Dr Kamal Monnoo

  • We have seen in recent years how a national currency’s devaluation against leading underlying currencies of global trade can sink the fortunes of a country. Today in the modern-day financial world, the one who controls the tradeable value of a currency controls the economic destiny of that ...

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  • While one can somewhat understand the government’s predicament on inflation and fears of an imminent recessionary cycle, the baffling part is its policy choices in countering these. There appears to be no real vision or strategy in place, perhaps primarily because after nearly 6 months, their ...

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  • Financial markets investors worry that the US is on the brink of an economic downturn as central bankers in Jackson Hole reaffirmed their determination to raise interest rates to bring inflation under control. Steve Hanke, a professor of applied economics at Johns Hopkins University, said that he ...

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  • Last week, Indian Finance Minister Nirmala Sitharaman presented her fourth Union Budget and the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) its 10th consecutive one. Like it or not, the Indian budget invariably serves not only as a precursor, but also bears a strong ...

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  • One has been writing about the economic policy choices of this government and how some rank bad human resource selections have led to both, micro and macro management failures in its economic governance of the country. However, to be fair, the recent economic surveys and reports on the state of ...

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  • Pakistan’s Prime Minister Imran Khan’s approval ratings were consistently positive up until recently, demonstrating hope among his supporters and the liberal media that he can fulfil at least some of his campaign promises. With an extremely thin majority in the parliament, now even in ...

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  • Inflation has become central to the Pakistani zeitgeist in 2021-22 in a way that it hadn’t been in decades. Debates today revolve around currency devaluation, rising import bills and supply chain issues, as inflation in Pakistan starts to bite the common man like never before in the history ...

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  • As Pakistan enters its seventy-fifth year of independence, a conventional policy is unlikely to combat the breadth of its economic challenges. Across a range of areas—human capital, technology, agriculture, finance, trade, public service delivery and more—new ideas must (innovation) now ...

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  • While some of us are envious of the smaller countries with smaller populations, in many ways, Pakistan is quite blessed to have a large percentage of young population, which if put to productive use can be a game changer for the fortunes of this nation. Smaller populations often get rattled when ...

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  • Inflation in Pakistan has today reached punishing proportions and unless checked timely, carries the potential of violent protests ultimately posing an existential threat to the very ethos of Pakistan as a nation. A good part of the trouble has been that in fighting this menace (of inflation) our ...

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  • Amid all the wild swings in Pakistan’s economic policymaking over almost the past three years, one thing has remained constant, repeated experimentation where none was needed. A cursory look at the economic history of nations that have made big over the last half century and the important and ...

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  • In a surprising move, the Ministry of Planning last week released some statistics that aim at downgrading the performance of not only its own co-Commerce Ministry, but also that of the national export sector. The report argues that while Pakistan’s exports grew significantly in Dollar terms, ...

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  • The Nobel this year in Economic Sciences was shared by three individuals: Joshua Angrist (writer of the famous book, “Mastering Metrics: The Path from Cause to Effect”) of the Massachusetts Institute of Technology (MIT); David Card of University of California, Berkeley; and Guido Imbens ...

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  • In general, it is a fair assessment that all prospering economies are alike, but all failing economies tend to be ailing in their own peculiar ways. Still, there are some larger global events that affect world economies in a common way. For example, in the aftermath of the 2008 financial crisis, ...

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  • One step forward, two steps backwards—every time we think that Pakistan’s economy is headed in the right direction, in comes the reversal followed invariably by a freefall, sending us even lower in terms of per capita, currency value, debt, deficits, inflation and above all enhanced ...

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  • Time and again, one has tried to explain that keeping an emerging economy on track needs long-term vision, a sustainable commitment on the path of growth and above all, patience that aims at building institutions through underlying structural reforms. Resort to knee-jerk reactions, witch-hunting, ...

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  • Pakistan’s economy seems to be slipping and unless we change course quickly the quagmire may simply become too messy to escape from. One of the principal reasons for the current impasse is the rapidly declining value of the Pakistani Rupee. Unless an economy can defend its currency, the rest ...

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  • The Pakistani Rupee has been on a downward slope for almost 3 years now and needless to say that not only is this tangibly eroding connectivity of an average Pakistani with the outside world, it is also at the same time very punishing for the common man economically. Pakistan’s economic ...

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  • In Pakistan or for that matter in any developing country, one of the failings that are often pointed out is the failure to achieve transparency and efficiency in government spending (optimal results against the funds being spent). There has been a lot of talk of private-public partnerships (PPP) ...

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  • I have of late been writing on how successive and rapid currency devaluations in Pakistan have not only been a catalyst, but rather the main drivers in fuelling the current wave of inflation in the country. With imports, at least in short term, being fairly inelastic and exports by and large ...

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  • Imran Khan’s approval ratings are finally beginning to become somewhat positive since the economy started to perform, inspiring hope among his supporters and supportive media that he can fulfil at least some of his campaign promises. With extremely thin majorities almost in all houses and a ...

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  • We have been hearing about how merit will prevail under the PTI government and trust with only two years to go, it is about time that merit and excellence are indeed seen to be tangibly returning to Pakistani institutions. Prime Minister Imran Khan in the country’s latest stance made it very ...

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  • Pakistan’s economy finally seems to be moving in the right direction: GDP growth is up; large scale manufacturing is consistently registering double-digit growth; even the SME sector’s power consumption is showing an increase, which can only point to its revival; Exports have crossed ...

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  • Like many developed economies of the world, wealth distribution in Pakistan also remains a concern. Estimates point to glaring inequalities like the top 10 percent of the population earning 27.6 percent while the bottom 10 percent earn only 4.1 percent of the income or in some studies just 17 ...

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  • Pakistanis have been confronted with the double menace of high interest rates and high inflation for quite some time now. While a comparison with the developed West may not entirely be appropriate, what puzzles every thinking citizen is that at least why be an exception even in the South Asian ...

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  • A few weeks back, I touched upon the subject on how to bring private sector values into the public sector companies and in some cases, also vice versa. In continuation of the same, let’s discuss the six new rules of business that have evolved in modern management that not only create a new ...

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  • May 21 over May 20 inflation in Pakistan clocked a double-digit increase at around 10.50 percent. Naturally, the topic was picked up both by the opposition and the media for yet another thumbs down on the government’s economic performance. Is this increase worrying? Answer: Yes. However, is ...

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  • Amid all the wild swings in Pakistan’s economic policymaking over almost the past three years, one thing has remained constant, repeated experimentation where none was needed. A cursory look at the economic history of nations that have made big over the last half century and the important and ...

    Read More
  • When it comes to economic performance, there have been some surprising but nevertheless welcome announcements of late: We hear that the economy has recovered and is growing close to 4 percent, with the GDP growth target set for next year at 4.80 percent! Well, positive economic news, any which way ...

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  • As the government continues to grapple with fixing Pakistan’s economy, one of the main challenges it faces is in resurrecting the State-Owned Enterprises or at least improving delivery/output/service of these national public sector institutions. Interestingly, this problem is not peculiar to ...

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