The Economy of Pakistan
Growth and Crises Since 1947
After independence, Pakistan grew fast in some decades, under a mix of state planning and private enterprise, but political instability interrupted reform.
A pattern of stops and starts.
Early years
Partition in 1947 left Pakistan with little industry and many refugees.
The 1960s
Growth was strong under Ayub Khan, driven by a green revolution in Punjab and industry, though wealth was concentrated in a few families.
Nationalisation
In the 1970s, banks and industries were nationalised, slowing investment.
Cycles
Periods of military and civilian rule brought reforms and reversals, and growth often stalled.
New wheat seeds and irrigation lifted Punjab's yields in the 1960s.
Politics, policy and external shocks combined.
- Partition left a weak base.
- The 1960s saw rapid growth.
- Nationalisation slowed investment.
- Instability caused stop-go growth.
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