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Economic Development

 

             Role of Banking in Economic Development .
            
             Economic development is conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions as well as acceleration in economic growth, the reduction of inequality and eradication of poverty. Development in its essence must represent the whole gamut of changes by which the whole social system, tuned to the diverse basic needs and desires of individuals and social groups within that system, moves away from the condition of life widely perceived as unsatisfactory toward a situation or condition of life regarded as spiritually and materially better.
             Development is a physical reality and a state of mind in which society has, through some combinations of social, economic and institutional process, secured means for obtaining better life. Whatever the specific components of this better life, development in all societies must have at least the following objectives.
             1- To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
             2- To raise levels of living including in addition to higher incomes, the provision of more jobs, better education and greater attention to cultural and humanistic values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.
             3- To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery. .
             Pakistan's Economic Performance.
             The economic and social outcomes in Pakistan over the last fifty years have turned out to be a mixture of paradoxes. The economic growth rate during the last fifty years has averaged five percent annually- a feat achieved by very few countries in the world, but almost all social indicator are below the average for the low income developing countries.


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