*Atif Mian* is an outstanding economist of international repute. His observations on our economy & politics are worth reading.
*What Feb 8 elections mean for Pakistan*
Pakistan’s economy has consistently fallen behind globally – last year was one of the worst, with the economy actually contracting
Every macro fundamental is flashing red: inflation, growth, debt & investment, to name a few.
The federal gov has no money. It cannot even afford to pay the salary of a peon or a soldier without borrowing.
The entire tax revenue is consumed after paying provinces their share, pensions to retirees, & interest on debt.
Inflation cannot be controlled when the entire govt is run on deficit.
Growth is impossible when govt has no money to invest in the future.
And lack of growth makes every problem worse.
The country is bankrupt. It is sinking deeper every year.
I have never seen such despondency.
So many wanting to leave, established firms no longer comfortable investing.
Yet no leader has a viable economic plan for the future.
The shady establishment that calls shots from behind is especially clueless.
SIFC? ... Really?
You expect foreigners to believe in the country when your own people are losing all hope?
It is in this backdrop that Feb 8 elections were held.
People are mad – and they have every right to be. 442,353 children died in Pakistan just last year due to poverty.
That is almost half a million dead kids EVERY YEAR.
But the establishment was busy playing its usual games – put this one in jail, and that one in parliament this time – keep the system just unstable enough so we stay relevant – our children be damned.
They obviously sensed the people’s anger, so every action to rig the elections was taken. Except it only made the public madder.
So here we are post Feb 8 – the distance between the ruler & the ruled has never been wider.
Do they understand how dangerous that is?
There is an attempt – once again – to cobble together a compromised group.
No one has a plan to fix the economy.
But even if they magically did somehow, they cannot do anything. Bcoz they have lost all trust with their people.
They are foreigners in their own land.
