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April 20, 2021

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Newspost

 
April 20, 2021

Minister of Planning and Development Asad Umar must have shocked many economy observers, inflation-hit people, unemployed youth and many more when he said that Pakistan’s economy has improved a lot during the last two-and-a-half years under the PTI-led government. I am still struggling to understand how the country’s economy has improved during the last two-and-a-half years when the country is clearly under the grips of rising inflation and unemployment.

Many people don’t know how to make both ends meet. Inflation has messed up the monthly budget of the majority. Young people are still struggling to find a decent job to help support their families. Our recent policies have completely damaged the country’s economy. If this was not enough, the Covid-19 pandemic destroyedthe economy of the entire world. It is not the PTI’s fault that the world had to deal with a pandemic. The government, however, should accept that the virus did hit the country’s economy. Keeping this in view, how can Asad Umar claim that Pakistan’s economy has been improving? If the country’s current account deficit is shrinking, it does not necessarily mean that the economy is improving. On the contrary, the shrinking of current account deficit could be due to reduced imports as people’s consumption is less. If car sales are up, it may be due to the pending demand of cars which could not be met due to the Covid-19 situation.

The car sales increased by 31 percent in the last nine months – as compared to the same period last year. There’s nothing to be excited about this increase because this year’s car sales soared on account of the low base. That the current account deficit is shrinking or car sales are increasing do not help the common man’s budget. Price stability and improvements in the job market are some of the factors that directly affect the majority. The prime responsibility of the government is to bring price stability and create job opportunities so that a majority of people may benefit. Ever since the PTI come into power, it hasn’t paid attention to these two important aspects of governance. The minister should consider reviewing his claim that Pakistan’s economy has improved.

Ejaz Ahmad Magoon (FCA)

Lahore