It has been almost six years now, since CPEC was first conceived and approximately four years since the mega project became a ground reality. So far, the project has ushered long lasting and positive results for both, Pakistan and China. Its first phase of early harvest projects worth USD 18.9 billion is almost complete as you read this now and the results are in front of all. The long-prevailing energy has been resolved to a very large extent and there are just a few lagging now and then. In fact, it was this energy short fall that Pakistan had been facing for almost a decade now and which caused industries to avert Pakistan land and flee to neighboring countries.
Back in 2015,Woodrow Wilson international center for scholars had issued a book in which the growing energy crisis of that time was addressed. The report had clearly stated that energy shortfall had already soared up to as much as 8,000 MW. However, according to the recent release of information by the power division of energy, presently, the country is facing zero energy shortfall. Moreover, it also informed that in the present times, the power demand in the country is around 19,000 MW while the generation capacity is as much as 20,300 MW approximately.
Initially, when multi-billion dollars project started with USD 46billion, keeping in view then energy crisis, around USD 35 billion was primarily allocated to the energy sector. The early harvest projects were mostly energy aimed at producing more than 17,000 MW which they did and so Pakistani nation is no more suffering more intense blackouts. This somehow has cushioned the reservations of the industrialists.
Apart from energy sector infrastructural development was also one of key aspects of CPEC. Early harvest projects also focused on infrastructural development. Fruits of CPEC also has brought major infrastructural developments to Pakistan. Development of road and rail network has been going on with full pace. Sukhar- Multan section of Karachi-Lahore motorway has been completed whereas Havelian-Thakot section of KKH Phase-II is near to its completion. Moreover, upgradation of ML-1 is also underway. Within the time span of around 5 years, infrastructural development has provided more than 51,000 job opportunities out of which 48,000 were reserved for the locals. Gwadar port has altogether taken a new look with port roads, storage yards, equipment for loading and unloading, oil supply and port monitoring systems have improved a lot. The Gwadar- Middle East Express is already functional.
Despite what the propaganda states, CPEC today is in its full swing, co-operations in almost all possible sphere of lives are done, be it energy, infrastructure, agriculture, industry or any other. Recently the second Free Trade Agreement Phase II signed between the two countries has opened new avenues of prosperity for Pakistan. Not just that, Pakistani goods are offered to be exhibited free of cost at international fair by Chinese supply chain companies. This will once again give boost to Pakistan’s imports. Industrial cooperation is also on the rise as Chinese city Xuzhao has signed an MoU with KP government for strengthening industrial assistance. The Board of Investment and national Development and Reform Commission is also playing their part.
Recently Consul general of china Wang Yu said that there will be 27 new projects in the second phase of China -Pakistan Economic Corridor (CPEC). Work on these new projects will begin by the end of this year. Consul general added that “agriculture, education, vocational training, industry, increase in water supply, etc, are all part of our plans for the next phase.” This is a perfect response to all such narratives which were surfacing as CPEC is no more. The truth is CPEC is more and there is more to come. As the CPEC grows it vows to strengthen the bond between iron brothers.
The ending of first phase of CPEC is just a beginning of renaissance for Pakistan. There is more to come. Dawn of second phase of CPEC is just around the corner and it will be focused on socio-economic development. Masses in Pakistan have already been witnessing the benefits of CPEC whether it is their daily life or in their economic cycle yet there is more to come. CPEC no doubt is the game changer and with peace prevailing will play a very vital role in putting Pakistan to the road of progress.
Gender-based violence in Bangladesh: Economic Implications
Violence against women is one of the most heinous crimes perpetrated in today’s world. However, despite the gravity of the violence perpetrated against women, it is still the pervading reality in the world. Bangladesh is also afflicted with this malaise of violence against women which is manifested in the deluge of news across the media about the violence against women in various form .While Bangladesh has made commendable strides in the economic front, the perennial subjugation of the women who account for virtually half of its population remains a hurdle. Against this backdrop, this article investigates the economic toll incurred to the economy owing to the entrenched culture of systemic violence in our country.
