Pakistan is currently facing the worst economic crisis in its history, which is the result of decades of flawed policies. Whether under democratic governments or military regimes, the Pakistani state has consistently made reckless decisions without careful planning, and now the nation is paying the price.
The causes of our economic downfall include political instability, a lack of long-term economic planning, minimal economic growth, rising poverty, currency devaluation, declining exports, lack of foreign investment, corruption, a growing population, a high military budget, a military- and elite-driven economy, the absence of economic modernization or diversification, and an inefficient tax revenue collection system—just to name a few.
The government’s and military establishment’s failure and lack of interest in addressing these fundamental issues have worsened the crisis. The economic turmoil we see today is a direct result of these long-ignored problems. Instead of relying on IMF bailouts and seeking aid or loans from Arab allies and China, we must urgently focus on solving these issues. Until the country’s economy is restructured on new foundations, we will remain trapped in this economic quagmire.
Altaf Choudhry
06.02.2025
Leave a Reply