Give three reasons for slow economic growth in Pakistan. Give reasons for slow growth in Pakistan.
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The slow economic growth in Pakistan is attributed to the following reasons:
- Inward-looking economic policy and high protection to domestic industry did not allow Pakistan to take timely advantage of globalization.
- Due to the mindset of the politicians and the bureaucrats controls continue to be preferred option than freedom of choice of the producers and the consumers. This has led to the growth of the private sector which thrives more on contracts, bribes, loans from public financial institutions, tax evasion. lobbying etc. instead of facing competitive market structure.
- A higher fiscal deficit, due to huge borrowings by the government, is also responsible for the slow economic growth in Pakistan.
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