There is no way one can possibly downplay the severity of Pakistan’s economic crisis. Our forex reserves are running dry, inflation is out of control and real growth has all but vanished. Though Pakistan is a large economy, we produce little of value for the rest of the world. Furthermore, our government and institutions do not inspire the investor confidence needed to overcome our trade deficit. These are the twin pillars of our economic malaise, putting the economy on life support. At any moment, if foreign countries or the IMF decide to pull the plug, we will default.
We must take urgent measures to improve the state of our economy. Priority has to be given to upgrading the skill level of our labour force. There needs to be an intense focus on science and technology, our workers must be trained in making and operating the latest machinery, components and software. Only then will investors begin to look at Pakistan as more than a financial backwater.
Ali Zaib
Islamabad
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