This paper is divided into six sections. The first section deals with the past achievements and failures of Pakistan’s economy. The second section presents a synopsis of economic performance during 1999-2003 - a period of intensive restructuring and reforms of the economy. Section III distils the policy lessons learnt from the historical and most recent experience of Pakistan’s economic management.
Section IV attempts to lay down the contours of the future direction of Pakistan’s economy based on the lessons learnt and development experience gained from in-country and crosscountry record. Section V assesses as to how the attempts to introduce Islamic economic model in the country, if successful, will impact upon this future direction.