The Musharraf Paradox: The Failure of an Economic Success Story

ABSTRACT

Despite some of the more rapid rates of economic growth seen in Pakistan in years, the government of Pakistan’s Pervez Musharraf was soundly rejected by voters in early 2008. To the surprise of many observers, it was the economy, rather than increased violence, the war on terrorism, or the authoritarian nature of the regime that was the prime concern of electorate. It appears that much of the macro-economic successes did not trickle down very far – increased income inequalities and regional disparities, rising inflation only added to the electorate’s frustrations. After examining the country’s pattern of growth and the results of Musharraf’s economic programs, a more fundamental criticism can be made – the economic development model adopted over the last eight years is unlikely to have laid a solid foundation for further growth.