The crumbling economy
Department of English
National University of modern languages
It is often deemed that every incident leaves a lesson, either the lesson makes someone’s life or it destroys someone’s life entirely.
The very above-mentioned statement refers to the countries which face mammoth economic, political and social challenges in their history, and are striving to come out of those quagmires successfully, or stumble while coping the dire situations.
As in the course of history, we witness that every superpower country experiences all sorts of crises, but the matter is how they overcome it and escaped from it.
No one can refute the catastrophic ramifications of ww1 and ww2, when the two potent blocks: Russian and Germany’s economics were totally collapsed. Along with that, political instability and social chaos were also prevailing everywhere. But it was not about losing hope for their people, rather it was about facing and fighting it with courage and making their way out. And luckily they very quickly did it.
Likewise, world’s great depression of 1930s posed massive economical threats on America and millions of its people got dead, million were homeless, and got compelled to flee the country. Because Inflation had reached to sky, country’s banks were defaulting, and by 1934 America became a depressed country.
For us, the thing to thing to keep in mind here is, the struggles those states put in to get out of the appalling circumstances. As we discern their pace was extra ordinary.
The same situation has been faced by the emerging super power china in its history. China also has experienced an uncertain economic crisis from 1950 to 60. But they got the lesson from those incidents, and made inclusive economical polices, worked day and night, and progressed by leaps and bounds, and now are claiming to be a hegemonic state in the globe.
Pakistan is currently dealing with such excruciating circumstances, let’s see what it is doing. Since 2019, after the very break out of coved pandemic, the economy is trembling, but in last few months the situation is has turned more alarming. We saw a sharp devaluation of Pakistani currency against the dollar in international market. The recurring devaluation of currency opened the flood gates of soaring inflation which is increased by 27 percent in the last few days. With that, the hike in the prices of gas, oil and electricity created disturbance among the masses. It is being observed the shortage of flour throughout the country and people are dying of malnutrition, and the skyrocketing prices of commodities are making the situation even more embroiled. Meanwhile, the process of hoarding substances are also increasing to the great extent.
But the heartbreaking situation is when country’s reserves dropped to 3billion, which is expected to hardly enough to run the country for 2 weeks, in such a crucial moment, what one should do? Nothing, Allah is the only curator. The culprits are worried at the eleventh hour and are seeking help from IMF and other neighbors, but there has not been shown green sign from any of them. Lastly IMF agreed to send its team to Pakistan with strict polices to implement. The policies include, increase the subsidies, taxation, and increase in energy sources, such as Gas, oil and electricity. And it is crystal clear that the lower class is again to bear the gift of their political dead bodies.
The question that is always stuck in our mind is: Who is responsible for this? And how can we come out of this?
On 30 Dec, 2022, while talking to Dawn Pervez Hoodbhoy exposed the real issues which pushed and are pushing the country toward helm of economic crises, he expressed that “we are the authors of our own misfortunes. It is a bitter truth that, whatsoever we are sowing, we are reaping the same we elect the incompetent people as our leaders, we believe in the religious, social and educational indoctrination blindly. Which cause to bring the country on the verge of bankruptcy. Now it is important to adopt effective measures to direct the country towards sustainable growth rather than blaming each other.
The first and important element is, there needs to be a, Cultural Revolution within the country, every area of the state needs to be revived and to bring reforms with respect to the modernization. Encourage the abolishment of out dated education system, and introduce practical education based on experiment and observations, which makes us capable of dealing with advance technology. Boycott the rote learning and culture of gaining high marks. We should not teach how to eat fish but teach us how to catch fish, we should not teach who made bulb, but teach how to make bulb.
So that we may be able to stand on our own feet
Secondly, we need to demolish the extractive economical institutions, and replace them by strong inclusive economic policies, those policies emphasize to invest more on industrialization and technology. Which may prove to be useful in generating positive outputs. In addition to that, the policies should also focus on in fracture and tourism industry. As Pakistan has various tourism spots to earn profit from.
Lastly, the culture of family inherited politics, culture of liking and disliking and nepotism in different institutions of country should be discouraged, and must hire competent and qualified professionals to run the matter. Otherwise, if we will hand over the ministries to incompetent and feckless people, then there will be an expectation to an imminent apocalypse in coming days.