Pakistan Economic Crisis Explained |
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"Four Main Reasons behind Pakistan's Economic Crisis: Are We Making the Same Mistakes?"
Pakistan is going through a severe economic crisis with forex reserves of only $3 billion, which can cover imports for the next three weeks only. Inflation has risen to over 30%, and people are struggling to afford basic necessities. The State Bank of Pakistan has raised policy interest rates to 20%, leading to a decrease in foreign investment, and external debt has increased to 20.69 trillion Pakistani rupees. If corrective action is not taken, Pakistan may default on its debt payments, leading to a global crisis.
The crisis did not happen suddenly; several wrong decisions by Pakistani politicians have led to this situation. For instance, before the 2018 elections, the government spent $7 billion to artificially strengthen the Pakistani rupee against the dollar to show the economy's strength. However, this led to an increase in imports, a decrease in exports, and a reduction in forex reserves, adversely impacting economic growth.
The video also highlights that a country's currency's appreciation or depreciation should not be a cause for excessive happiness or concern. Most countries leave exchange rates to market forces, while others devalue their currency to increase exports, like China.
Another reason for the crisis is the Pakistani government's decision to lower petrol prices instead of increasing them when crude oil prices increased in 2022, leading to a loss of 250 billion Pakistani rupees. The video suggests that sudden changes in exchange rates or petrol prices can harm businesses and may require intervention from the government or central bank.
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Link for video on Venezuela Crisis - kzitem.info/news/bejne/0aWMz5yoonSGd6A
Link for video on China Crisis- kzitem.info/news/bejne/pKWKup2MoqZmfKQ
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