Stability, key to economic progress
Stability, key to economic progress
Editorial
Editorial

Political instability has often been cited as a major hindrance to economic growth; in countries like Pakistan where political instability prevails, economic development is difficult to achieve. Need to understand that Political stability is a cornerstone for economic development; without it, growth is stifled and investment dries up.

Vicious cycle of political instability leading to economic downturns and vice versa is a recurring theme in many nations’ histories. Countries like Pakistan, where political instability has often hampered economic growth, the period following an election holds immense significance. As the executive takes oath in all provinces and begins the task of governance, it’s imperative for mainstream political players to rise above petty wrangling and prioritize the nation’s stability and progress.

The interdependence of political stability and economic growth is a well-established fact, understood by seasoned policymakers. The blunt difference between periods of turmoil and those of relative calm is evident in the investor sentiment. During the last spell of governance, political upheavals created uncertainty, whereas the recent caretaker setup provided a conducive environment for investors, bolstering confidence and facilitating economic activity. However, merely restoring transparency isn’t enough; it’s crucial to move past the cycle of allegations and power struggles that have long plagued Pakistan’s political landscape. At the moment, the earnestness for stability has reached a critical juncture, with creditors cautioning about the economy’s slim chances of survival amidst persistent political instability. The incessant power games among political parties have paralyzed parliamentary functioning, impeding progress on vital issues such as economic reforms, infrastructure development, and job creation.

The path to stability begins with a collective realization that political institutions cannot serve as battlegrounds for narrow political agendas. If parties like PPP and PMLN can set aside their differences to pursue power, they must also unite to serve the interests of their constituents. Collaboration, rather than confrontation, should define their approach towards governance. Hitherto, achieving post-election stability requires more than political goodwill; it demands reforms in the electoral system. Transparency in the electoral process, addressing rigging and malpractices, and ensuring fair and free elections are imperative to rebuild trust among the populace. All avenues must be open for grievances to be aired and addressed, fostering confidence in the political process.

In the intervening time, the nation’s leaders, particularly those occupying parliamentary seats, must prioritize public service over partisan interests. Instead of squandering precious time in political bickering, they should focus on enacting policies that uplift the masses and propel the nation towards prosperity. The challenges ahead are daunting, but not insurmountable. With concerted efforts and a commitment to the nation’s well-being, Pakistan can overcome its turbulent past and chart a course towards stability and growth. The onus lies on political leaders to rise above self-interest and work towards a future where prosperity is not a distant dream but a tangible reality for all citizens. As the new government takes charge, let us hope that they heed this call for stability and unity, steering Pakistan towards a brighter tomorrow. The time for change is now, and it begins with a steadfast commitment to the principles of democracy, transparency, and public service.