Sajid Ali Naich
The International Monetary Fund (IMF) has warned all world nations of the advent of another Global Recession, mere, at the beginning of year 2023. However, 1/3rd of the world economy may collapse this time and Europe, this time, is not out of it. Mighty economies like the USA and China have witnessed reluctant fall or below average growth in the fiscal market. Although, this new phase of 2023 may deter China in splaying its business and it has been carefully observed that for the first time in the last 4 decades the thriving Chinese economy faces doldrums just in a few early days of this year. If developed countries are suffering this recession, then conditions of South Asian countries might be terrible and unpredictable. Last year, Sri Lanka went bankrupt, which caused high interest rates, cost of living crisis, and a demolished currency that finally led to political turmoil. But soon, it stood and qualified for an extended fund facility of 2.9 billion dollars from IMF. For Pakistan, which is already at the verge of default, it is an alarming situation. The country has to intensify loose bonds with neighboring states, adamant policies in favor of national interest solely, legal projects with mutual coordination, no border tussle replacing it with table talk can be elixir in such ghastly turmoil. Pakistan’s putative organization has to be professional now, act collectively. A separate organization should be founded whose target would be educating local masses to utilize national products and evade major imports, implications on austerity measures can be pivotal too. Otherwise, the country might sink in the coming catastrophe.
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