Falling incomes.

The financial troubles the people of Pakistan have been going through cannot be over-emphasised. The figures released by the National Accounts Committee (NAC) last week confirm the public suffering. According to the figures, the per capita income in the country in dollar terms fell to $1,568 in FY23 from $1,766 in FY22 and $1,677 in FY21 - something that indicates a sharp decline in personal incomes and deteriorating standard of living. Another factor pointing towards a slowing wheel of the economy - having a direct bearing on people's income - is the ominously low GDP growth rate (provisional) for the ongoing fiscal year estimated at 0.29% - registering a sharp decline from the previous year's 6.1% achieved under the PTI government.

Factors causing such a dismal state of the economy include a historically high interest rate, at 21%, that has turned the working capital extremely expensive and diminished chances of expansion in businesses. Then there is a high flying dollar that has made the import of raw material...