Imran Khan inherited bad economy, but leaves it in even worse shape: Pak economist

INTERNATIONAL DESK: After Imran Khan was voted out of office by the Pakistani Parliament, renowned economist Atif Mian explained how the former Pakistan Prime Minister inherited a bad economy but left it in even worse shape.

Taking to Twitter, the economist said Pakistan Tehreek-e-Insaf (PTI) government lacked understanding of the economic challenges and that there’s been zero increase in average income in the country.

In a series of tweets, he said Covid-19 gave temporary respite to the balance of payment (BOP) crisis as oil imports and domestic demand contracted due to the pandemic.

“PM (Imran Khan) voted out of office by parliament after 3.5 years. He inherited a bad economy, but leaves it in even worse shape,” Mian tweeted.

“There’s been zero increase in average income, and Pakistan never got out of the balance of payment (bop) crisis. Covid gave temporary respite to bop crisis as oil imports and domestic demand contracted due to pandemic, but with pandemic receding, is back in serious trouble,” he said in another tweet.

According to the Pakistani-American economist, the larger failure was an incapacity to understand Pak’s macro challenges.
Pakistan Tehreek-e-Insaf (PTI) inherited a currency crisis that was already months in motion, Mian said. “Yet the new government had done no planning. Precious time and reserves were wasted with silly schemes,” he added.

The Pakistani parliament ousted Imran Khan in a vote of no confidence in the early hours of Sunday, media said.

As many as 174 lawmakers in the 342-strong lower house of parliament voted in favour of the no-confidence motion launched by opposition parties. (ANI)