Pakistan Economic Crisis: PM Shahbaz Sharif said – In the 1960s, the country was in its teens, full of hope and promise

Pakistan Prime Minister Shahbaz Sharif on Tuesday cited three critical structural flaws. He has said that Pakistan was once considered the next 'Asian tiger' but has found itself in financial trouble. stalled its development and led to repeated boom-bust cycles.

PM Sharif wrote an essay

You may know that Pakistan turned 75 on Sunday, at the end of which PM Sharif wrote an essay in The Economist magazine, in which he said that the country in the 1960s, in its teens, was full of hope and promise because of its There was a date with destiny. He said the country was widely believed to be "ready to become the next Asian tiger". However, in 2022, Pakistan found itself caught in its latest economic crisis, Geo News reported on Monday.

In the essay PM, Sharif wrote, 'This [the latest economic crisis] has arisen from the most challenging global policy environment of our lifetime, characterized by a commodity supercycle, historic monetary tightening at the US Federal Reserve and a conflict in Europe that has engulfed a post-war era. is breaking the global order.

But it also stems from domestic vulnerabilities, vulnerabilities that have been left undiscovered for the better part of five decades; The vulnerabilities have forced us to approach the International Monetary Fund (IMF) several times during that time. This is not how successful nations are made.

Sharif then cited three critical structural flaws that stand out in the country. "They have stalled economic momentum, stunted our growth, and led to repeated boom-bust cycles since the 1980s," he said. He added, “First of all, our political environment has become increasingly polarised. Instead of arguing about how to run Pakistan better and free the country from poverty, political parties are hugging each other.