Islamabad, March 14, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Monday said the economy is going down rapidly but nothing is being done to arrest the fall. The deteriorating economy cannot be revived with the help of flowery speeches as it requires measures in the right direction, it said. Every political party promises economic revival but put the economic issues on the back burner after coming to the power, said Dr. Murtaza Mughal, President PEW.

He said that no-confidence is stoking instability and it will hurt the economy is successful or failed. Dr. Murtaza Mughal said that government should tackle lack of productivity, conflicting economic policies, insufficient tax collection, weak infrastructure and other issues to become a developed nation before challenging developed nations for political mileage.

Pakistan is running out of time for reforms as no government has attempted to bring all political forces on one page for economic policies. The priority of those in power has always been to waste resources to benefit and facilitate their supporters and allies, he observed. He said that Pakistan depends on the West for its survival, therefore challenging it without being self-sufficient is tantamount to economic suicide, it said.

Pakistan buys 60 percent of its defence equipment from China while 40 percent of its arms and ammunitions are purchased from western countries, he informed. Dr. Mughal said that sixteen percent of Pakistan’s exports go to the United States, six percent to China and one percent to Russia. The largest volume of goods is exported to the European Union, which accounts for 35 percent of our total exports.

Exports to Europe exceeded total exports to the US and China while last month the US, UK, Spain, Germany, the Netherlands and Italy topped Pakistan’s exports, he informed. Therefore, he said, Pakistan should be careful while challenging the west on issues that are not directly linked to our interests, he added.

Pakistan needs continuous borrowing from IMF, World Bank, Asian Development Bank and Western countries for survival and their loans are always cheaper than loans taken from friendly countries. Likewise, FATF is also a Western institution that is in a position to cause great harm by blacklisting us, so it is not wise to confront them at this juncture, he observed.

For more information, contact:
President,
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
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Email: president@pakistaneconomywatch.com
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