It boggles the mind and defies the imagination, but half a century ago, Pakistan’s GDP per capita was higher than China’s. In 1970, Pakistan’s GDP per capita was $173, whereas China’s was $113, India’s was $112, and Indonesia’s was $80.

In 51 years, China has grown its GDP per capita 111 times to $12,566. All the other regional countries have done better than Pakistan in terms of growth, including Nepal, even though its GDP per capita is still lower than ours.

It was in December 1958 that Pakistan went to the IMF for the first time and has taken 22 loans over 61 years since then.

Addicted to quick fixes and dependent on aid, Pakistan’s many assets have been frittered away. Pakistan’s begging bowl has become an unfunny recurrent joke. The East and West Pakistan partition, nationalisation, Islamisation and series of martial laws eroded the nebulous economic foundation that had been laid after the country’s inception.

Published in Dawn, The Business and Finance Weekly, November 21st, 2022