- Pak economy tossed about in stormy waters
If the last two federal governments were characterised by gross maladministration and misplaced priorities, the current PTI dispensation is best exemplified by its agonising indecision and tardiness in boldly confronting the hydra-headed debacle bequeathed by its spendthrift predecessors on the economic front. Where alacrity was needed from day one of assuming power, of creative, out-of-the-box thinking and hectic activity, the ruling party’s much trumpeted 100 days agenda targets mostly missed the bulls-eye. The economy is presently drifting along apparently rudderless towards a plunging waterfall. Unless a Keynes-like economic wizard is hired (Dr Atif Mian having politely ‘withdrawn’), or Merlin the magician or King Midas with his fabled golden touch suddenly make an appearance, any economic data regarding the country’s economy must inevitably be read with a box of aspirin at hand and the hands holding the head in dismay!
Firm and rigorous coordination between various ‘cooks’ presently presiding over the national economic ‘broth’ is of the essence, otherwise the end product will again comprise indigestible ‘over-peppered dishes’. Such synchronising would define a clear and unified economic policy with premeditated goals, and avert any uncertainty or confusion in field implementation. It is true that years of misgovernance and nepotism have left hollow shells of once robust state institutions, including State Bank of Pakistan, Federal Board of Revenue, and the related ministries of Finance, Planning, Commerce and Statistics. The precarious economy trembles at repeated warning gusts of winds emanating from IMF and also quivers perceptibly when a negative international rating agency report is released. A stern commitment and political will is needed for carrying out urgently-needed radical reforms, as standard text-book remedies have failed to deliver in our peculiar conditions and ground realities. It involves swallowing the bitter pill of public abuse for pinching and unpopular, but necessary, governmental policies, as well as monastic frugality to exorcise the economy’s universally known demons of low tax collection, dwindling foreign exchange reserves, astronomical foreign and domestic debt, current account deficit or now yawning abyss, unstable rupee, and others. Will the 12th Five Year Plan (2018-23) with its ambitious, but contested figure of 7 percent GDP growth turn out to be the longed-for game changer?
