Article Type

Article

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PAKISTAN has never been hit by such adverse shocks as in the past few years. All of these have occurred in quick succession and their speed, intensity, duration and magnitude are unparalleled. The war on terrorism has caused enormous loss to life, property and order. It is still going on. The bulk of the population was already suffering from diminished purchasing power due to high inflation, stagnating incomes and growing unemployment. The global economy has been in recession and has remained unhelpful in stimulating the domestic economy. There are few expectations of economic recovery at this stage. On top of this the floods have affected some 20 million people, damaged or destroyed more than a million houses and infrastructure and played havoc with agricultural production over 10 per cent of the cultivable area. The cumulative effects of these shocks on the economy are likely to persist over a fairly long period of time. The way to tide over these extraordinary difficulties therefore requires some tough decisions on the part of our policymakers. It is not the time for business as usual.

Publication Source

Dawn

Publication Date

10-4-2010

Pages

1-2

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