‘Economy on a knife-edge after election’

This is apropos a Business Recorder op-ed “Economy on a knife-edge after election” carried by the newspaper recently. The writer, Muhammad Sheroz Khan Lodhi, has argued, among other things, that “Pakistan is on a knife-edge, and the three major political parties will do well to step back and evolve a political consensus through a grand political dialogue with a futuristic view of how to take the country forward. No political party alone can take Pakistan out of its current problems. The country needs to conciliate.

For this, a new political consensus among the political stakeholders offers the best way forward.” In my view, his is a saner advice. Undoubtedly, the situation is still profoundly grim. The assumption of office by new prime minister hasn’t helped overcome the challenge of growing political instability in the country. And, there are legitimate reasons for the absence of political stability, which is a sine qua non for economic stability. The opposition parties, particularly Pakistan Tehreek-e-Insaf (PTI), have already taken to the streets to protest what they say vote rigging on an unprecedented level in the entire history of the country.

The polarization of society into pro-government and pro-opposition segments can clearly be seen in country’s urban and rural areas alike. The situation, therefore, underscores the need for a wider dialogue among all the stakeholders to help reduce polarization in the country. It is, however, important to note that heavy-handedness by the Punjab police that was on full display in Lahore recently to quell a PTI protest has only added to polarization. Last but not least, it is heartening to note that the new government has taken stock of country’s economic situation and delineated a roadmap to be pursued by the Cabinet in coming weeks and months with earnest. But it must not lose sight of the fact that any improvement in the country’s economy will become illusory in the absence of political stability.

Samina Mehdi (Lahore)

Copyright Business Recorder, 2024