During his visit to Washington in mid-October, Shaukat Tarin had publicly stated that the issue with Pakistan’s economy in the present moment was too much growth. He argued that the proverbial foot had to be taken off the accelerator to sustain this economic recovery and that this is what the government and the central bank were planning to do. State Bank Governor Dr. Reza Baqir, who was also in Washington at the time, made similar comments, indicating that the central bank had taken proactive measures to stimulate growth at the onset of the pandemic and was now ready to act in order to consolidate growth.
The subsequent policy actions taken by Pakistan’s economic managers, when viewed within the context of these remarks, make a whole lot of sense. And while debate about the implications and effectiveness of these choices is warranted and necessary, it ought to be set aside for an issue of far more significant concern: Pakistan’s economy is overheating within months of nearing a four percent rate of growth. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
