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Political instability affects country’s economy, say experts

By Our Correspondent
November 28, 2022

LAHORE:Current political instability and tension negatively affecting country’s economy which is growing economic issues and mental health of the people, encouraging the law-breaking and moral destruction in the country. In order to improve these conditions, Pakistan needs to set a proud example of high traditions and prosperity for the next 25 years.

These views were expressed by the discussants in the Jang Economic Session on “Economic issues – when the public woes end”? The panelists were Afnan Sadiq Butt, Mudassar Raza, Dr Ihsan Malik, Dr Ikram-ul-Haq and Dr Arshad Humayun while moderated by Sikindar Lodhi.

Afnan Sadiq Butt asked for adopting the direction. Not a single Prime Minister has completed his term in Pakistan. In the current situation, the economy is stuck. Pakistan is making the most expensive electricity from petrol while cheap electricity could be generated if water reservoirs were built. Pakistan is facing food problems despite being an agricultural country while forced to import the edible items which is increasing import bill. He suggested imposing ban on import to control the situation. Further, all the political parties together make long-term policies with mutual consultation and work on them.

Mudassar Raza said that Pakistan was undergoing a serious situation, while recent floods badly affected the country’s economy and caused a loss of $40 billion and country cannot recover from this loss for next several years. Moreover, corruption has become common in society, no work is possible without corruption. The FDI is the most important thing in the development of a country while due to the political instability and uncertainty it was halted. Further, terrorism and corruption also affected India and other countries too, but due to political stability, those countries are moving ahead of Pakistan. He mentioned 80% of tax collection goes towards debt repayment while more than half of a common man’s salary was spent on children’s education and health.

Dr Ihsan Malik said the general public never supported good people while gave examples of India, China and other developed countries but did not see what methods they adopt and their laws and policies. The merit does not exist in Pakistan. The education is very expensive without any checks and balances. Accountability and the strengthening of institutions are very important for the improvement of the country’s economy. It is very important to have an effective system of accountability and punishment for economic and social justice.

Dr Ikram-ul-Haq said Pakistan was moving towards poverty. People are not getting the basic necessities of life. The political elites have to think about improving the life of the common man by leaving the indifference. We should focus on increasing trade and exports. However, but we have set up sugar mills in cotton areas. We did not pay attention on traffic system, infrastructure development but take loans. The social sector is always neglected and ranked at bottom 10 in the human index. Pakistan has to make a collective effort to improve the economic and social system.

Dr Arshad referring the World Health Organisation said that physical, mental, social and spiritual health problems were closely related, complex diseases like diabetes, cancer, hepatitis also cause depression. Due to current political and economic instability affecting the mental and physical depression while the provision of basic needs is greatly affected and 40 percent population is living behind the poverty line. Inflation has broken the backbone of the people which weakened a person mentally and physically. It is necessary that all institutions consult with mutual respect and find solutions of economic and social problems.