Women constitute nearly half of the population of Bangladesh. As such, their innate potentials have considerable bearing on the socio-economic progress of the country. Admittedly, advancement of a country in socio-cultural indicators presupposes the simultaneous improvement of women from the subjugated position culturally attributed to them. It is impossible to envisage a prosperous thriving economy without the contribution and participation of the women equally. Therefore, the lack of women’s participation commensurate with their capabilities hinders the development of the country.
One of the obstacles women confront in their journey of transforming into human capital is perhaps the retrograde views that society harbor about the traditional gender role of the women which fetter their contribution to the economy and society by bestowing them only the circumscribed role of looking after the domestic affairs and rearing and educating child. The pastoral as well as urban culture perpetuate these traditional gender roles and deny women a free rein over their fate. Whenever women disavow the preordained and predictable roles provided by the society, they have to face mounting pressure from society so as to conform to the prevailing norms .Failing to conform to the regressive gender role will spell grave consequences for the women .When the society fails to cower the woman with the threats that are at its disposal ,it resort to the egregious path of violence. While violence against women is one of the most reprehensible crime one can ever commit, it however is normalized through a power dynamics that reinforces the overbearing male role and relegate women to the subjugation. Therefore, the culture of violence against women isn’t anomalous rather is embedded in the prevailing patriarchal power dynamics which deem chastising women for their rebellious attitude is solicited and invoke often contrived and distorted religious edicts in order to legitimize their deplorable crime. Moreover, the culture of violence against women which has been aptly termed as a epidemic by the United Nations is rooted in the prevailing socio-economic structure of the country that systematically condone the browbeating of women into submission to patriarchal norms and wield violent measures when the woman stubbornly gainsay their patriarchal hegemony.
While the social, cultural and health toll of the violence perpetrated against women is undoubtedly strenuous, the economic losses incurred by the violence and the opportunities nipped in the bud owing to violence against women also need to be taken into account in order to the adequately discern the deleterious ramifications of the violence against women .However, despite profound economic toll that are inflicted due to the violence against women, it is still unaddressed in the economic literature worldwide and discussion and cognizance about this momentous issue and its economic implications still scant.
As has been mentioned earlier, women constitute the lynchpin of the economy of Bangladesh which has been adequately manifested in the participation of women in Bangladesh’s much-heralded RMG sector and other productive sectors. However, this success of the economy overshadows the plight and perils this working class women confront in their bid to become economically productive. The violence against women is systemically entrenched in the country and women’s engagement in the economic activities are frowned upon by the society and culture .Therefore ,the this patriarchal fetter women behind the door of their houses and worst women are inflicted physical and mental violence in event of questioning the dictates of the elders and the male custodians. Therefore , the fundamental impact of violence against women on the economy of the country related to the untapped opportunities due to the constrains imposed by the patriarchal society on women under the pretext of social, religious and cultural norm. This threat alone or normalization of the gender role of the women as a care-giver hinder women in taking part in the economy on a par with their male counterparts .
Beside the lost opportunities that can be tapped, the violence against women has numerous other implications on the economy. Firstly, the violence against women inevitably results in the physical damage and mental trauma of the victim which has enduring toll on her. Therefore ,violence against women translate to toll on the health of the victim and therefore the cost incurred on the victim due to medical fees as a result of the violence is also included in the economic cost of violence against women. Secondly, the violence against women also leads to diminished productivity of the victim due to the health hazards. Therefore, violence against women has implicit economic cost on the economy as a result of the lost productivity.
Thirdly,the cycle of the violence against women negatively sensitize women in not challenging the sacrosanct patriarchal norms and therefore women fit themselves with the prevailing adverse society and they themselves reproduce and reinforce these norms .Therefore, a vicious cycle set in which prevents women to actualize their potential and stymie them in their path of realizing their goal .This result a sense of apathy in women with regards to education and other means of social mobility and they deliberately avoid the economically productive activities that are deemed taboo by the prevailing social norms and cultural ethos.
