The Pakistan Economy Watch (PEW) on Sunday said that the economy of the country is going down by the passage of every day which calls for urgent and decisive actions by the government.
Incompetent leadership and policies without logical or meaningful connection have left country astray while preserving credibility has become a big challenge for the government, it said.
Doubts, uncertainty, panic and pain has become part of the life for commoners as well as the business community, said Dr. Murtaza Mughal, President PEW in a statement.
Loss of confidence is a very serious issue taken lightly by the politicians while experience shows that it is impossible for a country to regain the faith of market once lost. To avoid such an outcome, our leaders must act boldly and swiftly through parliament to boost anaemic growth rate, said Dr. Murtaza Mughal.
Islamabad urgently needs to send a clear message to convince international community and investors that government is now serious to introduce radical structural reforms, he added.
Dr. Murtaza Mughal said that the unpopular reforms will take time to produce results but will restore market’s confidence, which is dwindling due to impression that rulers are willing to risk everything to prolong rule and protect personal wealth.
Our lumbering and complicated legal system that imposes huge costs on business community must be overhauled while dispute mechanism system should be made simple and speedy, he said.
Dr. Mughal said that current circumstances are leading country towards unsustainability, raising serious challenges to our independence.
In this scenario, economic sustainability should be on the top of the government’s agenda as plunging into political and economic insignificance may leave Pakistan with no option but to accept Indian dominance, he warned.
