Economy has suffered due to internal political disputes. I hope our political leaders don't repeat past mistakes
DUBAI: The recent hype being created in the media regarding Imran Khan’s call for a Long March from Lahore to Islamabad on August 14 seems to suggest that the Long March will bring down the government. I, too, would have agreed with this notion if the economy of the country was heading downhill. But fortunately Pakistan’s economy appears to be doing much better than it was under the previous PPP government.
The World Bank’s bi-annual Pakistan Development Update launched recently stated that Pakistan’s economy is at a turning point. It claimed that recovery is underway, with projected GDP growth approaching four per cent, driven by dynamic manufacturing and service sectors, better energy availability, and early revival of investor confidence.
According to Nielsen Latest Global Survey study, Pakistan consumer confidence rose to its highest level since 2008 with an index of 99 in the first quarter of 2014. Foreign exchange reserves are around $15 billion and the dollar is stable at around Rs100. The Chinese have committed to invest $30 billion in Pakistan and Moody’s recently revised the outlook on Pakistan’s foreign currency government bond rating from “negative” to “stable”. Oversubscription of Eurobonds, successful auction of the 3G/4G spectrum licences are all proof that the government is leading the economy in the right direction.
Fans of cricket across the world acknowledge Imran Khan’s credentials in cricket. Politics, however, is played on the economic field of a country and not on a cricket pitch. In this game, the politician who possesses sound knowledge of how an economy should function wins. I don’t believe Imran Khan has sufficient knowledge of the country’s economy otherwise he would have not called for a Long March and taken such a harsh stand that he has adopted. As a matter of fact, Imran Khan appears to be taking his party to the point of no return.
Pakistan has the potential to become one of the world’s largest economies in the 21st century. The economy has suffered in the past due to internal political disputes. I hope and pray that our political leaders do not repeat past mistakes and this time show their ability of reconciliation in the larger interest of the nation.
Ejaz Ahmad Magoon, FCA
Published in The Express Tribune, August 12th, 2014.
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