Moreover, violence against women is an egregious form of crime perpetrated by a patriarchal agent while the society has entrenched roles, norms and ethos that condone and encourage such outrageous violence .Moreover, a vicious cycle is at play in the gender based violence. The economic repercussions of the violence committed against women is considerable. Violence against women hinder the development of the women commensurate with their inherent potential which nip the dreams of women in the bud. Besides, gender based violence also deter women in challenging the prevailing patriarchal norms and undertaking productive economic activities that are frowned by the patriarchal society and are deemed taboo. Moreover, a widespread sensitization in societal level as well as a drastic overhaul of the patriarchal structure is necessary in order to avert the adverse socio-economic consequences of gender-based violence and extirpate the heinous root of this deplorable crime.
Omicron Variant: Implications on Global Economy
The prolonged battering of the Covid-19 has been considerably hitting the world economy. While vaccination and a receding in the cases of the cases in virus transmission has provided brief respite to the countries that are grappling with the recurring surge of the virus, the resurfacing of another virulent mutation termed as Omicron sounds ominous for the future of the world economy .Against this backdrop, this article projects the plausible economic ramifications of the new strand of the virus on the global economy.
The economic downward trajectory occasioned by the Covid-19 has been unprecedented in recent global history. While the economic depression of 2007-08 proved disastrous for the world economy, the toll emanating from Covid-19 pandemic and consequent economic stagnation has surpassed all the previous economic plunge .In fact, some analysts have gone to the extent of comparing the Covid-19 induced economic depression with the great depression of the 1920s.However, whether the far reaching repercussions of the Covid-19 on the global economy will be as momentous is still remains to be seen. Nevertheless, the profound economic jolt triggered by the Covid-19 pandemic is poised to reverberate across the world through shaping socio-economic and political events
The scar inflicted by a protracted economic recession owing to Covid-19 is apparent in the arduous path of economic rejuvenation in the western countries and eastern countries alike. Virtually every country is grappling with the toll that Covid-19 has incurred in the economy. The western countries are finding it difficult to retrieve the losses that Covid-19 has precipitated. Although the swift vaccination of the western countries at the expense of the developing countries has provided a fleeting lull in their battle against Covid-19,it seem however the virus has resurfaced with increasing virulence in order to offset whatever gain these embattled countries managed to garner in their fight against Covid-19.
The skyrocketing and unprecedented inflation of the western countries coupled with a plummeted consumer confidence has meant a prolonged period of stagnation of their economies. However, in the wake of vaccination induced temporary respite in the viral cases, the economies rebounded strongly from the pits of economic recession. However, these hard-earned gains will be reversed in the event of the advent of any new strand of the virus. Already, the delta variant which originated in India had triggered a spate of Covid-19 flare-ups in the United States and United Kingdom. Against this backdrop, the Omicron variant is set to aggravate the economic woes of the western countries and in turn the world.
While the western countries are reeling from economic stagnation, the developing and underdeveloped countries are confronting many abysmal realities due to their prevailing economic backwardness. Their economic plight has been lingering in want of adequate vaccination due to the apathetic stance of the western countries and global governance institutions .Therefore, while the western countries has rebounded from the Covid-19 induces economic predicaments, the difficulties confronted by the developing countries has continued unabated. While the influence of advanced countries and their less advanced counterparts in world-economy is inextricably tied, the callous attitude of the developed countries to the vaccination of countries in Asia and South Asia turn out to be sheer lack of economic prudence.
While western countries are considered as the economic hub of the world, it is however the developing countries on which the vital supply chains of the world economy hinges on. Therefore, the tardy pace of vaccination in these countries is prejudicial to the global economic stability. The economic ramification of the slow pace of vaccination is twofold for the world economy. Firstly, the slow vaccination hinders the revival of the economic activities in the developing countries thereby obstructing the supply chain of the commodities .This supply chain crisis has ripple effect in the western economies. The recent predicament of inflation and attending macroeconomic woes in countries like the United States and United Kingdom is manifestation of the supply chain crisis plaguing the world economy. Due to the paucity of commodities and raw materials, the prices of necessary goods has escalated in the western countries which has plummeted consumer confidence and triggered a vicious cycle of stagflation in the economy that is reminiscent of the 1970s when a similar crisis in oil supply has precipitated economic downturn in the western economies.
