Thaindian News

Islamabad, June 3 (IANS) Pakistan’s key economic indicators remain depressing, a Pakistani daily said adding that in a country shaken “by terrorism, continued political instability, inconsistent policies, and an unprecedented energy crisis, the economy often remains the first casualty”.

An editorial in the News International Friday said: “As expected, Pakistan’s key economic indicators remain depressing. According to the Economic Survey of Pakistan 2010-11, the country’s real Gross Domestic Product growth is estimated at a slim 2.4 percent against the targeted 4.5 percent.

“Inflation remains in double digits, hovering at around 14.1 percent in the first 10 months of the current fiscal year, compared to 11.5 percent during the same period a year ago.”

It said the figures “overwhelmingly paint a grim picture of Pakistan’s economy”.

“In a country shaken to its core by terrorism, continued political instability, inconsistent policies, and an unprecedented energy crisis, the economy often remains the first casualty. Last year’s devastating floods only added to the country’s woes.”

According to government estimates, floods wiped out two percent from economic growth. The surging oil and food prices also dealt a blow.

“All these factors contributed towards making life miserable for the common man.”

The editorial said the “impact of these challenges compounded because the government proved slow to act and kept dragging its feet on crucial reforms…”

“The government’s debt management strategy, fiscal austerity, and rationalising the subsidy regime also left a lot to be desired. The only saving grace for this outgoing fiscal year remains the robust external sector thanks to a record surge in remittances by overseas Pakistanis and high exports, which are expected to cross $24 billion by the end of the year,” it added.