Very tough times ahead for Pakistanis — powerful circles need to see crumbling economy

Very tough times ahead for Pakistanis -- powerful circles need to see crumbling economy

By Raza Ruman

       The Shehbaz Sharif led PDM government has made the life of people of Pakistan extremely miserable.

      It’s inability to keep prices under control speaks volumes about the incompetency of its economic management team led by Ishaq Dar. Even Dar fails to stop the flight of dollars…what a pity.

    The Sharifs and Zardaris have so far failed to show any spine as far as the protection of ordinary citizens’ financial well-being is concerned.

     As a result, the public has largely been left to fend for itself as the country undergoes a severe and painful reconfiguration, resulting from years of myopic and self-serving decisions.

   There seems to be no economic ‘wizards’ in the country who could have a quick fix to our economic problems.

    PDM had sold itself as the panacea to Pakistan’s economic challenges, especially when the government was with the PTI. It has yet to demonstrate why it had been so confident in its ability to deliver.

   Consumer inflation continued to burn red-hot at 24.5pc in the cold of December, reversing track from a brief (and slight) dip to 23.8pc in November and taking average inflation for the first six months of the ongoing fiscal year (July to December) to slightly above 25pc. That number masks a more worrisome reality: inflation in rural areas, where more than two-thirds of the country’s people reside, has been considerably higher at around 28pc over the same period.

   Irban citizenry has been forced to spend, on average, 23pc more on their needs in fiscal 2023.

     Data reported by the Pakistan Bureau of Statistics also shows a worrying upward trend in commodity prices in the month of December compared to November, indicating that prices have yet to stabilise and may, therefore, continue to rise. The data shows that food is now the biggest driver of inflation, with prices up by an eye-watering 35.5pc year-over-year.

   The prices of perishable items are up, on average, by a shocking 56pc from the same month last year.

   The average citizen has little choice but to cut consumption and curtail their dreams as out-of-control inflation decimates their household budget. With a sense of helplessness and hopelessness slowly descending on the country, those who are privileged are increasingly talking about moving abroad.

    The least the government could do in these difficult times is to leverage its administrative powers to ensure that unscrupulous players are not taking advantage of the prevailing instability in domestic markets to profiteer at the expense of the browbeaten citizenry.

    Demonstrating to the nation that it is doing what it can despite challenges would greatly help in keeping the country together. However, it seems the finance minister is too caught up in his own worries and has little time for those whose future he has taken responsibility for.

    It’s time for the powerful circles to wake up and fix economy before it’s too late. PAK DESTINY

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