Economist reveals if PTI government is fully responsible for inflation or there are other factors
'Increase in oil prices has nothing to do with Imran Khan or Pakistan'
Inflation has always been a central issue of Pakistan’s socio-economic policy framework. The mechanism is of vital importance to explore for discerning policy formulation.
In an exclusive interview with Siasat.pk, the Famous Pakistani Economist, Muzamil Aslam, explained the current inflation situation and its impact on Pakistan’s economy.
Regarding the impact of the global economy on Pakistan, Muzamil Aslam said, “Nowadays, everybody in the world is interconnected in one way or another. The current corona situation and growing divide between superpowers China and the US have affected economies worldwide, including Pakistan. When things like this happen, it results in stock market falls, currency depreciation, and commodity prices change.”
The Economist also shed light on how the global pandemic has been affecting the inflation in the country. He said, “When the COVID-19 outbreak occurred, it disturbed the international trade and Shipping lines dwindled as sales declined. As a result, freight rates for shipment companies increased five times, leading to higher commodity prices.
He further went on to say that increase in oil prices has nothing to do with Imran Khan or Pakistan. It is a global price trend.
In response to a question regarding people and the opposition blaming the government for inflation, Aslam said, “When the international dynamics change, the prices of things go up. Currently, due to the coronavirus the supply chain has even disturbed, and its impact is visible in Pakistan.
Muzamil Aslam concluded that the government has been unable to describe the current inflation dynamics. It properly needs to explain to people the factors that have been causing inflation.
Watch The Interview Here:
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