Where we are going? Empirical Analysis of Pakistan's Economy

Abstract

Since, Pakistan achieved independence, socio-economic development has faced various challenges. The human development index (HDI), published annually, shows several weaknesses. Furthermore, the HDI does not take into account several important indicators, and is an inappropriate mechanism by which to measure human development. The present study assess the level of Pakistan's social economic development (SED) based on 20 developing countries and using new variables. Socioeconomic development is the process of social and economic development in a society which is measured by indicators, such as mean years of schooling, education expenditure (%GDP), life expectancy, health expenditure (%GDP), crime, corruption, GDP, level of employment, GINI index, agriculture, industries, services, exports, investment, and total reserves. In the light of these variables Pakistan's economic development is i n much better condition as compared to social development. Pakistan is socially and economically very backward in latest year.