The economic indicators of the country have fallen to such an extent that the Gross National Product (GDP) volume, growth rate and per capita income have recorded a significant decline during the current financial year.
The size of the economy has decreased from 375 billion 44 million dollars last year to 341 billion 55 million dollars and the average per capita income has fallen from 1766 dollars to 1568 dollars per year which according to a conservative estimate is 39200 rupees per month.
Due to the increase in the economic problems of the common man in extreme inflation, there has been an extraordinary decrease in national savings. As per capita income continues to decline, the country’s banking business is shrinking, leaving it in no position to encourage savings schemes.
The industry and trade of any country mostly depend on the middle class, which is usually more than half of the total population. Today, the situation in the country has reached such a level that the purchasing power of this class has been limited to daily necessities.
Due to the continuous increase in inflation, the lower middle class tends towards poverty, while the number of people living below the poverty line has increased by seven percent during the last year, from 33 percent earlier, which has increased to 40 percent. Economists rightly blame the poor economic policies of the country for this entire situation.
There is no doubt that the country’s natural resources are so stable that with proper planning, their productive capacity can be greatly increased and the national income can be substantially increased. The government should redefine its economic priorities and focus on increasing the purchasing power of the common man, which can lead to increased business activities.
KHALIDA KHALID,
Turbat.