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Friday August 12, 2022

Imran left economy in worse shape: US economist

US economist Mian Atif was selected by the Imran govt in its first year to serve the country.

By Our Correspondent
April 11, 2022
Renowned Pakistani-American economist Atif Mian. The News/File
 Renowned Pakistani-American economist Atif Mian. The News/File 

ISLAMABAD: Pakistan’s economy is now in a worse shape on all accounts under the three-and-a-half year rule of PTI led government in 2022 than it had inherited from the PMLN led government in 2018, it has been claimed by a US economist Mian Atif, who was selected by the Imran govt in its first year to serve the country but was later dropped after a controversy.

 Renowned Pakistani-American economist Atif Mian stated that the PM was voted out of office by the parliamentarians after 3.5 years; he had inherited a bad economy but leaves it Renowned Pakistani-American economist Atif Mian stated that the PM was voted out of office by the parliamentarians after 3.5 years; he had inherited a bad economy but leaves it in even a worse shape.

"The PTI tenure could be marred by low GDP growth, higher inflation, especially food inflation, average low tax collection of FBR, higher expenditures, rising public debt and liabilities as well as an escalating monster of circular debt. Now the twin deficits known as yawning fiscal deficit and current account deficit are again skyrocketing, especially the current account deficit was again touching a level that was inherited by the PTI government when it had assumed reins of power after winning the 2018 general elections."

Atif said: "There's been zero increase in average income, and Pakistan never got out of the balance of payment (BoP) crisis. The Covid gave temporary respite to BoP crisis as oil imports and domestic demand contracted due to the pandemic, but with pandemic receding, it is back in serious trouble."

He said that the larger failure was an incapacity to understand Pak macro challenges the PTI inherited, a currency crisis that was already months in motion. Yet the new govt had done no planning. Precious time and reserves were wasted with silly schemes, he added.

"When finally external adjustment was forced upon the government, it could have enacted new policies to ensure that Pak: (a) gets out of BoP trouble, (b) gets on a sustainable growth path. But even (a) never happened, (b) had no chance." He raised a question why and replied that because the government policy went for the usual shortcuts: open capital account for speculative portfolio investment, encourage unproductive real estate investment, continue to subsidize an elite-favoring rentier economy, go on foreign begging trips, etc.

"What should have been done was not done, e.g. engineering an ambitious energy-independence policy, without which Pakistan cannot have sustainable growth. This would have required pulling the best renewable energy scientists into the country and giving them discretion and resources. Instead we got the emotional appeal for a dam fund. Growth is serious business. It requires building value-chains inside your country, it requires building capacities of your people, your firms, your government. This basic sense was missing."

It is extremely unfortunate that a government that millions had pinned high hopes on has ended in such colossal failure. Atif added: "I hope those who come next learn from this, and their own past failures."

Comments

    Arif Kaderbhoy commented 4 months ago

    Which previous governments have done a good job with the economy?

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      Muhammad ashraf commented 4 months ago

      comment

      At least previous were better in over all economy situation commented 4 months ago

      PMLN was at least better

      Amir Anees commented 2 months ago

      Last time when Pakistan economy was stable in early 70’s and all the credit been given to Ayoob Khan but there was a man behind him Mirza Muzafar Ahmed and than Bhutto called him Ahamadi none Muslim and left Pakistan and became president world Bank.

    Safdar Ali commented 4 months ago

    Mian Atif is a Qadeani which is a religious minority. He has no authority to air negative propaganda against Pakistan economy and add negative points to the beggars politics.

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      Fawad khan commented 4 months ago

      World bank asking him advice.Saudi Arabia asking his advice and another country asking his advice, He has been invited in Makkah conference to advise to Arabian countries for economics programs,how they can make good budgets for there countries.

      Nasr commented 4 months ago

      Shame on this comment. Economics and bop have nothing to do with religion. This man Mian Atif is a gem, and this is the reason we can not utilise such brains for Pakistan.

