Policy makers should adapt modern approaches while policy formulation. Thus, for a prosperous economic state, it is need of the hour to ponder over the above roots of the current economic turmoil and eradicate the menaces with prudence and efficient manner. global price increase due to Russia-Ukraine War and IMF conditions to impose petroleum development levy, aggrandized heavy tolls on transportation, food industry and other economic activities around the country. Moreover, hike in petroleum prices owing to twofold reason i.e. Down to that an overall inflation is raising its head which further ignites poverty in the country. Import of products like Mineral fuels including oil, electrical equipment, iron, steel, pharmaceuticals, Animal/vegetable fats, oils, waxes, plastics, plastic articles, organic chemicals, oil seeds, in short, each and every commodity of day to day utility has become more costly. Simultaneously, consistent increase in dollar rate puts pressure on Pakistani rupee. Consequently, tax burden on public commodities is increasing day by day.
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State bank reserves are declining swiftly.
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The incumbent government is looking feebly towards IMF for bailouts on hard conditions that further will increase debt burden on the ex-chequer of Pakistan. Most of the industries including automobile, textile, stock market, agricultural production and transportation are at the brink of fiasco. Foreign debt burden, imbalance of payments, high inflation rates, low production and depreciation of currency created a dilemma of muddle for financial institutions of the country. Resultantly, a market in-equilibrium appears in the country which further exaggerates the rise in prices and leave people with minimal choice of commodities.Ĭonsequently, the above perils drowned the country into economic catastrophe. This monopolized market structure minimizes the opportunity for new entrepreneurs and creates a gap in demand and supply of commodities. The companies influence the policy makers to drive the policies in their favor to boost their market share for retaining their decades-long monopoly in open market.
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They play a major role in downgrading the policy making process in the country. Resultantly, the economic affairs of the state are ruined by the unsympathetic leaders, who, deemed to fail in addressing the remedies to eradicate the current economic turmoil from the country.Īdditionally, the transnational companies cause a severe threat to economic activity in Pakistan. On the other hand the latter try to revive its governance control by hook or crook. On one hand certain political groups have joined together to jolt their common opponent through all possible gambits. This paradigm shift in political role of leaders created an environment of wandering competition between different political groups. So forth, the country’s political culture is transformed from serving people to tug of war for reigns of governance. The elected public representatives appear to be more focused on personal gains regardless of public welfare. Moreover, the policies in Pakistan remained prey of vested interests of political leaders.
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This incompetence, in policy machinery, paves the way for an unending jumble of economic crisis in the state. They appear to be inexperienced in dealing with the colossal economic disorder because of frail strategic approach for resource management and lack of expertise to prioritize best choice during policy formulation. Policymaking fraternity in Pakistan seems inept at managing the crisis with prescience due to unawareness of modern-global policy making tools. archaic, oblivious and biased policy mechanism, comprised of, obsolescent policy framework, egocentric political frat and inapt intervention of transnational entities in policy structure. Surely, one will eagerly strive to dig out the stumbling block that halts economic development in the country. Despite such huge economic capability and ingenious global-market-penetration capacity, the country still fails to turn its status as a developed economy. Above and beyond, the country is rich in other economic ignitors like agro-industry, livestock, construction industry, tourism, and small manufacturing industries. As well as, it has opulent mountainous ranges containing precious minerals like copper, gold, granite etc. support for agro-production and huge potential of hydroelectric energy generation. It also possesses prevalent network of rivers i.e. It has wide range of natural resources encompassing, reserves for chemical, industrial, and textile businesses. Economic position of Pakistan is incompatible with its economic potential.