Floods have washed away the livelihood of millions of those who had to depend on agriculture. The economy is in shambles. The growth rate will nose down to zero from 7% in Musharraf time and 2.5% in the times of "democracy". The Prime Minister and the President and even whole bunch of 100 something Cabinet ministers have no clue to what an economy is. It is for this reason that they have to hire a banker then a member of Musharraf team to to manage the economy. But the damage is so much that even he is unable to do anything. The only answer that they can think of is reckless borrowing which will sink whatever is left of the economy.
After a recent blog post, It is debt, and not the floods, that can sink Pakistan economy, we have received a number of emails asking for relevance of the present economic team in these testing times vis-a-vis that of Musharraf. We do not intend to venture any opinion and leave it to the readers to judge for themselves. An older post has been retrieved from the archives and is presented again in the following paragraphs:
It was about a couple of months ago that a TV channel in Pakistan aired interview with Pervez Musharraf in which he announced to come back and repair the damaged economy. He has, however, kept his strategy very close to his heart. The telephone calls, which flooded that channel suggest that under Musharraf, economy was much better. Controlled inflation, stable exchange rate, affordable and available gas, electricity, water, and decent growth rate and above all no IMF. Do you subscribe to the assertion that all these indicators were signs of healthy economy under the dictatorship? If yes, why.? If not, please give your reasons.
Please keep your comments to economic and public sensitivity issues. No political point-scoring please.
Musharraf was no good.at the end of the day all of them have this hunger for power.he is living in one of the expensive locations of London, after leaving Pakistani people with more hunger and more deprived..and in so called WAR against Terror.
ReplyDeletePlease comment on the economy under him and make comparison with current economy.
ReplyDeleteNobdy is ever so good.Period.we need fresh people.not Feudals and retired army cheifs.somebdy who knws wat comman man needs and wants are..
ReplyDeleteThen that common man will become a feudal too. Feudalism is an attitude with everyone of us.
ReplyDeleteand this attitude is effecting our economy directly or indirectly.where 'feudals' dont knw what poor man wants.
ReplyDeleteWe have to analyze the situation dispassionately. If we were economically better off during the so called "dictatorial" regime, we should not hesitate to say so. If we think we are better off now, lets shout at the top of our voice and say so.
ReplyDeleteReaders, please try to analyze why investors have no faith in the ability of political governments to handle the economy. Why capital flies away after every election?
ReplyDeleteBecuse we r hypocrates..and investors knw tht.they dont want their money to be wasted.
ReplyDeleteand flying of capital u say ha??u shud ask the people who are responsible for the election and ask the illitrate poeople pf teh country who keep electing those guys.
The people of Pakistan deserve what they're getting..!! If they can't learn, then this is how it is..!!
ReplyDeleteAs for the economic policies of Musharraf, the IMF would've struck us right about now. The whole privatisation that went under Musharraf's regime, where he sold profit making departments to private bidders is not short of scandalous. The great stock market crash of Karachi Stock Exchange occurred during that time, where some say his "imported" Prime Minister made about 7 Billion rupees.
It's just that they were good at covering it up, or the media hadn't become so aggressive yet.
agree with urooj..ppl are gettingwat they deserve
ReplyDeleteNice Analysis.
ReplyDeleteCould you all please see the post "Capital-another ally of military dictators" and make comments?
ReplyDelete