind that the First French Republic was established in 1792. It fell, and with it came the collapse of the second, third, and fourth levels. The parliamentary republic that existed during the Fourth Republic was changed to a “semi-presidential, dual-executive” structure of government during the transition to the Fifth Republic. A brand new constitution for South Korea was drafted during the Fourth Republic in 1972. A new constitution for Nigeria was drafted in 1999 under the Fourth Republic of Nigeria. In addition to Hungary, Ghana, and the Philippines, the constitutions of these countries have all been rewritten for the fourth time.
The only thing that can save us is steady economic growth. Maintaining political stability is the only way forward.
The writer can be reached at www.shahidsoomro.me