Pakistan’s economy needs urgent, dedicated and deft handling by expert professionals
ISLAMABAD: According to a report released by the Asian Development Bank, Pakistan’s economy is expected to grow at the rate of 5.6 per cent in 2018, its projected growth for 2019 is 5.1 per cent. The country’s inflation rate forecast for the year 2018 is 4.5 per cent whereas for the year 2019 it is 4.8 per cent. On the other hand, during 2018, the economies of India, Bhutan, Bangladesh and the Maldives are growing at the rate of 7.3 per cent, 7.1 per cent, 7 per cent and 6.7 per cent, respectively. Whereas Pakistan’s foreign exchange reserves in March 2018 were $18.349 billion, and in April 2018 even Bangladesh reserves were at $33.11 billion. This is the state of Pakistan’s economy amid rising domestic and foreign debt where previous two governments crossed all constitutionally-imposed financial limits and must be held responsible.
On 21st June, Moody’s changed the outlook on Pakistan’s investor rating to negative from stable. This was done because of declining reserves due to foreign debt service payments, declining exports and the recent ‘devaluation’ of the Pakistani rupee. According to economic experts, Pakistan’s current foreign reserves are just sufficient for payment of only two months of imports.
Pakistan’s economy needs urgent, dedicated and deft handling by expert professionals. The next government will have to take up the responsibility to manage and strengthen the economy with utter honesty and dedication to Pakistan by shunning corruption and keeping national interest much above their party interests.
Muhammad Hanif
Published in The Express Tribune, June 23rd, 2018.
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