pakistan was once widely thought to become the next asian tiger but has found itself mired in financial crisis prime minister shehbaz sharif has said citing three critical structural flaws that have prevented its economic takeoff stunted its growth and led to repeated boombust cycles as pakistan turned 75 on sunday sharif wrote an essay in the economist magazine in which he stated that the country in its adolescence in the 1960s brimmed with hope and promise as it had a date with destiny he said the nation was widely thought ready to become the next asian tiger however in 2022 pakistan found itself mired in its latest economic crisis the geo news reported on monday this one latest economic crisis is born out of the most challenging global policy environment of our lifetime characterised by a commodity supercycle historic monetary tightening at americas federal reserve and a conflict in europe that is tearing apart the postwar global order sharif wrote but it also stems from homegrown weaknesses weaknesses that have been left unaddressed for the better part of five decades weaknesses that have forced us to approach the international monetary fund imf multiple times during that time this is not how successful nations are built he said sharif then cited three critical structural flaws that stand out in the country these have prevented economic takeoff stunted our growth and led to repeated boombust cycles since the late 1980s he said first our political environment has become increasingly polarised instead of debating how to run pakistan better and rid the country of poverty political parties have been at each others throats the premier wrote second we have not invested enough in the nuts and bolts of development education health and infrastructure this is in part due to an abysmally low tax take but it also reflects our priorities in public spending some of which can be attributed to the complicated neighbourhood we live in including a longstanding adversarial relationship with india russian and then the american invasion of afghanistan and the influx of millions of refugees into pakistan third we have turned inwards in a way that has prevented us from reaping the benefits of globalisation through the free exchange of people goods capital and ideas our ability to make and keep friends on the international stage has significantly weakened over time he said the premier lamented that pakistan hardly makes anything according to the demands of the world as the local companies remain very comfortable operating within the borders the report said pakistan today is one of the most consumptionoriented economies in the world with consumption accounting for more than 90 per cent of our gdp gross domestic product by contrast we only invest 15 per cent of our output and export just 10 per cent annual inflows of foreign direct investment are less than 1 per cent of the gdp he wrote these sorry statistics are a reflection of the flaws in our economic model no