How to add a Trillion dollars to Pakistan's economy in five years.

When reading the subject line it sounds almost maniacal because there is almost nothing imaginable that holds the promise of tripling the size of the economy in just five years. That too at a time when Pakistan's growth has been consistently nose diving for the last three years and has a massive increase in public debt and inflation despite strong macro conditions.

I must also give a disclaimer that I am neither an economist nor a governance expert. But as a lawyer I am working with some of the brightest tech minds in the country and have drafted and negotiated contracts and policies that have led to the inflow of millions of dollars into our economy in just a few months. Hearing ideas of how Pakistan tech companies are looking to expand globally with innovative products makes me realize that we have the potential to change our future.

Pakistan stands at a crossroads, it is symptomatic of an economy that is maturing on one hand and yet is fraught with inequality and corruption on the other. It has a unique problem of determining how to add the next hundred billion dollars to the GDP, both from the supply and demand sides.

The supply of Pakistani products is consistently hampered by overregulation by the banks and international pressures. Even when some individuals overcome these problems, they are faced with corruption and inefficient judicial systems. On the demand side the situation is more challenging, as the GDP growth is negative with and the lack of easy credit for the masses further drives down demand.

The first and most important solution required is digitization of Pakistan's economy. Only 1% of the population pays tax. In a country where 85% of the population has mobiles and cellular data covers 90% of the area, there is hardly any reason to hold back punches. Fintech companies hold the promise of heralding a renaissance for entire economies with innovative financial products that not only increase the demand but also digitize the economy so it can be taxed. At present only 11.4% of the total GDP is collected by taxes making it around $31 Billion. Imposing digitization and fintech on the rupee would send the GDP skyrocketing with close a trillion dollars being added by tax collection alone.

The second solution to Pakistan's gloomy economic outlook is to fund small and medium enterprises to become bigger and selectively find markets for exports. This is one of the reasons China went from being a baby tiger to a fiery dragon. The...