Asad Umar’s assessment of Pakistan’s economy 

Pakistan’s respectable Minister of Planning  Development & Special Initiatives ,  Mr Asad Umar must have shocked many economy observers , inflation hit  masses , unemployed youth and many more his countrymen/women  when he repeatedly declared yesterday ( 17th April 2021) in a television talk show that Pakistan’s economy has been improving a lot during the last two and a half  years under the government Pakistan Tehreek e Insaf headed by Prime Minister Imran Khan. I am struggling to understand how country’s economy has improved during the last two and a half years when clearly  there is rampant inflation and increasing unemployment in the country. A common man does not know how make both ends meet. Inflation has messed up budget of a common man . Youth of the country is struggling to find job to help support the family. The inflationary policies of the country have damaged  country economy. As if this was not enough then came covid 19 from the beginning of year 2020 which worsened the economy of the entire world but here we have Mr. Asad Umar saying Pakistan economy has been improving during the last two and half years . PTI’s two and half years rule include almost 1 year and three months of Covid 19 pandemic . It is not PTI’s  fault that there is covid 19 in the country. Covid 19 has engulfed the entire world and affected adversely the world’s economy including economy of Pakistan . How then Mr. Asad Umar can claim that Pakistan’s economy has been improving during the last two and half years?.If current account deficit  is shrinking  that does not necessarily mean economy is improving . On the contrary,  the shrinking of current account deficit could be due to reduced imports because people are consuming less. If cars sales are increasing that might be due to pent up  demand of cars which did not materialise due covid 19 situation . The cars sales for 9MFY 21 increased by 31% as compared to car sales of F9MFY 2020 . I shall not be very excited for this increase because we are comparing this year car sales with a low base . The shrinkage of current account balance or increase in car sales do not help   a common man’s  budget. I believe what helps a common man and his family is price stability and improvement in jobs market. The primary mandate of a government is to bring price stability and create steady  job growth so that masses  may benefit . In my opinion ,this has not been happening during last two a half years, partly  due to  inflationary policies of the government of PTI and partly due to Covid 19 pandemic.  Therefore,  the respectable minister should consider to review his claim that Pakistan economy has been improving during the last two and half years .

Ejaz Ahmad Magoon

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Lahore

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