The ongoing political discord in Pakistan has severely impacted its economy. Despite possessing immense natural and human resources, Pakistan is currently facing a serious economic crisis. This situation has puzzled observers worldwide because Pakistan, aside from being the seventh nuclear power, also boasts a strong military, a robust industrial infrastructure, and an extensive road network. Additionally, the country is home to highly educated scientists, economists, and business professionals. Yet, Pakistan’s economy is deteriorating, and the reasons are not external but internal. The country’s powerful elite, who prioritize personal interests over national welfare, bear the largest share of responsibility for this crisis.
Powerful lobbies and elites in Pakistan exert significant influence on political and economic decisions. Conflicts of interest between these lobbies have resulted in instability and crises rather than fostering stability. On one hand, the political elite and business class focus on their own interests, while on the other, the establishment seeks to maintain its power and control over resources. The lack of harmony between these groups has slowed the pace of national development. These influential groups manipulate policy-making to serve their personal gains, leading to inconsistencies and short-term planning. Consequently, the economy finds itself in a constant cycle of crises instead of moving steadily toward stability.
The ongoing power struggle among Pakistan’s elite has not only affected the economy but has also deepened social divisions. Today, Pakistani society is plagued by severe class disparity. While the powerful elite continue to amass wealth and influence, the common people are left behind, grappling with poverty, unemployment, and economic inequality. This battle of interests among the elite is widening social inequities, creating tensions and resentment among various sections of society, which extremist elements exploit. The weakness of Pakistan’s political, social, and economic systems has provided opportunities for extremists to thrive.
Extremism in Pakistan has deep roots spanning decades, but it has intensified in recent years. Powerful lobbies, often willing to go to any lengths to protect their interests, sometimes use extremist groups to achieve their objectives. These groups capitalize on social injustice and deprivation to mislead the public. The rise of extremism is a direct result of internal strife and economic disparities in Pakistan. When large segments of the population are deprived of their basic rights and see little hope for improvement, they become vulnerable to extremist ideologies. The unequal distribution of resources and the selfishness of the elite have emboldened extremists.
Pakistan, an agricultural country, boasts vast fertile lands, an excellent canal system, and hardworking farmers. Its industry, particularly in textiles, sports goods, and leather products, has also seen significant growth, with Pakistan counted among the world’s top producers. While the educational system lacks in producing enough skilled workers, thousands of young people graduate each year in fields like engineering, medicine, science, and business. The country is also home to many business-minded individuals capable of contributing to economic improvement. The communication and road networks have also improved considerably, enhancing trade and transportation within the country. Pakistan’s partnership with China through the CPEC project presents a significant opportunity to stabilize its economy.
Blaming external powers or international financial institutions for Pakistan’s economic crisis has become a common practice. However, the truth is that Pakistan’s problems are primarily internal. Although the IMF and other global financial institutions lend money under specific conditions, the real issue lies in the incompetence and corruption of Pakistan’s elite. Political instability, corruption, and poor governance have brought the country to this point. Institutions have weakened, and there is a lack of rule of law. When the rule of law is weak and the powerful elite are busy twisting the law to protect their interests, how can the economy be expected to stabilize?
For Pakistan’s progress, internal issues must first be resolved. The powerful elite must prioritize national interests over personal ones. The rule of law must be enforced to eradicate corruption and strengthen institutions. Fair distribution of resources and promotion of social justice are essential to reduce class disparity and provide equal opportunities for all sections of society. Education and skill development must be prioritized to provide employment opportunities for the youth, enabling them to contribute to the country’s development.
Pakistan’s economy requires long-term planning and policy-making to stabilize. Reforms in the industrial and agricultural sectors can increase productivity. By properly utilizing its human and natural resources, Pakistan has the potential to become an economic powerhouse.
The current economic situation in Pakistan is not only the result of external forces but also internal discord, selfishness among the elite, and corruption. If the elite can harmonize their interests and develop long-term plans for the country, Pakistan’s immense potential can set it on the path to prosperity.