Pakistan Economy Collapse - The government has promised to create ten million new jobs and build five million houses. At four percent growth, there is no fight against poverty, and per capita income does not increase much. The government is negotiating with the IMF for help. Terrorism flees investors.
Lahore () – Pakistan's economy has reached the point of collapse. For the first time in four decades of research, I am very worried," said Dr Qaiser Bengali, Dean of the Faculty of Management Sciences, Shaheed Zulfikar Ali Bhutto Institute of Science and Technology, Karachi.
Pakistan Economy Collapse
It is expected that the Union government will present the new budget for the financial year 2019-2020 on May 24. However, Bengal warned, "India may destroy our economy as the United States did to the Soviet Union." "The alarm bells are ringing. We have no choice but to beg. I am afraid of hunger, poverty and unemployment."
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Bengali, the former Planning and Development Adviser to the Chief Minister of Sindh, spoke at a hotel in Lahore yesterday during the launch of the investigation.
The report, which assesses Pakistan's economy over a quarter of a century, examines three sectors: large-scale agriculture, small-scale manufacturing and large-scale manufacturing.
"Average GDP growth of 4 percent cannot be expected to increase per capita income enough to reduce poverty," the study said.
"Agriculture, the mainstay of the economy, has worsened. The main agricultural sectors grew by 3 percent, and the minor agricultural sector by 2 percent. Gross manufacturing grew by only 5 percent."
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: "Sales have decreased and there is no purchasing power. The most affected will be young people. An ordinary family cannot afford housing and has to "share with someone else".
Prime Minister Imran Khan and his government have promised ten million new jobs and five million new homes. Instead, Pakistan is facing a deepening economic crisis, widening current account deficit, and rapidly dwindling foreign reserves.
To manage the situation, Islamabad has received more than a billion in short-term loans from allies like China and Saudi Arabia, but it is finalizing an aid package with the International Monetary Fund (IMF) to avoid a balance of payments crisis.
According to Bengali, the government not only made irresponsible claims about the creation of a million jobs, but also "has not given any direction in recent months. "There is no need to use domestic products of the state."
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Even worse, the media did not mention the economy and the threat of terrorism. "Extremists and religious groups are another big blow to our economy. In just two years, nearly 400 Shia doctors were killed. Many industrialists fled the country due to the general curfew. Foreign investors prefer meetings in Dubai and other countries." From Pakistan to Panama, Sri Lanka is not the only country that could go Sri Lanka's way. High inflation has pushed many other countries to economic collapse. Pakistan and Nepal have low forex; The cost of living has led to protests in Argentina, Ghana and Kenya
Activists of Tehreek-e-Insaf Party of Pakistan's Prime Minister Imran Khan, who has been removed from office, protested against rising inflation in Karachi. AFP
Gotabaya Rajapaksa of Sri Lanka fled his country and was forced to resign from the presidency due to the country's deepening economic crisis. But the problem of the island state is not over yet.
The country is running out of fuel, medicine and food. The money to buy these necessities has run out. Public transport accidents and schools often have to be closed.
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Sri Lanka's economic crisis is largely due to its fiscal mismanagement. The Easter 2019 bombings and the COVID-19 pandemic, which affected the country's tourism economy, worsened the situation.
Sri Lanka's problems came at a time of global instability. The war in Ukraine and its consequences had a strong impact. It is not just the small South Asian nation that is suffering. The increase in the value of the US dollar, the suppression of the purchasing power of many currencies in international markets, and the decrease in foreign exchange reserves have led several developed and underdeveloped countries to economic crisis. We are looking at the nationalities that can travel to Sri Lanka.
All is not well in neighboring Pakistan. Last week, the country agreed with the International Monetary Fund (IMF) to revive its credit program.
Since then, the country is in a severe economic crisis. Like Sri Lanka, Pakistan is also indebted to China. China's Pakistan Economic Corridor (CPEC) investment is a close second, while Sri Lanka is failing and falling into a debt trap. Pakistan leased out large industrial projects to Chinese firms, leaving them with more debt. It is a vicious cycle in which Lanka is trapped and then unable to escape.
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The rising cost of energy imports means the country could face a balance of payments crisis. The country's foreign exchange reserves have dwindled to just $9.8 billion, enough for five weeks of imports.
The prices of petrol and diesel have increased and Pakistan is facing a severe electricity crisis. External factors such as bad policy decisions, political chaos in the country, foreign debt, foreign exchange reserves and inflation are contributing to the deepening of Pakistan's economic crisis.
Even as foreign exchange reserves are dwindling and the balance of payments is expanding, the Himalayan nation is seeing an increase in imports.
The main prices of food and fuel have increased. Annual retail inflation reached 8.56 percent in June, the highest rate in six years.
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The surge in imports has reduced Nepal's foreign reserves in the past few months. According to Nepal Customs, the country's total import bill in the first 11 months of this fiscal year reached 1.76 trillion rupees. According to the Kathmandu Post, this is a remarkable growth of 27.5 percent compared to the same period last year.
Nepal is facing a liquidity crunch, so banks and other financial institutions are struggling to lend to productive sectors such as agriculture, tourism, manufacturing and the energy sector.
Widening trade deficit, rapidly depleting foreign reserves and rising inflation have affected the lives of ordinary people and devastated #Nepal's economy, says @dadhinp https://t.co/L50CrSDnwJ — ORFEcon (@orfecon) July 18, 2022.
With a debt-to-GDP ratio of 95 percent, Egypt has become one of the largest foreign capital outflows this year, at $11 billion, according to JP Morgan.
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According to fund management firm FIM Partners, Egypt expects to have $100 billion in hard currency debt over the next five years, including $3.3 billion in bonds due to be released in 2024.
Egypt's government on Sunday dismissed rumors that the country is facing food shortages as the global food crisis continues.
The country exceeded its IMF lending quota, but signed a new agreement with the institution to provide $20 billion in loans until May 2022.
In May, the country's inflation rate was 58 percent. Even in a world where prices are rising almost everywhere, the South American nation still dominates. And the situation is not getting better. Domestic inflation will reach 70 percent by the end of the year.
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Argentina is an important global supplier of soybeans, corn and wheat. But in the middle of the year, grain exports decrease. This will make it difficult to achieve the goals related to the 44 billion dollar agreement with the IMF.
Members of social organizations protested on July 14 in Plaza de Mayo in front of the Casa Rosada, the presidential palace in Buenos Aires, Argentina, and asked the government to expand its social plan and take urgent measures against high inflation. AFP
Amid growing economic concerns, the country's finance minister, Martin Guzmán, resigned in early July after the ruling Peronist coalition split. Sylvina Batakis, who replaced Guzman, promised that she would fulfill her commitments to the IMF. However, investors fear another sovereign debt default amid rising inflation and poor public finances.
Argentina's economic problems were deep. "The government's problems are more than a division: high deficits, excessive money printing and loss of confidence in the market."
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The World Bank recently ranked Nigeria among the top 10 countries in the world with the worst inflation based on 2021 data. It ranked eighth in this list with annual inflation of 16.95 percent.
IMF Managing Director Kristalina Georgieva said inflation, debt and the food crisis are pushing Nigeria's economy to the brink of collapse. The prices of food, drinks and goods have doubled since last year.
Africa's largest economy had a total of $100 billion in outstanding debt as of March 31, according to the latest figures from the country's Debt Management Authority. Foreign loans consisting of discounted and commercial loans reached 40 billion dollars.
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