By: Sibtain Mir
Political stability is a very important prerequisite for sustainable economic development. Unfortunately, Pakistan has been facing political instability since its inception. Since its independence till now, we have witnessed dictatorship as well as a civilian rule in the country but no major development can be seen that could be conducive for economic growth. This was because of political turmoil that disrupted the economic situation of the country very miserably. While on the other side, the economic indicators of our neighboring countries like India, China, Nepal, and Bangladesh are showing tremendous growth and stability. Right now, our rupee stands at 180 against the US dollar. Contrary, Bangladesh’s ” Takka” is more stable than the Pakistan currency now. The value of takka has nearly doubled than that of Pakistan rupees. Bangladesh’s GDP growth is 7.9%, unlike Pakistan’s 1.5%. Moreover, their foreign exchange reserves are stronger than ours which is 41 billion dollars _whereas_ Pakistan’s foreign exchange reserves are 20 billion dollars only. Bangladesh was once a part of Pakistan and it separated in 1971 after the debacle of Dhaka but their economic indicators _ GDP, foreign exchange reserves, and import-exports_are far better than ours. Likewise, India, Nepal, and China have also better GDP growth than Pakistan. Though having the same resources and lying in the same region; Pakistan is unsuccessful in making its economy robust. There are myriad obstacles in the way to economic development but political instability is one of the major barriers that have become a stumbling block in the way of economic stability.
Foreign as well as local investors invest when there is a conducive and peaceful environment for them. If governments are changed continuously, then ensuring consistent policies are out of the question that distance investors from investing. They will invest where they find consistent policies. Unfortunately, in Pakistan, not a single PM could complete his/her tenure. Resultantly, our economic growth is suffering badly.
First, the culture of sit-ins and protests prevails in the country that is pushing the economic sector back. From 2013 to till now, protests and hartals carried out by different political parties have left dismal effects on the already ailing economy of the country. For example, the protests organized by the PTI in 2014 against the sitting government (PMLN) of that time for opening four constituencies, had caused a loss of Rs.800 million dollars to the economy. Likewise, TLP’s protests and blockade of roads had cost 35 billion loss to the economy. No doubt, prioritizing self-interest over the public interest caused huge havoc.
Second, free and fair elections are the fundamental element of democracy. Until and unless a deserved person comes to power, achieving sustainable development growth would be out -of the question. Besides this, no party is ready to accept the result of its opponent getting the victory. They call that government “selective”. The present situation is very conspicuous. After 2 days, all parties alliance is going to present a no-confidence motion against the incumbent government calling it corrupt and selective. In this melancholic situation, the business sector and investment will be disrupted awfully as has happened in the past. Therefore, the culture of leg-pulling, bashing the opponent, and defaming and blaming must be stopped. Otherwise, it will not destroy our economy but it will have drastic impacts on our social and cultural development.
Moreover, the disharmony between federal and provincial are also creating detrimental consequences for the ill economy. For example, the agriculture sector contributes 18.5 %to GDP growth and absorbs 42 % of the labor force. Therefore, it requires water in huge amounts. But, Pakistan is suffering from severe water scarcity. Due to conflict and disharmony among political parties, we could not initiate projects like Tarbela and Mangla Dam in Pakistan after the 1960s. Resultantly, we are suffering from water shortages. And, it disturbs the agricultural sector.
On the 25th of March, the opposition parties are going to present no-motion confidence against the sitting government. Although, it is a democratic right of opposition parties. But, this is not a good culture. If Prime ministers keep on coming and going; the blame and shame game keeps continuing, and if the street politics does not stop then thinking of
a smooth and robust economy will be a cooling fantasy.
