外债或外国援助被认为是发展中国家收入的重要来源。巴基斯坦已经非常依赖外债来融资和投资目的。在20世纪70年代对外部资源的依赖成为不可控制的，本文的主要目的是探讨巴基斯坦的外部债务与经济增长之间的关系。从1947到目前为止，我看了巴基斯坦的外债和经济效益。本文表明，外债与巴基斯坦的经济增长呈负相关。有证据显示，外国援助的增加将导致经济增长下降。债务还本付息对经济增长率也有显著影响。随着债务还本付息的趋势越来越高，经济增长的机会将越来越少。
关键词：经济增长，外债，债务还本付息
债务存量积累一直是发展中国家和发达国家面临的首要问题。发展中国家面临这个问题，更多的是因为他们需要借钱来促进他们的发展过程，并加快增长速度。然而，所需的借来的资金被正确地分配给生产性支出，并根据他们的还款能力。虽然债务对经济的增长是有用的但是对债务的依赖必须密切监视并且应该采取适当的策略以提高国家的偿还能力。此外，由于还款的税收融资和更高的资金较少的可用性，阻碍增长，导致债务偿还能力下降。它也导致挤出效应，以及对外国的负面影响，以及对国内投资和发展计划的政府。
External debt or Foreign Aid is thought an important source of income for developing countries. Pakistan has relied much on external debt to finance and for investment purposes. The dependence on external resources became uncontrollable in the 1970s. The prime objective of the paper is to explore the relationship between external debt and economic growth in Pakistan. I took a glance of external debt and economic performance of Pakistan from 1947 to till now. This paper shows that External Debt is negatively related to the economic growth of Pakistan. The evidence highlights that an increase in Foreign aid will lead to decline in economic growth. Debt servicing has also significant impact on growth rate. As the debt servicing tends to higher, there will be fewer chances of economic growth.
Keywords: Economic Growth, External Debt, Debt Servicing
Introduction 简介
Accumulation in debt stock has been the prime problem faced by both developing and developed countries. Developing countries face this problem more often as they need to borrow to facilitate their development process and accelerate the growth pace. However, the borrowed funds required to be allocated properly for the productive expenditures and in accordance to their repayment ability. Though debt is useful for the growth of the economy however dependence on debt must be closely monitored and proper strategy should be adopted for enhancing the repayment capability of the country. Besides, due to the less availability of funds for financing and higher in taxes for repayment, hampers growth that results in shrinking of the repayment capacity of debt. It also leads towards crowding out effect as well as has negative impact on the foreign as well as on domestic investment and developmental plans of the government.
The external debt exerts significantly negative impact on growth of country economy. This assured the existence of debt overhanging in Pakistan in both long and short run. Labour force affect GNP negatively in long run and short run as well, but in short run impact is insignificant. Pakistan faces serious debt problem, which threaten the future of the country economy. Burden of external debt and debt servicing have continued to grow over time.
Economic reforms process is a clear progression towards the deregulation for the growth economy. Petroleum products, gas, energy, agricultural commodities and other key inputs prices are mostly determined by markets. More importantly, taxation reforms have been prominently on the government's agenda, with no real reforms undertaken.
There are three main indicators of debt burden as;
Export Receipts: It measures the ability of debt repayment and creditworthiness of a country. According to the World Bank Report, when debt of a country go beyond 20% of its export earnings then its debt becomes uncontrollable.
Foreign Exchange Earnings (FEE): This is another important indicator of indebtness of a country.
Growth Domestic Product (GDP): This determines the burden of debt burden on the country's income. As Debt service to GDP ratio goes up, increase in the burden. As a research by Nagassam C.A, (2005) employed a model and highlighted that higher the debt service ratio will be, the lower the GDP will be and it will create constraint for external debt capacity of nations.
Fiscal as well as real sectors of the economy are strongly linked to public and foreign aid through economic variables. But, it appears that it turns out that the deficiency in savings and its effects on the
