KARACHI:
Pakistan is experiencing one of the highest inflation rates in its history. People’s purchasing power has decreased significantly compelling them to pick and choose between basic priorities. Some of the reasons for the high rate of inflation include high external debt, an increase in money supply, shortages of basic items, an increase in production costs, and currency devaluation.
Constant increases in petroleum products have resulted in an increase in the prices of essential items as well as public transport fares. The country’s heavy reliance on imports has not only contributed to price hikes but also resulted in shortages of medicines, lentils, raw materials for industrial activities, etc. Many businesses in different sectors have been forced to cease operations due to losses and low profitability. Others have resorted to downsizing, which is raising unemployment across the country. People are growing increasingly frustrated and agitated with the worsening economic situation and the government’s apathy.
Consequently, social evils such as crimes, intolerance, depression and suicide are rising across the country. Political leaders need to stop bickering over petty issues and need to form a consensus for the betterment of the country. The government needs to focus on policies to revive the economy. While socioeconomic stability cannot be achieved overnight, the government needs to start implementing comprehensive and sustainable solutions to reduce people’s miseries and stabilise the country.
Asad Sajjad
Jacobabad
Published in The Express Tribune, April 11th, 2023.
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