KARACHI:
For the last two years, Pakistan has been experiencing an economic slump due to persistent political uncertainty. Unprecedented inflation coupled with rampant unemployment has intensified challenges for the common people.
Political certainty enables investor confidence, which increases capital, creates employment opportunities and amplifies innovation. Increased production boosts economic growth and reduces reliance on exports. Unfortunately, Pakistan’s political leaders have failed to realise the benefits of political certainty and good governance. As a result, the country finds itself embroiled in several challenges.
I believe that if Pakistan establishes a system ensuring political certainty and democracy, the country can make tremendous economic progress within the next 10 years and attain membership in the Group of 20 (G20). If Pakistan achieves political stability, it can potentially amass foreign exchange reserves of $100 billion. Countries worldwide with political stability and genuine democracy experience significant advancements in their economies, healthcare, human development and technology.
Ejaz Ahmad Magoon
London
Published in The Express Tribune, December 8th, 2023.
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