Development of overall economy of any country largely depends
upon the characteristics of different prominent sectors such as
agriculture, industry, services, etc. Sharp structural change in
prominent sectors are experienced by the Pakistan’s economy during the
last four decades, in which industrial and service sector have exhibited
an extra ordinary rate of growth, while the agricultural sector did not
shown that rate of growth which was experienced during the time of green
revolution. Due to these structural changes in the prominent sectors
volatility of growth rate has been experienced by the economy. To the
extent that most of the recent volatility in growth rate of GDP can be
attributed to the increasing share of the some volatility of the some
prominent sectors, the analysis of their volatility can be useful in
providing some enlightenment on the factors behind this phenomenon and
its implications for the formulation of the policy in the
future.
Sectoral Volatility, Development, and Governance: A Case Study of
Pakistan
