One of the global lenders, Asian Development Bank has said that continued efforts toward fiscal consolidation and policy reforms will be key to sustaining improvements in macroeconomic stability, especially in broadening the tax base and improving the business environment.
Other lenders and global rating agencies have also made similar recommendations to the policymakers in the country. That the country’s economy is in a woeful state is a fact that cannot be denied by any economist worth his or her salt.
It increasingly appears that the country is moving towards an economic collapse. Successive governments, including PTI’s, have caused immense harm to the country’s economy owing to a variety of reasons, including corruption and incompetence.
The incumbent government appears to be making hectic efforts aimed at taking the country’s economy out of the woods. But it appears clueless about how to take the required steps aimed at arresting the economic slide. We are falling deeper into debt, and there is no light at the end of the tunnel.
Mushtaq Vohra (Karachi)
Copyright Business Recorder, 2022
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