The economy of deceit

The famous American Nobel Prize-winning economist Robert Solow had aptly said, "Why does a public discussion of economic policy so often show the abysmal ignorance of the participants?" I wonder if Robert had a country like Pakistan in mind while postulating his observation!

To grasp the intricacies of Pakistan's demolished economy, one need not be a pundit; a life of poverty or belonging to even the middle class is more explicit than macroeconomic indicators and government figures. The numbers or fudged figures may dance on the page, boasting of achieving single-digit inflation and fiscal discipline, and other such claims, but the reality on the ground tells a sordid tale.

Pakistan's economy is a complex web of corruption, mismanagement and inequality, where the rich continue to get richer and the have-nots are left to fight for scraps. For the average Pakistani, the economy is not just an abstract concept; it is a harsh reality that hits home every day. The soaring prices of basic commodities, crippling electricity, gas and fuel charges, a dysfunctional social sector barely existing, and a receding job market are constant reminders of the economy's failures of unfathomable proportion.

The much-touted bullish rallies in the stock market and investment-friendly policies mean little to the millions struggling to make ends meet. Meanwhile, the ruling elite continues to live in a bubble, oblivious to the suffering of the masses. They extol their economic failures as achievements, pointing to glossy infrastructure projects and foreign investment deals reflected in expressions of interest entirely bereft of any truth whatsoever.

Whatever economic initiatives are undertaken would invariably benefit the elite class and rarely trickle down to the common man. Instead, they only serve to further enrich the already powerful and connected. A spate of corruption scandals has laid bare the ugly underbelly of Pakistan's economy. Revelations of widespread money laundering, tax evasion and crony capitalism have shocked even the most cynical observers.

Yet, despite mounting evidence, those responsible continue to evade accountability, hiding behind a veil of impunity and influence. As the economy continues to stumble from one crisis to the next, the government's response has been grossly inadequate. Instead of addressing root causes, they opt for quick fixes and cosmetic solutions. The result is a never-ending cycle of pushing poverty deeper, where the rich get richer and the poor are left to pick up the pieces.

In this bleak economic scenario, survival is a daily struggle. Perhaps that is the objective of our IMF-driven economy. The system is designed to keep the masses in a state of perpetual desperation, too busy struggling to survive to ever challenge the status quo.

For Pakistan's economy to truly recover, it will require more than technocratic fixes or superficial reforms. It will demand a fundamental transformation, addressing deep-seated issues of corruption, inequality and social injustice. Until then, numbers may look good on paper, but reality on the ground will continue to tell a different story.

My apologies to a lesser-known Urdu poet, Shauq Bahraichi, whose proverbial couplet, humorously sarcastic, is being used by me with alterations here and there to convey our economic woes:

Barbaad mayeshat karnay ko bus aik hi daku kaafi tha;

Her gaam pe daku baitha hai anjam-e-mayeshat kya ho ga.