Pakistan ‘bankrupt’ and ‘sinking deeper every year’: Atif Mian

Business Feb, 12 2024
Pakistan ‘bankrupt’ and ‘sinking deeper every year’: Atif Mian
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Karachi: Atif Mian, noted Pakistani-American economist and currently professor of Economics, Public Policy and Finance at Princeton University has said that Pakistan “Is bankrupt” and “Sinking deeper every year”. In series of tweets, he highlighted impact of February 8 general elections for Pakistan that remains engulfed in myriad of economic challenges including “Inflation, growth, debt and investment.”

“Pakistan’s economy has consistently fallen behind globally-last year was one of worst, with economy actually contracting,” he said. “Every macro fundamental is flashing red: inflation, growth, debt, investment, to name few.” Criticising government’s inability to generate revenue, Atif said federal government has no money. “It cannot even afford to pay salary of peon or soldier without borrowing,” he said.

Economist said Pakistan’s entire tax revenue is consumed after paying provinces their share, pensions to retirees and interest on debt. ‘Nonsensical’: economist Atif Mian slams Pakistan government’s policies. “Inflation cannot be controlled when entire government is run on deficit,” he said.

Whereas, “Growth is impossible when government has no money to invest in future and lack of growth makes every problem worse,” he said. “I have never seen such despondency. So many wanting to leave, established firms are no longer comfortable investing.

General elections 2024 have been marred with non-clarity as Election Commission of Pakistan to date, has not announced results of all constituencies.

“No one has plan to fix economy. But even if they magically did somehow, they cannot do anything because they have lost all trust in their people they are foreigners in their own land,” concluded Atif.

Published in The Daily National Courier, February, 13 2024

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