KARACHI: The country’s economic situation is only going from bad to worse. The fiscal deficit and the balance of payments deficit have both worsened over the years. Tax collection has not risen in years, despite hollow claims made by senior state functionaries. This is ironic and unfortunate, given that millions of affluent Pakistanis are able to evade paying even a rupee in tax. And as this happens, life for millions of other middle-class salaried Pakistanis becomes worse and worse as they end up bearing the bulk of the burden of rising fuel and food prices.
If things carry on this way, the country could experience an economic depression.
Published in The Express Tribune, May 17th, 2012.
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