Pakistan is celebrating its 76th Independence Day this year with traditional zeal and fervour. However, it can be observed that the celebrations are subdued due to the worsening economic and political crisis as the nation grapples with record-breaking inflation and dimmed future prospects.
The past year witnessed political turmoil, an economic crisis, and catastrophic flooding in Pakistan. On the economic front, the country has been dealing with backbreaking inflation, a depreciating currency, and precariously low foreign reserves as well as lost sympathies of multilateral lenders.
As Pakistan looks to address these challenges in a turbulent moment, important questions arise as to the long-term roots of these problems, how political instability shapes them, and what economic policy should be adopted to address its difficulties. The government failed to address the situation and only provided a short reprieve.
The protracted economic and political crisis has left many Pakistanis disillusioned with the country. A large number of them, mostly educated young people, are leaving for better prospects. An estimated 800,000 people left the country in 2022 and even more are estimated this year.
It is rather unfortunate that young people are losing faith in the nation. They are dejected by the high rate of unemployment and low-paid jobs and the only solution is wandering off to better shores. The situation will remain similar until there is an uptick in economic activities which leads to job creation. Only then will we have a reason to celebrate the true meaning of independence.
Pakistan is not a new country but has witnessed a lot in the past three quarters of a century. In the past few decades, the nation has descended into chaos while neighbouring countries such as India and Bangladesh have been progressing. We have failed to understand the reasons for not heading in the right direction which can take us on the path of development.
This does not mean we sit in despair on the occasion of Independence Day. It is a festive occasion and we must be proud of our nation. However, the policymakers must also realize that more concerted efforts are required so that the residents are not disillusioned but look up to their nation with high hopes and determination.
