Economy to come under further pressure

PAKISTAN’S economy is under tremendous pressure these days because of internal and external factors. Political instability and constitutional crisis that began on March 9, 2007 is still haunting the nation and with no solution in sight the administration seems to be unable to focus on economic improvement.
Economic watchers are genuinely getting worried as the political and economic turmoil is not only badly affecting the country but also individual citizens who are under greater stress and strain due to rising food inflation and prices of other essential items and services. The situation has been compounded by the crippling power crisis that has started affecting industrial production and prospects for further investment, which is badly needed to keep the economy going. At the top of all this is the surge in oil prices in the international market that touched the record level of $122 a barrel on Tuesday. Consumers were already making hue and cry as the Government has initiated the process of passing on the burden to the people and the three successive increases in oil prices have unleashed a fresh wave of inflation. No doubt the world has turned into a global village and happenings in any part of the globe are bound to have adverse impact in one way or the other in each country but it is also a fact that with well thought out policy, vision, determination and political will we can minimize the impact. Pakistan being an agricultural country there is no reason that it should be the one of the worst victims of the food inflation. It is because of lack of planning and foresight that today the country has been forced to import even its staple food. Similarly, with a well-calculated and long-term strategy we can definitely overcome the fuel and energy crises but here again we are still depending on adhocism.