During the period of three years, all vows of government have settled down like froth of ocean. Here, Pakistan Tehreek e Insaaf (PTI) government and our Prime Minister Imran Khan (IK) are not sustainable on their promises and guarantees. Each of Pakistan’s leading political parties contends that no one can steer the country’s economy better than them.

Through back to three years, when PTI government had no position in assemble and senate, their ambitions & claims were at peak. Actually, all things are good untried. However, guns are down, after they actually adage extremely messed up economy and things went controversial afterwards. In the name of Riyasat-e-Madinah, Muslims of Pakistan surrendered before IK. Pity democratic nation and its youth have been caught in a mouse net. And, without a shadow of a doubt, people of Pakistan are actually suffering from anxiety, stress, inflation, economic downfall, money devaluation etc.   

I am not in favor of any past government or not against of the present. But due to a drastic and miserable condition of my beloved land, I feel offensive and regretful. It is probable that you may have different opinion in this regard, however, things which people anguish are not tolerable.

This country was already being punished for sixty years, as only rivals are here to trouble it rather to look after it. Meanwhile, people were praying for someone who would take it serious like a father of nation Quaid e Azam, they again ended up with a hostile bherya- a wolf.    

The incumbent PTI-led government has recently faced an obvious rise in criticism for their economic policies from the opposition, mainstream media and social media. A review of Pakistan’s trade statistics, however, paints a contrasting picture instead. Initiating with the GDP growth which remained 1.9 percent in the last three years, which was much below than average population growth of 2.4 percent on per annum basis in Pakistan.

Secondly, exports in the year in 2019-20, declined because of eruption of Covid-19 pandemic in the last quarter (April-June) period of 2019-20. Despite 35 percent devaluation, the exports could not move forward in the first two-year rule of PTI. This year, even though global trade in home textiles has increased by double digits, Pakistan’s exports after three years and huge devaluation. Thirdly, the public debt increased by 52 percent from Rs24,952 billion to Rs38,005 billion in the last three-year rule of PTI which has 66% increment during last three years of PTI.

Fourthly, on fiscal deficit, the average fiscal deficit was around 8 percent of GDP under the PTI led regime.  Total fiscal deficit stood over Rs10,000b in PTI’s three years. The SPI Inflation has consistently remained above 13pc every week since 25 February 2021. Food inflation has remained above 10pc almost every month for the last two years. The GNP growth remained over 6.5 percent in 2020-21 under the PTI.

If we start comparing the overall economic environment between the last government and the PTI’s current regime, we see that the last government five-year period could be summed up as a period of high growth, increasing per capita GDP, low inflation, low interest rates, unemployment decreasing consistently, poverty reduction on a consistent basis, increasing tax revenues, and a booming stock market and higher investments.

This is quite a contrast to the economic environment prevailing since August 2018 - low economic growth (in fact, negative in the second year), declining per capita GDP, highest levels of inflation, significantly increasing unemployment, increasing poverty, stagnant tax revenues, struggling stock market, and falling investment activity.

Along with inflation, the other two areas most important for the people are poverty and unemployment. Both have been badly hit since the present government came to power. Poor is becoming poorer and this is an alarming situation for a progressing country, where, there is a high rate of increased population consisting of lower class; and the middle class has wiped out somewhere. Everything is not so hassle-free, when there is no employment. Mr. Khan has promised to provide one crore job facility before entering in a government regime, but afterward, what has happened is not concealed. It is pretty obvious that the rate of unemployment in June 2018 was 5.8 percent which has significantly gone up to 8.53 percent in just two years - again the fastest increase in unemployment in any two-year period.

With almost half the time already gone, we have only seen millions losing their jobs and, as things stand, millions more will be added to the unemployed list in the coming years. As for poverty, no official statistics have been released but independent data suggests that more than 10 million people have been pushed below the poverty line since August 2018 and the trend will continue in the coming months and years. However, there are some positive aspects as well but very few to elaborate here.

At last, who is better, who is worst, it is all decided by the decision makers. But who is the decision maker? Does this nation know it? Does this nation think about its future and the economy cycles? Until, people of this country get educated enough to handle the matter of this political web, things won’t get right. The difference in overall economic performance is there for everyone to see.

Published in The Daily National Courier, April, 18 2023

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