Economic Crisis in Pakistan
Post the 1960s, Pakistan’s economic history has not been especially renowned for innovation or excellence. But in 2022, the economy’s characteristic underperformance was only exacerbated by catastrophic floods leading to widespread destruction of infrastructure, loss of life, and the highest food prices in over 40 years that have left the country’s poor unable to access many staples. The Government of Pakistan struggles to meet a worsening situation with an effective plan for economic stability or recovery. Unparalleled rallies across Pakistan by citizens protesting corruption and unoptimistic job prospects indicates rising frustration among a growing middle class with governance failures in the country. In a previous blog post , we identified two major improvement areas the Pakistani economy requires to emerge from its present economic problems – improved tax collection and establishment of a high-value export sector. Here, we dig deeper into Pakistan’s economic problems, ...