03-03-2006, 07:59 AM
<b>Newsweek hails Pak economy</b>
<i>
Daily Times Monitor</i>
LAHORE Pakistan is the worldâs âmost surprising economic success storyâ which has turned around from practically a failed state to one buzzing with economic activity. Ron Moreau writes in the March 20-27 issue of Newsweek magazine that with consistently high economic growth, the country is experiencing the development of a real middle class. It has become a target for foreign investors after years of instability, he writes. Pakistan was in deep trouble when General Pervez Musharraf took over in 1999. He appointed Shaukat Aziz as finance minister and gave him a free hand to revive the economy, a step that Newsweek calls one of the presidentâs âsmartest movesâ. However, real international economic support for Pakistan came after the September 11, 2001, attacks on the US. âThe 9/11 attack was the best thing that ever happened to Pakistan,â Newsweek quotes a Lahore-based businessman as saying. The US and western countries worked with the government to reschedule debts and provide economic and military assistance. Azizâs policy of privatisation has also won the admiration of foreign investors, Newsweek reports. However, Pakistan needs to develop its infrastructure, improve tax collection and normalise relations with India for sustained development, Moreau writes.
http//www.dailytimes.com.pk/default.asp?p...21-3-2006_pg1_8
<i>
Daily Times Monitor</i>
LAHORE Pakistan is the worldâs âmost surprising economic success storyâ which has turned around from practically a failed state to one buzzing with economic activity. Ron Moreau writes in the March 20-27 issue of Newsweek magazine that with consistently high economic growth, the country is experiencing the development of a real middle class. It has become a target for foreign investors after years of instability, he writes. Pakistan was in deep trouble when General Pervez Musharraf took over in 1999. He appointed Shaukat Aziz as finance minister and gave him a free hand to revive the economy, a step that Newsweek calls one of the presidentâs âsmartest movesâ. However, real international economic support for Pakistan came after the September 11, 2001, attacks on the US. âThe 9/11 attack was the best thing that ever happened to Pakistan,â Newsweek quotes a Lahore-based businessman as saying. The US and western countries worked with the government to reschedule debts and provide economic and military assistance. Azizâs policy of privatisation has also won the admiration of foreign investors, Newsweek reports. However, Pakistan needs to develop its infrastructure, improve tax collection and normalise relations with India for sustained development, Moreau writes.
http//www.dailytimes.com.pk/default.asp?p...21-3-2006_pg1_8
