Pakistan’s economy has long been a topic of discussion, with various myths surrounding its stability. Pakistan like any other non developed nation faces its fair share of challenges and setbacks. However, it is essential to address and dispel the myth that the country’s economy is on the brink of destruction. The popular belief, Pakistan’s economy is on the verge of collapse with some certain challenges, it is crucial to acknowledge the multiple experiments having been implied in recent years. Various governments in their tenures have been implementing various reforms to stabilize the economy, such as reducing the fiscal deficit and enhancing tax collection measures but in vain due to political and institutional tussles.
In personal conversations, individuals often predict further devaluation of the Pakistani currency and a worsening economy. However, it is vital to approach such predictions with caution. Economic fluctuations are a part of any nation’s journey, and it is unwise to base long-term projections solely on short-term trends. Law and order incidents in Pakistan are often exaggerated on social media platforms. This amplification creates a sense of disappointment, particularly among business communities and skilled segments of the society. While acknowledging the need for accurate reporting, it is essential to avoid sensationalizing events that may undermine confidence in the economy.
In personal conversations, individuals often predict further devaluation of the Pakistani currency and a worsening economy. The perpetuation of myths and unfounded fears has resulted in small investors, as following the elite class tending in shifting their businesses to foreign countries. Deep political divisions, mistrust on state institutions, and the irresponsible use of social media exacerbate frustrations among the people. It is vital for political leaders to work towards bridging these differences and promoting unity, as a stable political environment is essential for economic growth and investor confidence. Moreover, it is imperative that the state’s Institutions to bound Pakistani politicians and retired officials to bring back their assets and invest in their own country. This act not only showcases their belief in Pakistan’s potential but also serves as an example for others to follow suit. In return, the state and the nation should reward those who invest in their homeland with respect, praise, and provide ease in shifting investments back to Pakistan.
The foreigner investors in general while locals in particular, deem that the top retired or serving bureaucrats and politicians know better the future of Pakistan. When political leaders and bureaucrats have shifted their money abroad, it signals that Pakistan’s economy has no bright future. The people have traditionally looked to influential figures such as bureaucrats and politicians for insights into a country’s economic future. When these individuals choose to move their assets overseas, it sends a negative signal about the stability and potential of Pakistan’s economy in the upcoming times.
The perpetuation of myths and unfounded fears has resulted in small investors, as following the elite class tending in shifting their businesses to foreign countries. This trend further deteriorates the economy, as Pakistan faces a financial crunch. It is crucial to address these concerns and provide reassurance to local investors regarding the stability and growth potential of the country’s economy. Reports indicate that approximately 1.2 million Pakistanis, including businessmen and highly skilled individuals, have migrated from Pakistan to various countries in the last year and a half. This brain drain has adverse consequences for the country’s economic growth and development. It is imperative to create an environment that encourages skilled individuals to remain in Pakistan and contribute to its progress.
While foreign investment is desirable, it is equally important to retain and attract local investors. The loss of local investors at a rapid pace is detrimental to the economy. The government should focus on creating a conducive environment for local businesses, ensuring speedy justice, complete peace, and ensuring a transparent and efficient system that fosters growth and prosperity.
Deep political divisions, mistrust on state institutions, and the irresponsible use of social media exacerbate frustrations among the people. It is vital for political leaders to work towards bridging these differences and promoting unity, as a stable political environment is essential for economic growth and investor confidence. Moreover, it is imperative that the state’s Institutions to bound Pakistani politicians and retired officials to bring back their assets and invest in their own country. This act not only showcases their belief in Pakistan’s potential but also serves as an example for others to follow suit. In return, the state and the nation should reward those who invest in their homeland with respect, praise, and provide ease in shifting investments back to Pakistan.
The writer is a Peshawar based journalist and can be reached to on: sami.kpk@gmail.com