I teach as a visiting faculty member at different universities in Islamabad. Interacting with young minds has always been an interesting and optimistic experience. Classroom discussions were once filled with new ideas, ambition and hope. Over the past few years, however, I have noticed a troubling change.

Students are increasingly anxious and pessimistic about Pakistan and their own future. They no longer see the same opportunities in this country that students appeared to see only a few years ago. Classroom discussions now frequently turn to Pakistan’s economic prospects and a difficult question: what does this country have to offer its young people?

I do not wish to spread despondency, but it is becoming difficult to ignore the growing disillusionment among Pakistan’s youth. They are worried about both the country’s economic future and their own prospects. Yet Pakistan’s ruling elite may not fully recognise the seriousness of this crisis or respond to it with the urgency it demands.

Since 2022, Shehbaz Sharif has led what is widely described as a hybrid political regime. Although a caretaker government held office for an interim period, there was broad continuity in the country’s fundamental economic policies.

When the Pakistan Democratic Movement, led by Maulana Fazlur Rehman, brought Shehbaz Sharif to power, Pakistan was approaching the risk of default after the economic difficulties that had intensified under Imran Khan’s PTI government. The new government returned to the International Monetary Fund for financial assistance and took difficult measures to prevent a default.

This marked the beginning of a long and painful journey towards economic stabilisation. Once again, however, the public paid the heaviest price through severe inflation, falling purchasing power and declining economic opportunities. Pakistan achieved a measure of stability through harsh IMF-backed programmes, tight monetary policy and strict fiscal austerity. These measures reduced external risks, brought inflation down from........

© The Friday Times