Over the past couple of years the government has claimed huge success on the economic front. Government Ministers and ruling party leaders often cite the increasing foreign exchange reserves as a measure of Pakistan’s success. Things are not as rosy as claimed by the government, Pakistan’s debt area increasing at a rapid pace and most of the newly acquired loans are spent on debt refinancing. The situation if not controlled could pose a Greece like crisis in the coming years. Then there are two other important indicators of economic progress that negate the government’s claims; foreign direct investment and exports, both of which are falling. As per government’s own Vision 2025 by 2025 Pakistan should have exports of around $150b, however at present our exports are only hovering around that $22b. The exports in the last few years have been stagnant and according to some have in fact declined. In the face of these hard facts government’s claims seem farfetched. Serious brainstorming and long term policies are needed to ensure that Pakistan’s economic future is secured.
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