Economic Security: Challenges and options for Pakistan

In the current age of Globalization, where economies and democracies areextremely progressive, some states have still a flawed system of governance. Unfortunately, the state of Pakistan is one among these countries facingmultifaceted and multilayered challenges. Due to the reason governance hasbecome an enigma. Apart from the issues of governance, security and stabilityweak economy is also the outcome. This paper is an attempt to highlight theeconomic challenges in Pakistan and to develop a framework for efficient governance with stable institutions where actual spirit of democracy should berealized that lies in decentralization of power. It has also explained that stateswith weak political and economic institutions do not provide stable and suitable environment for sustainable development. The paper emphasized on the changing role of state, to act as a linking pin of processes of planning, consultation, negotiation and decision making involving diverse players. Themethodology is qualitative in combination with explanatory and critical research strategies. This research combination will helpful to identify the social, political and economic variables. It is also helpful to build a structure, used to explain a phenomenon and to predict future behavior