KARACHI:
In the last few months, prices of commodities have risen drastically because of which many basic commodities have become unaffordable for a large proportion of the people. Although many countries have experienced high inflation due to the pandemic, the situation is much worse for Pakistanis because wages were already low, unemployment is on the rise, and there is little relief or support from the government. It has become impossible for people to provide for their families on a single income.
While people were already burdened with high electricity bills, increased petrol prices have posed yet another predicament. Despite the government’s efforts and reassurances, prices have remained out of control. One of the main causes of inflation is the depreciating currency, which has raised prices of imported raw materials. The government has also failed to curb corruption. It cannot absolve itself of the responsibility by merely removing a few officials. Instead, the government must take rigorous action against those guilty of corruption.
The country requires widespread reforms to alleviate corruption, tax evasion, and the implementation of pragmatic measures to curb inflation and unemployment. Like other countries, those who are worst hit by the pandemic should be offered some form of aid or relief. Also, the declining GDP indicates poor economic performance. The government should support the manufacturing sector in boosting exports to improve GDP and the value of the currency.
Shazia Gulzar
Islamabad
Published in The Express Tribune, October 14th, 2021.
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