Naeem Kandwal
The economy plays a vital role in the rise and fall of nations. History has shown that the economy has played an important role in the formation and deterioration of nations. If America is a superpower, it is simply because it is the largest economy in the world. Similarly, according to economists, China, the world’s second largest economy, will win the economic war by 2028 and become a superpower. It has become clear that the economy has played a key role in the rise and fall of nations. Developing countries are facing economic problems. Pakistan is one of these countries. In such circumstances, the role of some economic factors is very important. The role of overseas Pakistanis in Pakistan’s economy has been very important. It would not be wrong to say that overseas Pakistanis are the strongest pillar of our economy. They are the backbone of the national economy. Global economy has been severely affected with the rapid spread of the coronavirus disease. The global GDP total had shrunk by nearly $22 trillion as of January 2021, during the course of the pandemic. The pandemic has taken a heavy toll not only on poor countries but also on Global Powers. China technically did not have a recession. It had one quarter of negative growth and then it came right out the other side. Other countries that have done relatively well are South Korea and Taiwan, which did a lot of testing and tracing so they managed to keep things under wraps compared to the countries that have done the worst in terms of the virus, such as the US, Brazil and India. That judgement is based on the total number of deaths. But for the death rates, if you look at it on a per capita basis, the US is number 10 rather than one, which is lower than Belgium or Spain. Pakistan is also one of the countries whose economy has been severely affected by the Covid-19. Overseas Pakistanis are an asset to our nation. They have a great contribution to Pakistan’s Economy. Remittances are a vital source of income for Pakistan. Overseas Pakistanis have made a substantial contribution to the country’s economy by sending home large remittances almost equal to annual exports. During the month of April remittance rose to an all-time high of 2.8 billion dollars. Pakistan received $2.26 billion worth of remittances in Feb, around the same level as the previous month. However, remittances saw a 24.2 per cent increase as compared to last year’s corresponding month. It was a record in the history of Pakistan. That’s why, PM Imran Khan thanked the oversease Pakistanis. “I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan”. He tweeted. Economists have expressed the hope that Pakistan would receive record remittance inflows of up to $29 billion this year, as the government and central bank initiatives to facilitate overseas workers have started giving positive results amidst worldwide corona epidemic challenges. It is a great news for the Pakistan’s economy. Overseas Pakistanis have supported their country in every project. Prime Minister Imran Khan launched digital initiatives to help expatriates, including car financing scheme for their family members back home and digital donation platform. Overseas Pakistanis fully suported the Government in these Schemes. This project proved to be successful. Prime Minister Imran Khan thanked the overseas Pakistanis for their overwhelming response as they deposited over $ 1billion funds via Roshan Digital Accounts. “Alhamdulillah, funds received through Roshan Digital Account have crossed $1bn. I would like to thank our overseas Pakistanis for their overwhelming response,” the prime minister wrote on his official Twitter handle. There are approximately 9 million Overseas Pakistanis living around the globe. They are playing the role of the backbone in the national economy. They are annually contributing $20 billion in remittances to the national exchequer. In times of crisis and disasters, they are the first to offer help to people and their country. If the present government assists overseas Pakistanis and provides them with incentives, they can play a pivotal role in boosting Pakistan’s economy through their remittances and investments for the socio-economic prosperity of the country. Remittances are a vital source of income for Pakistan. Overseas Pakistanis have made a substantial contribution to the country’s economy by sending home large remittances almost equal to annual exports. Overseas Pakistanis are facing a number of issues that cannot be described in a single story. The problems of overseas Pakistanis are related to land disputes and the criminality surrounding the same. In most cases, the power of attorneys are used wrongly. Lot off properties have been occupied by mafias. Their problems also includes Unnecessary delays in visa services and indifferent attitude of the embassies’ staff. The government is responsible for solving these problems.
