This letter refers to the article ‘The real-estate monoculture’ (September 16, 2024) by Masood Lohar. He has very ably highlighted the ill effects of excessive investment by our moneyed class in real estate, at the cost of productive investment in industry and agriculture, and suggested measures to curb rampant speculation in real estate and encourage investment in productive sectors. This is easier said than done. For example, the article has not mentioned the issue of inflation, which is the real cause of the problem.
Given our rampant inflation rates, no sensible local or foreign investor or entrepreneur is willing to invest heavily in Pakistan. Unless our rulers ensure that state expenditures do not exceed revenues available and spend prudently on productive enterprises, no improvement is possible. The economy will continue to drown deeper and deeper in debt.
Abdul Majeed
Islamabad
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