ISLAMABAD
The Pakistan Economy Watch (PEW) on Tuesday blamed that PML-N government has avoided meaningful economic reforms for the last many years which might result in a difficult situation.
Former Prime Minister Nawaz Sharif avoided reforms despite the insistence of experts and foreign institutions while the current administration cannot afford difficult decision due to the election year, it said.
Increasing imports, reduced exports, swelling current account deficit and absence of foreign investment have added to the deficit which has touched alarming proportions, said PEW President Dr Murtaza Mughal. He said now the government cannot take the unpopular decision which leaves it with only choice to secure foreign loans as the foreign exchange reserves have eroded significantly.
During the current year, the repayment of loans would eat up the large portion of export earnings which could be countered through good growth rate and enhanced exports but the chance was missed.
The ongoing political turmoil does not augur well for the economy, democracy and developmental indicators in every sector, he said, adding that the worst affected were no one but the common man.
If political turmoil persists then every person would have to bear the brunt, he added.