      Ahmad commented 4 months ago

      True he is a Kadyani but he is right. The same Kadyani was praised by IK himself and dropped by his own team when they couldn't handle the pressure from the Muslim scholars. He should have thought of Pakistan first. What a failure

      Razaullah commented 4 months ago

      If mian Atif is qadiani why Imran selected him to serve the country?

      Naazlee Sardar commented 4 months ago

      M atif is a renowned economist and we in Pakistan are privileged to receive his analysis. Had the mullah influence not played its role he would have been advising ik for the benefit of the people and economy.. alas

      Arif commented a month ago

      Just people like you are the reason why Pakistan is going down the drain.

    Taimur Khan commented 4 months ago

    Anyone who criticises the investments in dams with our hydel resources in context has an axe to the ground. He ignores the multiple problems the government tackled...4% growth amidst covid...huge improvement in exports...amazing health card and welfare initiatives..

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    Ashraf commented 4 months ago

    Comment

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    ZK commented 4 months ago

    Now that IK is no more in power, You will see a lot of so-called experts coming out and bashing him and his tenure. They will malign him and his governance to dent his future political motives.

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    Surprised to see one-sided picture from an Economist! commented 4 months ago

    Surprised to see one-sided picture from an Econ

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    Faisal commented 4 months ago

    See the problem is renewable energy or dam or privatization or any major structural change Doesn't happen in 3.5 yrs. if one knows Pakistani govt and its ways, it will take 8-10 yrs ..so giving the benefit of the doubt to mr Atif , it seems he lacks experience working in Pakistan .

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      M Nana commented 4 months ago

      Exactly my point, I have suggested they sent him to LUMS for further studies in the local situation on the ground. We can't blame him for his bias.

    Huma khalid commented 4 months ago

    What a litany of lies...he speaks this way because he was kicked out of Imran's team. tax collection has doubled remittances have broken the record, exports have increased multi-fold and economy is on growth path..Atif is only lying to serve his masters.what a shame

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      Arif commented a month ago

      You don't even blush when you lie.

    Irfan commented 4 months ago

    Regardless of anyone’s faith, we need to listen to what this educated man is saying. PTI used religion and extremism for their benefit. Unfortunately, they never gonna learn from this.

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    What else do you expect from a rejected person!!!! commented 4 months ago

    Doesn't Atif Mian know why Imran went to Russia???? He went there to save billions of trade deficit in energy sector by opting for the cheapest oil and gas which India is enjoying.

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    Muhammad Alamgir Khan commented 4 months ago

    Abject nonsense. A third-rate propaganda piece. Shameful travesty

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    Haroon Rashid commented 4 months ago

    When Imran Khan wanted to appoint Mian Atif to his economic team, everyone including media created a lot of fuss because of his faith and now you are reporting his analysis of economy. Is it not hypocrisy?

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    Bandookullah commented 4 months ago

    Let the propaganda begin

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    Syed Neiman Raza Shah commented 4 months ago

    As Nawaz proclamation, Ahmedis/Qadianis as brother while IK was strong proponent of Mohammed SAWW and his dynasty only that's why he got the opportunity to blame IK to show his bias under the pretense of his so-called knowledge.

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    Even a child can understand your agenda by just reading this article, you are a real stooge commented 4 months ago

    Even a child can understand your agenda by just reading this article, you stooge

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    Sahr commented 4 months ago

    You are saying this as you were kicked out...if you were this much sincere....why didn't you stand up at the right time

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    Usman commented 4 months ago

    Seems like Mr. Atif stiff suffering from "why didn't you pick me" syndrome after 3.5 years. Imran was supposed to fix everything that went wrong in 3 decades in 3 years apparently..

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    Salam ullah khan commented 4 months ago

    Economic experts are criticizing the economic damage done by IK and his brutal policies but youthiyas are experts in their own while knows nothing about the A B C of economics. Only Youthiyas can do this.

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    anwar khawar commented 4 months ago

    Mr.you are surly controversial and so is your opinion because you couldn't deliver as a so-called expert.

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    Imran Khan commented 4 months ago

    Truly said.

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    Faheem Nasir commented a month ago

    The Mullahs and the PTI Government would be wondering how God has saved Atif Mian from embarrassment.

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