KARACHI:
Since 2022, Pakistan has been experiencing economic turmoil. The sharp increase in inflation, coupled with rising prices of essential commodities such as petrol and other imported goods has put a strain on the nation’s economy. These economic hardships are not isolated but have roots in the global scenario, particularly in the aftermath of the Russian invasion of Ukraine. The resultant surge in oil prices has affected nations far and wide. Unfortunately, Pakistan has not been spared, with imported goods experiencing a staggering price hike of 20% to 30%.
However, the economic downturn is not solely a consequence of external factors. The internal governance of resources and the per capita income play a crucial role. The unstable democratic and political climate in Pakistan contributes significantly to the country’s economic challenges. A key aspect that demands urgent attention is the interference of external forces in the democratic processes of Pakistan. Accusations of the influence of foreign entities, including the US and others, have raised concerns about the sovereignty of Pakistan.
For a sustainable and robust economy, it is imperative to address not only the external factors affecting Pakistan but also the internal issues that undermine governance and democratic principles. Strengthening the democratic process ensuring fair and transparent elections and reducing external interference will help restore stability and sovereignty. I urge policymakers, leaders and citizens alike to collaborate in addressing the multifaceted challenges facing Pakistan. Only through concerted efforts to enhance democratic practices and economic policies can we pave the way for a brighter and more stable future for our nation.
Farhan Ali
Sukkur
Published in The Express Tribune, December 2nd, 2023.
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