Economic growth and development bring progress and prosperity, but at the same time, they tend to create imbalances in the growth of various sectors of the economy.

If an economic model does not provide a mechanism for timely remedial measures to manage emerging macroeconomic imbalances, this raises the risk of an economic crisis. So, stability has to be blended with economic growth and development. And without social development, economic growth remains sluggish. It is only a high rate of economic growth that can generate enough jobs. The social exclusion widens the disconnect between the people and the government.

Similarly, the process of economic growth and development brings about socioeconomic changes in which an idea, theory, set of principles, or economic model may lose its social utility and trigger a crisis prompting transformational change, made possible through technology, innovation and human capital.

And this process leads to a conflict of interest between losers and winners, prolonging the required course correction. It is a universal trend now being witnessed on different scales, especially in countries with low productivity burdened with unsustainable foreign and domestic debt.

In this backdrop, the International Monetary Fund (IMF) needs to evaluate the performance of the current government in achieving fragile macroeconomic stability in the short term. Owing to ‘a higher than targeted primary........

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