Question

What are the four main reasons as to why, despite having an abundance of minerals and natural resources, Pakistan has been unable to realize its potential and has not been able to succeed like other countries having similar resources?

Answer 1

Answer:

THE MAIN FOUR REASONS ARE AS FOLLOWS:

1. Pakistan's GDP growth has been gradually on the rise since 2012 and the country has made significant improvements in it;s provision of energy and security.

2. However, decades of corruption and internal political conflict have usually led to low level of foreign investment and underdevelopment.

3. Environmental issues.

4. "Third World" was a political term during cold war and earlier it was used for non-NATO and non- WARSAW pact/communist countries.

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Answer 2

Despite having an abundance of minerals and natural resources, Pakistan has been unable to realize its potential and has not been able to succeed like other countries having similar resources

Explanation:

• Nations like Pakistan have abundant resources m however, they do not have the proper technology to convert these resources that could be used. Natural endowments become resources when their actual form has been transformed. In certain cases technology & tools are required to utilise natural resources in the best possible way. Hence, most resources are "potential resources", that is, resources which cannot be used though they are useful for mankind's need
• Human capital is needed to accelerate the economic growth of a nation. For resources to be converted to useful means, human capital is needed. Resources are a function of human activities since they transform material available in the environment into resources and utilise them. However in Pakistan is one amongst the nations that has poor literacy rate. This is due to population growth, poverty, low allocations, feudal lords, male-dominated society, lack of school in rural areas. . Investment to raise the literacy rate & for skill development is essential for the growth process of the nation
• Also, going by the "paradox of plenty", nations with abundant natural resources (such ascertain minerals &  fossil fuels), tend to have less economic growth, less democracy, and worse development outcome
• Another factor is high level of corruption. Large reserves of natural resources can bring corruption & contraction if a nation’s wider economy does not benefit. There is potential to realise broad-based & sustainable gains, but the issues such as corruption has led to under development of natural resources

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