THE MAJOR EARTHQUAKE & PAKISTAN'S ECONOMY
Feb 27 - Mar 4, 2012
"The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics". (Thomas Sowell, 1930 - American Economist)
Let's face it; Pakistan hasn't had the most stable conditions for economic growth. Nobody in the world is unfamiliar with a mega earthquake that jolted Pakistan's piece of earth on October 08, 2005. Although the research on such topics are so scarce, the statements and hypothesis that can be created are mostly on the basis of economic theories that are developed to examine the impact of such natural disasters. Mostly researchers focus on the theoretical history of such incidents. After such a natural disaster, it is very difficult to recover from its after effects.
If we see the other side of the coin, those victims who were affected by the earthquake still are homeless. As per the government, many re-habilitation centers were created to help them out.
The quake rendered 2.5 million people homeless. There were so many families who had to sleep outside in open air for a long time. Overall, 3.2 to 3.5 million people were badly affected by the earthquake and government could extend reliefs to only 80 percent of them. Many of them lost their families, their kids, their homes. This earthquake had a serious impact on all the directions of rural and urban areas especially northern hilly areas where facilities to people are not available in normal conditions.
In such conditions, many non-profit organizations came at the front and helped the victims to recover from shocks. People were full of fear due to after-shocks, appetite, hunger, insomniac conditions, illness, weakness, and malnutrition. Government also worked to ensure food availability in affected areas. Low labor force, worse travel conditions, poor roads were the main hurdles in the relief efforts. The United Nations was the prominent organization that put its maximum efforts to give relief to victims.
The new report by the IMF says that the loss of productivity mostly in agriculture sector would decrease two percent.
When the earthquake hit, the harvesting for maize and rice was in process whereas, the planting period for wheat was on track. Farming communities had previously harvested parts of the yields before the earthquake. In other communities and groups, standing crops in the arenas indulge as farmers are absorbed on thoughtful for the hurt, or are still too traumatized to effort on their turfs. Crisis situations do suggest exceptional reactions. The crisis affords an excellent case not only to express and devise the rehabilitation strategy but also to implement the mechanical reforms that are unpaid but have been on the back ring for a long period and also set the long term financial direction in the light of the different circumstances.
The crux of the problem therefore lies in the ground of public strategies, education schemes, curricula, occupational and technical services towards religious conventions and governance tools in Pakistan over the subsequent two periods or so. They can moreover catapult Pakistan as an accountable global participant making the lives of its citizens content or drop Pakistan into an ever ongoing struggle for its citizens for survival.
In a nutshell, it can be concluded that any country can fight with the natural crisis but a country having good economic conditions is the one which has such rules and policies which should be analyzed and implemented prior to such incidents.