We have lost count of experiments conducted to resolve challenges confronted by our economy. However, except interludes of relative stability, the economy has kept faltering with breathing space provided by IMF bailouts, rollovers by friendly countries and expatriate Pakistanis’ remittances.

While political disruptions and policy shocks contributed to the snowballing of the economic disorder, civil bureaucracy remained ill-equipped to deal with the decline. On their part, technocrats overtime fell in line with their employers in civil bureaucracy.

Surprisingly, despite being the most relevant stakeholder the businessmen were not enabled to take centre stage to play substantive role in economic governance or to sway the policies to economy’s favour. The corporate executives have been part of the Cabinet, but they lose their independent voice once they join the ruling club. Their recommendations are not incorporated in a way they would desire in the final decisions, legislations, and policies. Likewise, they are hardly taken on board on economic matters linked to strategic and foreign policy issues.

Resultantly, the decisions pertaining to geopolitical dynamics are aligned more with political objectives than long-term economic benefits. An example of this approach is Pakistan’s insignificant trade with its neighbouring countries.

Issues and controversies that crop up every now and then between businessmen and the government indicate ineffectiveness of former’s consultative role as well as their inability to wield real influence in matters having substantial impact on the economy. No wonder policymakers’ chronic neglect of corporate sector’s policy inputs has exacerbated economic deterioration.

The economic governance status quo........

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