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The unprecedented hikes in interest rates, devaluation and ongoing additional surcharges have unleashed a spike in inflation that has severely eroded the purchasing power of the people, and led to the loss of employment opportunities. The dream of generating millions of jobs transitioned into a reality of rampant job losses.
Unnecessary controversies and legal issues have been created and the government has become embroiled in judicial battles, which could have been easily avoided. The much-criticized Circular Debt has raised its ugly head yet again and at Rs.1.69 Trillion is posing a considerable threat
No amount of distraction can hide the figures that indicate India’s economic state. Growth is averaging 5% and projected to go lower. The policies that were to deliver failed miserably. People are still reeling from the impact of the disastrous demonetization policy and the consumer tax fiasco.
The government had been crying hoarse that it had stabilized the economy and good things would happen. The economists, the media, the analysts and the street opinion solicited by roaming media people did not agree. Now Moody’s Investors Service (“Moody’s”) has changed Pakistan’s outlook from negative to stable affirming Pakistan’s local and foreign currency long-term issuer and senior unsecured debt ratings at B3.
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