Pakistan facing economic crisis – Prime Minister Sharif
PAKISTAN: Pakistan was once widely thought to become the next “Asian tiger”, but has found itself mired in financial crisis, Prime Minister Shehbaz Sharif has said, citing three critical structural flaws that have prevented its economic take-off, stunted its growth and led to repeated boom-bust cycles.
He said the nation was widely thought ready to ”become the next Asian tiger”. However, in 2022, Pakistan found itself mired in its latest economic crisis, the Geo News reported on Monday.
“But it also stems from home-grown weaknesses: weaknesses that have been left unaddressed for the better part of five decades; weaknesses that have forced us to approach the International Monetary Fund (IMF) multiple times during that time. This is not how successful nations are built,” he said.
On the occasion of Pakistan’s Diamond Jubilee, Sharif said that as the country turned 75, the moment merits serious introspection.
He said that the fifth-largest country in the world, where two out of every three people are below the age of 30 and full of aspirations, finds itself stuck with an income level of just USD 1,798. – NDTV