The recent hype being created in media regarding Imran Khan’s call for a long march starting from Lahore to Islamabad on 14th August, 2014, apparently suggests as if the long march will take down the PML-N’s government. Well, I too would have thought so if the economy of the country was heading south. But fortunately Pakistan’s economy appears to be doing much better than it was under the previous PPP’s government. World Bank’s biannual Pakistan Development Update launched recently said Pakistan’s economy is at a turning point. It said growth recovery is underway, with projected GDP growth approaching four percent, driven by dynamic manufacturing and service sectors, better energy availability, and early revival of investor confidence.
Pakistani consumers trust their economy and are more confident in the future than a year ago. According to latest Nielson Global Survey study, Pakistan consumer confidence rose to its highest level since 2008 with an index of 99 in the first quarter of 2014. Forex Reserves are touching almost $ 15 mark. Dollar parity is stable at around Rs100. Chinese have committed to invest $30 billion in Pakistan. Moody’s Investors Service recently revised the outlook on Pakistan’s foreign currency government bond rating to ‘stable’ from ‘negative’. Oversubscription of Eurobond and successful auction of 3G/4G spectrum licenses are undeniable proofs that government is satisfactory leading the country’s economy to the right direction.
Cars, motorcycles, homes and durable goods sales have increased impressively during the last one year which is an indicative of economy’s improvement. At this point only God knows what will be the result of Imran Khan’s long march but I believe that since politics is very deeply connected to economics and if Bill Clinton’s 1992 successful election campaign’s slogan”it’s the economy, stupid” is correct, then Imran Khan’s long march is not going to bring down PML-N’s government because as an economy observer I think Pakistan’s economy is clearly doing better under the present government.
Every cricket loving person in the entire globe acknowledges Imran Khan’s highly admirable credentials in this field. But politics is played on the economic field of a country and not on a cricket pitch. In this game, the politician who is good in economy is likely to win. I don’t think Imran Khan has sufficient knowledge of country’s economy; otherwise, he would have not called for long march and taken such a harsh stand as he has. Imran Khan appears to be taking his party to the point of no return.
Pakistan has a high potential to become one of the world’s largest economies in the 21st century. The economy has suffered in the past from internal political disputes. I hope and pray that our political leaders do not repeat past mistakes and this time show their power of reconciliation in the larger interest of Pakistan.
EJAZ AHMAD MAGOON (FCA)
Alminara, Dubai
I agree with this analysis as to the direction of the economy. There is a lot more to do and that is what Imran fears.
Imran Khan actually fears that if PML N (which had never been allowed to complete it's legal term in the past) completes it's 5 years terms and It's economic agenda starts showing more positive results then even the next election will be won by PMLN . I believe if PMLN completes it's 5 years term Pakistan will be a stronger country and this does not suit our enemies.
Imran Khan will be in the dustbin by 2018.
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