Tuesday , November 24 2020
Breaking News
Home / Op-Ed / Editorial / Gains and losses in 2017
Gains and losses in 2017

Gains and losses in 2017


The year 2017 remained difficult for some businessmen but comfortable for the others. The nation faced political upheaval during the year as Prime Minister Nawaz Sharif was packed home on the Supreme Court’s order and the move changed the political milieu of the country. Political instability and absence of the finance minister from Pakistan put the economy under dire constraint which was already passing through ups and down for several reasons. Political chaos, inconsistent policies and lack of any national action plan for agriculture and industry influenced heavily on the economy. The exports of the country continued to fall and import bill continued to rise, creating trade deficit to further pressurize the economy. The stock market, which was branded as the best in Asia, lost its tempo and reached near a crash points. The country continued to accept heavy loans from the international financial institutions to put the entire nation under siege. Apart from external factors, there were international follies which brought more harm to the national economy then enemies of the country. The health, education and industry all were battered during the year and the citizens, from business community to the poor classes, fought for their survival at every level of their lives.

The country is facing challenges of current account deficit as well as the declining foreign exchange reserves. The rupee value was curtailed by 8 percent, which means, snatching away eight percent income of the working classes, but enhancing eight percent wealth of hoarders and black marketeers across the country. The electricity supply has been improved to some extent, but the line losses are still uncontrolled and the circular debt is piling up. The country borrowed $45 billion from international donor agencies in 66 years but added $35 billion just in three and half years. Unfortunately, there is a difference in the balance sheet, but no one is ready to take responsibility of the loss of money. Corruption is rampant and no one is ready to rid the nation of this menace. Those who are responsible for taking steps to end corruption are themselves drenched in this practice. This is the dilemma of this nation that no one has ever been held responsible for the wrongdoings and those who damaged the economy and institutions walked free without any accountability. The year 2017 has passed and it is hoped the nation will elect sincere leadership in the general elections this year. Only a sincere leadership will be able to restore the economy and prestige of this nation.