NO amount of self-congratulatory full-page advertisements in newspapers on the first anniversary of the Feb 8, 2024, elections, along with television ads showing a benevolent farsighted prime minister giving instructions to a young girl about all that has been achieved for Pakistan’s economic revival, and what yet needs to be done, will hide the deep rot that lies underneath the country’s political, economic and social reality. Celebrating ‘revival’, while understandable under the current political economy dispensation, overlooks fundamental and deep structural issues that undermine any ambition to fly, whether under the Uraan programme or in terms of the growth rate.

Not to spoil the celebrations — for there are grounds which clearly reveal that Pakistan’s economy at least, and importantly, as gauged by a series of numbers, has shown huge signs of improvement over the last few years, and especially since the tumultuous months of spring 2022. The inflation rate is down to its lowest in almost a decade from its highest-ever point just 15 months ago. The exchange rate has been stable for almost two years now, something which shows not just better management but also a considerably improving balance-of-payments situation. In addition, Pakistan is expected to achieve its largest ever inflow of foreign remittances this financial year.

Even the interest rate has been halved over the last many months and there are small signs that credit to the private sector........

© Dawn