Last week, Prime Minister Shehbaz Sharif had the pleasure of announcing the reduction in inflation to single-digit levels, which he termed the turning point of the government’s economic blueprint. The Prime Minister further lauded the government’s economic team, stating that their commitment and hard work achieved all this. He stressed that the decline in inflation indicated improved economic conditions and was clear evidence of the government’s policies working.
Inflation Policy Suffers Another Loss as Rate Plummets to 9.6%
AUGUST saw inflation in Pakistan reduce to 9.6%, a sharp drop that has not been experienced and recorded for the past three years. This milestone is particularly significant considering the economic headwinds that the country has encountered in the recent past. This is how Shehbaz Sharif said the government has managed to achieve this after implementing a series of measures and policies. He stressed that the economic team’s efforts are starting to yield positive results and that we should expect such a development.
The Prime Minister stated that achieving a low inflation rate is not easy, but the government’s determination to control inflation makes it possible. The 9.6% inflation rate, the lowest recorded in three years, marks a significant milestone. The economic team sees this achievement as a ‘victory’ since they have successfully tamed the economy and controlled inflation.
Economic Recovery and Stability
Shehbaz Sharif also related this decrease in inflation to other external factors hierarchically. He further pointed out that the drop is consistent with the economic outlook report by the Ministry of Finance. This guidance to the government also encourages its current orientation in its economic policy direction to be appropriate. The Prime Minister pointed out that the government had to make hard choices and tradeoffs, sometimes losing their political capital, to prevent the country’s economy from collapsing.
The decision to prioritize the restoration and stabilization of the economy over political advances shows the government’s deep concern for the nation’s well-being. Prime Minister Shehbaz clarified that they had to make these tough decisions to keep the economy from losing forever. He emphasized that only this year, the end of the most severe consequences of the pandemic infections, will the government’s primary goal remain the high rate of economic development, the benefits of which will come to the citizens of Pakistan.
The Road Ahead
As much as inflation has reduced, the Prime Minister emphasised that it is not the end of the work. The government has partnered this care with ensuring that efforts to boost the economy, reduce the cost of living, and build room for growth will remain. We will focus on expanding assistance to package economic development, provide employment opportunities, and enhance the socio-economic status of society.
This achievement of bringing down the level of inflation to 9.6% is just one that the government would undertake as an economic development strategy. Prime Minister Shehbaz Sharif will lead the government in achieving the much-envisioned economic breakthrough, and the government is committed to ensuring that these positive developments benefit the people of Pakistan in the long term.
