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Atif Mian, a noted Pakistani-American economist and currently a professor of Economics, Public Policy, and Finance at Princeton University, has said that Pakistan “is bankrupt” and “sinking deeper every year”.

In a series of tweets on Sunday, the economist highlighted the impact of the February 09 General Elections for Pakistan that remains engulfed in a myriad of economic challenges including “inflation, growth, debt and investment.”

“Pakistan’s economy has consistently fallen behind globally – last year was one of the worst, with the economy actually contracting,” he said. “Every macro fundamental is flashing red: inflation, growth, debt, investment, to name a few.”

Criticising the government’s inability to generate revenue, Atif said the federal government has no money.

“It cannot even afford to pay the salary of a peon or a soldier without borrowing,” he said.

The economist said Pakistan’s entire tax revenue is consumed after paying provinces their share, pensions to retirees, and interest on debt.

‘Nonsensical’: economist Atif Mian slams Pakistan govt’s policies

“Inflation cannot be controlled when the entire government is run on deficit,” he said.

Whereas, “growth is impossible when government has no money to invest in the future, and lack of growth makes every problem worse,” he said.

“The country is bankrupt. It is sinking deeper every year,” he exclaimed while highlighting the state of affairs in the South Asian country.

“I have never seen such despondency. So many wanting to leave, established firms are no longer comfortable investing.

“Yet no leader has a viable economic plan for the future,” he said.

“People are mad – and they have every right to be. 442,353 children died in Pakistan just last year due to poverty, which is almost half a million dead kids every year.”

The General Elections 2024 have been marred with unclarity as the Election Commission of Pakistan (ECP), to date, has not announced the results of all constituencies.

Meanwhile, the economist warned that after the latest elections, the distance between the ruler and the ruled has never been wider.

“Do they understand how dangerous that is?” he questioned.

“There is an attempt – once again – to cobble together a compromised group.

“No one has a plan to fix the economy. But even if they magically did somehow, they cannot do anything because they have lost all trust in their people they are foreigners in their own land,” concluded Atif.

Also read:

