ECONOMIC PROJECTIONS
A newspaper carried ‘Economic Projections’, which is apropos. It is a fact that Dr. Hafiz A. Pasha, a renowned economist, requires no introduction due to his profound knowledge of economics and finance. Not only is his insightful interpretation of the World Bank report informative, but it also serves as an eye-opener for all of us.
He says, for instance, that the financial sustainability of Pakistan’s economy is a matter of serious concern to the World Bank.
A detailed breakdown of the potential sources and financing needs has not been provided, however. How can Pakistan achieve a positive GDP growth rate of 2 percent in 2023-24 despite being neck deep in a financial crisis? The country, in my opinion, is experiencing an economic crisis unlike any other in its history.
Amid rising price hike, inflation, and unemployment, there is a woeful lack of economic activity in the situation. It is no longer news that industrial units are shutting down on a daily basis. A 2 percent GDP growth alone cannot provide a solution. No one has control or vigilance over things.
Despite Pasha sahib’s highly valuable stipulations and noble exhortations, the economy is in shambles or irreparable, so to speak. He’s understandably perturbed by the current state of the economy.
