The PML-N Legacy: Assessing Economic Performance in Pakistan (2013-2017)

Abstract

This research paper explores the economic performance of Pakistan Muslim League-Nawaz (PML-N) government from 2013 to 20117. The PMLN, under the leadership of Prime Minister Nawaz Sharif, held power in Pakistan from 2013 to 2017. During this period, the government implemented a series of economic policies aimed at improving Pakistan's economy. These policies included fiscal consolidation measures, reforms to the energy sector, and investments in infrastructure development. The results of these policies have been mixed, with some indicators showing improvement while others remain stagnant or have deteriorated. Therefore, to examine the success and failures of those policies, this research adopted qualitative research methodology under the auspices of document analysis which includes books, research articles, government reports, newspaper articles, and research journals. This research paper argues that one of the key achievements of the PML-N government was a reduction in the budget deficit. The government's fiscal consolidation measures, which included increasing tax revenues and reducing government spending, helped to reduce the budget deficit from 8.2% of GDP in 2013 to 5.3% of GDP in 2017. This reduction in the budget deficit helped to stabilize the economy and reduce Pakistan's reliance on foreign borrowing. However, the government's fiscal consolidation measures have also been criticized for their impact on economic growth. GDP growth averaged just 4.7% during the PML-N's tenure in office, which is below the rate of population growth and insufficient to generate significant improvements in living standards for the majority of Pakistanis. This research recommends that to navigate future economic challenges, the PML-N must adopt an inclusive approach by prioritizing social safety nets, investing in human capital, diversifying the economy, promoting SMEs, and attracting foreign investment through transparency and responsible debt management for sustainable growth.