12-23-2009, 01:38 AM
Dears
I must say that the comments of maqszaman about economists in Pakistan are very interesting.
Brother, in Pakistan, unfortunately the education in generalized set up is of too low quality to produce what you or others anticipate while focusing Canada or USA in comparison. Let me tell you that doing M.A. Economic in Pakistan by a competent person does not require the study of more than 12 to 15 days (in extreme case 30 days). In some cases this demand will go even down. This I am not telling you without a reason to believe on my statement. You can assess what would be the situation of our economists.
Very rare persons take it as a serious future objective and opt for M. Phil or Ph.D. and the ones who do it are taken over by others in a brain draining quest.
So, given the level of expertise found in our economists, we should thank to the Lord that there is some one who is doing the needful.
This post is not to undermine any one individually. Rather, it is based on facts where individually capabilities can certainly differ.
Just to share,
Some days back there was a conference of South Asian Federation of Exchanges (SAFE) at Karachi. People were wondering how to expand the base for capital market operations in Pakistan and SOuth Asian Region. They were providing ideas to educate the people in urban as well as rural areas to come up with their savings and invest in stocks.
I wonder no one was discussing that how people would come to stocks even if they are educated on it. There is no balance in banking and capital market in Pakistan at all. Every one, at urban as well as rural areas, is over leveraged individually. This is a fact. There is un-ending race among banks; and between banking sector and automobile sector. Our previous years' declared growth rates were largely affected by the fictitious growth of these two sectors only where banks were leveraging and automobile was producing and selling. (At other places similar was issue with mortgage). When the over leveraging collapsed (that was always expected) it affected the both sectors. However, still no one is taking care of this area to regularize it.
We don't at large have a habit of saving. Spending though generates the economic activity but without national savings and without creating balances how could we succeed raising capital markets.
There were so many representations on the said conference but no one specifically talked about creating balance between banking sector and capital markets. No one talked about un-ending credit and leveraging that is ruining our generatations to come.
Regards,
KAMRAN.
