ISLAMABAD:
Economic stability plays a pivotal role in the development of any country. Economic and political stability is reciprocally interconnected each having an impact on the other. In Pakistan, there is pervasive political instability, which is jeopardising the already crippled economy. Since the country’s inception, political parties have been constantly engaged in confrontation. The persistent political turmoil has put the country in a perilous position.
Currently, Pakistan is experiencing several economic challenges. The economy is under severe duress with low foreign reserves and depreciating currency owing to an imbalance between the production and the consumption level. This imbalance has been further exacerbated by the ongoing political instability. Furthermore, distortive policy measures, imbalance in export and import, and delays in International Monetary Fund programmes have all contributed to the dwindling economy.
In addition, people are still faced with socio-economic challenges such as skyrocketing inflation, rampant unemployment, poverty, etc. The incumbent government seems to have lost ground and is now unable to tackle the rising issues. All the concerned stakeholders need to pay attention to the burgeoning socio-economic problems. Political stakeholders should keep their differences aside and focus on resolving the myriad issues so that the economy can recover, and people can be lifted out of indigence.
Published in The Express Tribune, May 15th, 2023.
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