The International Organization IMF, the biggest creditor of the country, has released its World Economic Outlook report, in which it has been said that in the coming days, inflation in Pakistan will be higher than the target, growth will remain low. According to the report, the unemployment rate in Pakistan last fiscal year was 6.2 percent, while this year the unemployment rate will increase to 7 percent.
In view of the bad conditions the country’s economy is facing, it is not difficult to understand and know what direction the situation will take in the coming days and what will happen to the economy. Anyone with a modest understanding of economic affairs can understand that the country’s economy is in dire straits. And not only is it not easy to get out of this bad situation, but there are no distant signs of recovery and stability of the country’s economy built on the most expensive loans.
This IMF report confirms the general assumptions about the economy. Although Pakistan’s economy has never been ideal since its inception. However, the worst economic situation the country is going through today, such bad and disastrous conditions have never been recorded before. The economic crisis has increased to such an extent that the darkness of despair is spreading everywhere. From nowhere, there is no hope of recovery of the economy and stability and development of the situation.
This deterioration of the country’s economy has seriously affected every individual and every class of the nation. There is no individual or class, which is not affected by the negative effects of economic conditions. This is increasing the despair and hopelessness that there is no possibility of economic stability of Pakistan in the long run. This report of the IMF, at least for the near future, is a “prediction” of pessimism.
Today, when everything necessary is beyond the purchasing power of a common man and the rate of poverty has also increased dramatically as a result of the rapid decline in purchasing power, it can be predicted that in the coming days according to MF’s prediction, what will be the conditions after inflation increases further and how large will its effects and consequences be?
This IMF report is also an advertisement of the worst failure of the economic policies of the coalition government, this report proves that the government has failed miserably in the recovery and stabilization of the economy. And its policies and performance have no prospects for economic stability and recovery in the days to come.
This IMF report shows that the elements of growth in the economy are negligible, so recovery and stability will remain just a dream in the future. A GDP growth of 0.5 means nothing but that the economy is touching the final limits of sterility and there is a dire need to sow the seeds of fertility.
An increase in productivity is indispensable for growth in the economy, the more this capacity in the economy, the faster the economy will move towards recovery and stability. On the other hand, instead of productive elements, if the door of deficit and one-sided spending remains open, economic recovery, growth and stability will remain a dream for a long time.
This decline in Pakistan’s GDP shows that the government’s priorities and policies do not include attention to the basic needs of economic prosperity and vitality. Otherwise, the economic horse would never have been so uncontrollable and unrestrained as it is today.
Lack of productivity and increase in import bill instead of exports is the disease for the economy which has badly gripped its soul. It is clear that the government is only living on debt and its focus is on running the current account with huge debts. After all, how can the economy be controlled and restored?
To revive the economy, it is imperative to stop the one-way flow of capital through the import bill and the current account. And the breakers and obstacles in its path can only be created by making the economy productive, diversifying the economy and expanding the scope of exports in every possible way.
There is a need for the government to rise above the irrational strategy of borrowing and pay attention to the real and concrete measures required to revive the economy, otherwise if this policy continues, economic chaos will lead to political chaos and anarchy. Then, the situation will not come under anyone’s control.
