Politics in the driving seat.

The worsening economic crisis has triggered human and political crises, eroded social cohesion and posed a risk to our national security. The outlook for the future at the moment appears to be bleak.

In October, inflation - mainly driven by food, transport and energy prices - measured by the Consumer Price Index rose by 26.56 per cent year-on-year against last month's 23.56pc and 9.2pc in the same month last year. An analyst says the inflation reading was more than double the increase in wages of around 13pc. And after assuming power, the PML-N is losing its political capital in Punjab at an unprecedented speed.

Owing to the country's political and economic situation, business confidence is stated to have dropped to one of its lowest levels. According to the latest Gallop poll survey, inflation remains the 'most- cited' problem of the business community.

To quote Director General ISI Lt General Nadeem Anjum, the worsening economic condition was the number one issue, as national security is directly linked with it.

There has been some official rethinking about shifting from geo-politics to geo-economics

The political instability (worsened by the PTI's long march and looming elections), according to international credit rating agencies, will make it more difficult for the incumbent government to carry out challenging structural reforms policy. The economy faces rising political uncertainty.

Unemployment and inequality both look set to rise because multiple and overlapping economic and political crises threaten labour market recovery worldwide, according to the latest International Labour Organisation Monitor on the 'World of Work'. The report says job vacancies will decline, and global employment growth will deteriorate significantly in the final quarter of 2022.

From what has been stated above, it is clear that economics and politics are deeply linked and cannot be separated. Though most of the time, economics shapes the destiny of the nations, in times of severe, prolonged multiple economic crises, politics moves to the driving seat, often triggering transformational change.

The historical record shows that the 1971 tragedy (whose economic and political reasons are well known) was followed by a sovereign parliament's unanimously approved Constitution in 1973.

And political stability of the federating units was reinforced after they were granted administrative, legislative and financial autonomy under the 18th amendment and by the 7th NFC...