To Revive Economy Early Elections Is The Only Solution

The global economy is on the brink of another recession due to the soaring prices of world commodities.

The economy which heavily depends on imports such as Pakistan is going to face a strong blow due to the uncontrollable increase in import costs and prices of necessary goods such as cooking oil, petrol, and diesel. Comprehending the seriousness of the rising situation the government of PTI was taking emergency actions for protecting the businesses and common people. In 2021 the economic growth was 5.6% due to the strong steps taken by the government of PTI. According to current data on the economy $30 billion in exports are expected, the highest output of agriculture farms, and $32 billion in remittances as per the target. In the first 9 months of the fiscal year, Rs 1.2 trillion credit of the private sector is the highest record ever showing 170% growth compared to last year. Current year growth of 7.8% in the manufacturing sector. In 2021 62% record growth of PSX listing profit of top 100 companies, highest in last 10 years. The PTI government strategy focusing on tourism, agriculture, export industry, and construction has created 5.5 million jobs in 3 years which is the highest compared to previous government records.

Pakistan outplayed all economies of the region as to the World Bank, with a 4.3% unemployment rate which is the lowest in South Asia compared to 5.4% in Bangladesh, 8% in India, and 5.9% in Sri Lanka. Measures were taken as per Imran Khan Riyasat-e-Madina's vision to increase Ehsaas program spending on poor households. The subsidy was provided to more than 20 million households for the purchase of regular food products such as cooking oil, flour, and pulses. The complete population of K-P, Punjab, AJK, ICT, and districts of Balochistan and Sindh are provided with a health insurance program. Free healthcare and hospitalization were provided to above 60% of households in Pakistan with Rs10 lake savings to each citizen. The relief package of Rs300 billion was also included in the exceptional measures taken by the PTI government

The leadership of PDM still does not have a minister of finance to handle these economic difficulties showing their seriousness about the current affairs. In its very first week of government promises made to reduce inflation and provide relief to the public were all abandoned. Electricity prices were increased by Rs4.84 per unit, and prices of necessary food products which include cooking oil and sugar are also increased. Langars and Panagahs which was providing shelter and food to the most vulnerable poor daily wage workers and the deprived public have been brought down.

In the meanwhile, the economy is descending towards an intense financial meltdown of a scale that has never been experienced before. Despite the challenging world environment if the tough decisions are taken today by the policymakers, the economy could still be saved. Due to the lack of public acceptance, the PDM financial experts are already facing hardship in their first week of government. Therefore the demand for fresh early elections from the leadership of PDM is the right course of action.