Pakistan on the Verge of Socioeconomic Catastrophe
By Rabia Shakir
Socio-Economic crises contaminate the country with a number of evils, leading to the failure of an economy as a whole. In Pakistan, the socio-economic upheavalsare creating serious disruptions in the economic environment and the survival of a common man is getting tougher day by day. Frustration among masses is mounting high with no hopes of a decent financial and economic survival in the society. With the downfall of a human productivity graph in response to the socio-economic downturns, the whole country’s economy is suffering ruthless consequences.
Upholding strict laws against the consumption of alcohol and drug addiction, the Islamic Republic of Pakistan witness a rising trend of these tribulations with each passing day. The society, occupied with unwanted burdens and lack of access to necessities is unfortunately attracted towards drug and alcohol addiction for what they think can relieve them from all the sickness they have had to suffer due to the fiasco of the current economic system. In Pakistan,the most common addiction found among masses is cannabis which is used by 3.6 percent of the whole population. Other controlled substances seemed popular among people are Poly-drug, heroin, methamphetamine, opioids and other injected drugs. Self-inflicted injuries and frequent suicidal attempts are additionalgauges indicating the failure of an economic system being practiced in Pakistan. Insecurity about economic and financial survival in this system is inclining people toward taking their own lives. The most alarming bell is suicidal culmination among the young generation. Poverty escalation, poor access to educational goals and stumpy employment opportunities slide youth toward this level of anxiety that they consequently attempt to kill themselves.
Adolescence is believed to be the most productively active phase of human’s life. Contrary to that, the youth in Pakistan is infected by the side-effects of current economic crises and losing its cognitive approach. It is due to the lack of attention from the parental side during their training and upbringing phase. Parents are struggling hard in the system for the financial persistence and in this hostility they have ignored what they are meant to do for providing their children a healthy childhood. The intensifying inequality in Pakistan’s economy is disabling an earner to fulfill his family’s basic needs. This is sliding families and relationships toward tragic distractions. Divorce rates mounting tall and domestic violence is ramping high.Lack of patience due to survival limitations in this system is mainly one of the reasons of marriage break-ups as of now. In a recent surveypeople were asked about the possible reasons of increasing S annulments in the country;48 percentresponded that lack of patience is merely the reason behind splits in marital relationships.
Adding to that, crime rate and corruption are increasing with an upsettingly high rate. Unequal distribution of wealth is making rich richer and poor poorer in Pakistan that is creating a visible wave of disturbance in the society. This mystery is provoking masses toward taking unethical steps to achieve financial assets in a short span of time. The severe upsurge in crime and corruption can be witnessed almost everywhere in the society and in any field. The merit system is vanishing and illegal admissions and appointments have become a norm of the day.
The financial downfall in the current economic system is also hitting the society psychologically. Mental health of people is at high risk as of now because of no such access toward the basic necessities of life. People are caught by anxiety disorders and mental sickness that is disrupting their productivity as a role player in the economy. Economic austerity is leading people toward the complex personality disorders that ultimately cause bad effects on the human capital of the country.
The socio-economic risk factors have a long list including poverty, unemployment, debt, housing crises, public service access (to mention a few). All the solutions to deal with these calamities, being in this system are of less influence. Things are getting more and more complex. If the government subsidizes any public service then it turns out to be a great reason behind budget deficit. The mixed economic system that is functioning in Pakistan is highly burdened with external debts to fulfill its budget deficit. Instead of creating opportunities in the economy to pay the debt amount itself, the government has to go for another external loan. The continuously increasing external debt, the government has to cut its public expenditure budget.The basic problem with Pakistan is that cutting public expenditure budget only results in vile economic austerity and nothing else. People lose access to the basic facilitiesthey have a legitimate right to have. It leads to a state where socio-economic crises culminate its roots and eventually become a tree as an obstacle in the way to economic development of the country.
As a mixed economy, Pakistan has failed to sustain its viable economic position. Free market operation has not been as fruitful as it needs to be for the stable socio-economic status of the country. The evils of capitalism are hampering the economic system badly. With a poor regulatory system, there is too much free market operation so only the smart competitors have a proper support from the government. Small-scale entrepreneurship is not encouraged as the big elephants of an economy play it smart. Low employment opportunities are generated due to this. To maximize the profits, big firms evade taxes and urge for more and more subsidies from government. They act as a pressure group when a policy to regulate their taxation and subsidy is reviewed.This socio, political and economic crises in Pakistan is crossing its limits and this system is almost failed to correct or improve those problems of society.
The writer is an Assistant Professor, Economics at NED University, Karachi
