The rulers in Pakistan are facing criticism for holding more autocratic powers than previous administrations, reminiscent of the era post-Gen Pervez Musharraf. However, these powers are seen as aiding their survival rather than fostering progress, according to a report in the Dawn newspaper. The country has been subjected to stringent IMF measures aimed at curbing inflation, but these actions have hampered economic growth, as indicated by a recent national household survey.
Dr. Niaz Murtaza, in an article, highlighted concerns over what he described as crony capitalism, autocratic tendencies, and a lack of effective strategies for sustainable and inclusive development. To stimulate economic growth and address the escalating external deficit, the government is advised to focus on boosting investments and exports. Criticism was directed at the government’s approach to exports, which involved forming committees of inexperienced individuals, and its reliance on investments from Gulf states, which have yielded limited results despite numerous engagements.
While industrialization is deemed essential for Pakistan’s economic progress, the government’s focus on alternative sectors like cryptocurrency, corporate farming, mining, and defense exports may hinder the growth of key industries. The article also underscored the failure of Pakistan’s crony capitalism model to ensure stability and growth, while pointing out the limitations of the IMF’s neoliberal policies in promoting equity and sustainability.
Looking ahead, the article predicts that Pakistan will continue to superficially adhere to neoliberal principles while favoring import-led growth over export-driven expansion. The government’s aspirations to achieve economic growth before elections and reduce reliance on external financial support face challenges due to persistent deficits and dwindling foreign reserves. The article concludes by emphasizing the need for democratic governance and civilian influence to pave the way for economic salvation for the masses.