Comments

200 characters
Muhammad Ahmad Feb 12, 2024 04:18pm
Atif Mian has no knowledge of pakistan economy. Pak per capita debt is 8000 Usd only.
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ahmad faraz Feb 12, 2024 04:25pm
Proper depiction of an enslaved country of 250 million slaves without any moral values....... THE FEW THEY DON'T CARE ABOUT US - THE 250 MILLIONS
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Johnny Walker Feb 12, 2024 04:58pm
"“Do they understand how dangerous that is?” he questioned." I am sure they do not care.
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KU Feb 12, 2024 05:03pm
That's right, we are at the mercy of the corrupt and incompetent, and none of them are interested in economic revival.
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Sohail Feb 12, 2024 05:04pm
Atif Mian sir, you are a great talented person and we people did not deserve you
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Az_Iz Feb 12, 2024 05:40pm
The country does have financial issues. But it will overcome them.As to those who think otherwise, they will join a long list of people, who have been spreading doom and gloom going back to Nehru.
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Az_Iz Feb 12, 2024 05:42pm
Nehru too thought Pakistan was going to collapse within a few years after creation. They list of those who have spread doom and gloom is very long.
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Az_Iz Feb 12, 2024 05:53pm
When Pakistan was created, Nehru thought, it was going to collapse soon. India also did not give Pakistan, it's share of money. So Pakistan faced the worst crisis, right away. Yet it made it.
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Feb 12, 2024 06:00pm
Very well said the whole including people are responsible.Both have no values the whole is morally bankrupt.
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Az_Iz Feb 12, 2024 06:04pm
At the time of it's creation,Pakistan absorbed millions of refugees successfully,which was amazing,for a third world country,in much bigger crisis then.The country is much more resilient than u think.
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hyder Feb 12, 2024 06:07pm
Publish the complete tweet if you dare.....adha adha ye kya tareka h bhai
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KU Feb 12, 2024 06:11pm
People associated with agriculture and industry are living through doom and gloom, and nothing has changed. But it's only people, it's ok.
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Shahrukh Feb 12, 2024 07:12pm
He is another fear monger. Siding with youthias. Mr. Mian, should very less about Pakistan and more about the 33 trillion federal debt maturing of the US.
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Afzal Khan Feb 12, 2024 07:45pm
@Az_Iz, rightly said. I am sure there's a bit of Nehru in his beliefs, ideology and genes too.
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Doc Asad Feb 12, 2024 07:59pm
A country whoe majrity people are knee deep in corruption from ruler down to peon. It should have been drowned way back .
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Bashir A Aziz Feb 12, 2024 08:35pm
If only the people in the corridors of the power would understand this Atif Mian. They are only concerned about their powerful position and loot the wealth of the country. Damn be the people!
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Notsurprised Feb 12, 2024 08:39pm
Now youthias will love Atif Mian's brilliance, not recalling how IK rejected him on his faith and ignored his merit.
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Awami Feb 12, 2024 08:53pm
Better to listen and take corrective actions. Wise professor's calm comments.
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Awami Feb 12, 2024 08:54pm
@Johnny Walker, Sad part is they understand but they do not care.
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Junaid Feb 12, 2024 08:55pm
If we correct our way there is always hope. When there is a will there is way. Allah is merciful. If we truly repent and do justice with our people and work together to fix future of our generation
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Awami Feb 12, 2024 08:59pm
@Az_Iz, Was separation of East Pakistan ( majority of Pakistan walked away ) not a collapse ? It does not matter who said and it happened in little over 20 years.
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AmirSh. Feb 12, 2024 09:30pm
Need of the time is to have a honest, hardworking and a "loyal leadership" to the general public. And remember-nothing in Pakistan is impossible. Yes, we can get out of this mess.
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Tulukan Mairandi Feb 12, 2024 09:33pm
Great development
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Faraz Iqbal Feb 12, 2024 11:14pm
It’s very sad to see our country going down with the rate of knots. Our children’s future are very dark and the country is on the verge of breaking and collapsing.
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Az_Iz Feb 13, 2024 01:55am
@Awami, using this logic, then India collapsed in 1947, when Pakistan separated from it. But it did not. Same way Bangladesh seperated, is not considered a collapse of Pakistan.
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zh Feb 13, 2024 02:55am
The bad news is. Dar has yet to start and will send IMF packing for not approving the energy ministry's plan likely the brainchild of Pakistan's father of Wirtschaftswunder.
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Az_Iz Feb 13, 2024 03:30am
Pakistan's debt is about 78% of the GDP.For USA, it is around 110%.The US government runs a $1.5 trillion dollars deficit.If it does not borrow money,it also will not be able to pay anyone's salary.
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Mubashir Hussain Feb 13, 2024 05:39am
@Az_Iz, Don't you remember separation of East Pakistan I e. Bangladesh?
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Aamir Feb 13, 2024 09:41am
@Az_Iz, At that time the total population was 3.5 crores. Do you think it is sustainable at 25 crores with the worst and most corrupt people at the helm of affairs
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Khurram Arshad Feb 13, 2024 11:45am
Looks like Mr. Atif wrote this article from the ease of his bedroom. I think one should have his hands on the pulse of the nation he is talking about. There is no truth in his statement.
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Truthisbitter813 Feb 13, 2024 02:22pm
Obsessed with Pakistan yet always sitting oceans away comfortably in the USA. Mr. Atif Mian hasn't uttered a single word for Palestine but loves to be a storyteller for Pakistan! Priceless hypocrisy!
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Truth Feb 13, 2024 03:24pm
It is ridiculous to compare countries based just on debt-to-GDP ratio without considering the ability to generate revenue. Pakistan and the US are not in the same boat. A Mian has simply stated facts.
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Az_Iz Feb 13, 2024 06:04pm
@Mubashir Hussain, Bangladesh separated from Pakistan, and earlier Pakistan, separated from India.
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Az_Iz Feb 13, 2024 06:31pm
@Truth, debt to GDP is not the only factor, but it is a significant factor. And many economists and some politicians call for the debt to be reduced, no matter the ability to borrow.
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