Emerging economies list: Shehbaz slams govt on Pakistan’s expulsion

LAHORE: PMLN President and National Assembly Opposition Leader Shehbaz Sharif has expressed grave concern and alarm over Pakistan's expulsion from the list of emerging economies.

In a statement issued here on Wednesday, Shehbaz said this exclusion from the Morgan Stanley Capital International's emerging economies list was deeply disturbing and worrying. He said this is also indicative of the rapidly deteriorating economic condition, difficulties and miseries of the people of Pakistan.

"Pakistan's relegation to the 'Frontier Markets' was an announcement of the economic crisis prevailing in the country. During Nawaz Sharif's tenure Pakistan was included in the world's 20 emerging economies. But in just 3 years of PTI has snatched away Pakistan's grading as an investment friendly country and its economic development", Shehbaz said.

The PMLN president said this proves that the volume of national economy had shrunk and it investment was drying out. This step by MSCI had endorsed the fears voiced by PMLN. It also proves that the international financial institutions had rejected the economic statistics given by the PTI government. International financial institutions were seeing Pakistan’s economic state deteriorating while Imran Khan says it is improving, he said.