This is apropos a Business Recorder op-ed ‘Economic projections’ carried by the newspaper recently. That noted economist, Dr Hafiz A. Pasha, needs no introduction for his deep insights into the subject of economics and finance is a fact. His profound take on a World Bank report is not only informative but also an eye-opener for all of us.

According to him, for example, “It is not surprising that the [World] Bank expresses very serious concerns about the financial sustainability of Pakistan’s economy.

However, a detailed break-up of the financing needs and potential sources has not been given. The question is that if Pakistan is so neck deep in a financial crisis, then how will a positive GDP growth rate of 2 percent be achieved in 2023-24?” In my view, the country is facing an unprecedented economic crisis in its history.

The situation is strongly characterized by a woeful lack of economic activity amid rising price hike, inflation and unemployment. Shutdown of more and more industrial units on a daily basis is no longer news. Even a 2 percent GDP growth cannot be a solution. Things are in a way beyond the control or vigilance of anyone.

The economy is in tatters or beyond repair, so to speak, despite Pasha sahib’s highly valuable stipulations and noble exhortations. Needless to say, he’s duly perturbed by the current state of economy. Unfortunately, however, those at the helm appear to be least bothered about the economic slide. Allah raham karay. Aameen

Munib Raza (Lahore)

Copyright Business Recorder, 2023