Bust, boom, and bust — Mush’s Muddy economic footprint

In 1999, Pervez Musharraf commandeered control of a country that was in economic and political peril. By the time he was forced out of office in 2007, he was leaving the country at the beginning of another major crisis. In the years between, Pakistan saw an unprecedented boom and record levels of growth.

More than anything else, it is the dissonance between the prosperous middle years of the Musharraf era and the disastrous end that blurs the economic legacy of his administration. The reality is that between 2002-06 General Musharraf had the good fortune of being at the helm of a country that had found the favour of the United States and other western powers. 

Pakistan’s role in the war on terror meant that the dollars were flowing freely and there was a rare opportunity to fix the structural ills that plagued our economy and build lasting institutions. With virtually no political opposition to his rule, this was a golden opportunity. And Musharraf fumbled it.