Secondly, the slow rate of vaccination also run the risk of allowing the virus to mutating to newer and much virulent variants and due to the unfettered communication as a result of globalization the emergence of any new variant doesn’t remain in the confines of any border rather proliferate like wildfire and precipitate global crisis. Therefore, the lack of vaccination or slack pace therefore has global repercussions. Therefore, it is judicious of the developed countries to concentrate efforts in contributing to the vaccination of the less developed countries which will yield good results for their economy.
The ubiquitous mechanism in battling Covid-19 remains one of containment that entails halting economic and other activities and insulating the countries from other countries through imposing border controls, curbs on air communication and other stringent measures echoing protectionist attitude. However, these measures are antithetical to the spirit of the globalization and global trade. While lockdowns and other protectionist measures yield temporary improvement in the Covid cases, it is not viable in the longer term. Besides, lockdowns have deleterious ramifications on the economy and further aggravate economic rebounding of the developed countries and developing countries alike. Therefore, efforts should be aimed at preventing the Covid cases rather than grappling with the Covid with a knee-jerk policy of improvisation. .
Moreover,Covid-19 has already occasioned far-reaching economic fallout in the world economy. Indications abound regarding the fact that the world economy is verging on profound and prolonged recession. Against the backdrop of ominous predictions and slackening growth and painful inflation of the world economy, the prospects of the world economy due the advent of a new variant remain mired in obscurity. It can be concluded that the economic repercussions of yet another novel variant will be momentous and will offset hard-earned growth of the countries .Unlike previous precedent of haphazard policy and knee-jerk policy solutions, this time around the countries need to undertake challenge much prudently and should concentrate all of their efforts aiming at universal vaccination of all countries so as to prevent the resurfacing of similar virulent viral strands.
A Good Transport System Supercharges the Economic Engine
The infrastructure bill in the U.S. has been signed into law. At the American Society of Civil Engineers (ASCE), they are celebrating the fruition of a couple of decades, at least, of hard work publicizing the decaying infrastructure and lobbying for a fix-it bill. Countless delegations have visited the White House and met with staff to present their case. And something for their efforts is better than nothing.
They also started a grading system, giving an overall grade — currently C minus, a notch above the previous one. The bill seeks improvement in roads, bridges and transit although it falls short of the ASCE estimates for what is needed. For example, the bill contains $39 billion for transit (ASCE grade of D minus) but there is a backlog of $176 billion that is needed. Given Republican opposition to spending and the compromises made to pass the bill, the administration got what they could — they can always fight for more later.
This opposition against infrastructure spending is somewhat incomprehensible because it generates jobs and grows the economy. Too much spending, too fast has inflationary potential but that is caused by too much money chasing too few goods, usually not when there is a tangible product — improved transit, roads and bridges in this case. And then there are also other ways of checking inflation.
This bill is a start but still a long way from having high speed cross-country electric trains as in other major industrialized countries. These are the least polluting and especially less than airplanes which emit six times more CO2 per passenger mile.
Why is the U.S. so lagging in high-speed rail when compared with Europe and Japan? Distances are one reason given although these are a function of time. No one would have thought of commuting 30 miles each way to work in the 19th century but it is not uncommon now for some to be quite willing to sit 45 minutes each way on a train for the pleasure of living in the greenery of suburbia.
The bill also includes $110 billion for roads and bridges. Unfortunately the backlog of repair has left 42.7 percent of roads in sub-standard condition costing motorists an estimated $130 billion per year in extra vehicle repair and maintenance. Some $435 billion is now needed to repair existing roads plus $125 billion for bridges, $120 billion for system expansion and $105 billion for system enhancements like increasing safety — a necessary improvement given a changing environment such as an increase in bicycle traffic. Allowing for round-off discrepancies, the total amounts to $786 billion (in the funding and future need section of reference). Increases in severe weather events have also had their effect, causing damage to roadways and further burdening the repair budget.
New technologies (in the innovation section of reference) like advanced pavement monitoring on key roads, using moisture and temperature sensors embedded in the roadway, now make it possible to assess pavements quickly without impacting road users. This leads to earlier repair and in addition new materials increase the life cycle. Much of this requires increased investment up front to take advantage of the new innovations.
Above all one can never afford to forget that a good transport system acts like a supercharger for the economic engine.
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