Inflation and Impacts On Pakistan's Economy: (Part 2 complete)
The term “inflation” once referred to increases in the money supply (monetary inflation); however, economic debates about the relationship between money supply and price levels have led to its primary use today in describing price inflation. It causes adverse effects on the economy. For example, uncertainty about future inflation may discourage investment and saving. High inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future.
Pakistan faces a number of challenges that are intricately linked to each other. There is a national debt and high corruption which triggers inflation in the country. In it's broad sense, inflation and overpopulation are not just linked together but they also Branch out into several other ordeals like poverty and health care facilities. According to a World Bank report, about 60 per cent of Pakistan's population lives below the poverty line. The International poverty line is 2 dollar a day or an income of Rs 200 per day. Consequently, poverty has two forms, i.e., general and absolute. In general poverty or the state of one who lacks a certain amount of material possessions. It is a multifaceted phenomena which includes socio-economic elements. Whereas, absolute destitution is a condition characterised by severe deprivation of basic human needs including nutrition, education and health insurance. It depends not only on income but also on access to services.
The famous British philosopher Bertrand Russell in his book "Education and the Social Order" writes, "If you see two children, one of whom is clean and other is dirty; you tend to suppose that the clean one's parents have a larger income than the parents of the dirty one". The irony is that we can gauge the unbalanced picture of our society which boosts disorder and deprivation in the lives of people. This is the explicit example, which generates some psychological smash inflicting in our country. In this format, a big portion of our population are facing the Wraith of poverty which further compounding the burden on the country's dilapidated economy. In Pakistan, there is a high population growth rate of 4.2 million births annually which strains an already overstretched, underfunded and underperforming economy of country. Overpopulation is among the most pressing environmental issues, silently aggravating the forces behind global warming, environmental pollution,habitat loss, the sixth mass extinction, intensive farming practices and the consumption of finite natural resources, such as fresh water, arable landand fossil fuels, at speeds faster than their rate of regeneration.
According to a report, 39 per cent of Pakistani are living in multidimensional poverty meaning some won't be able to afford food while others get schooling but can't afford healthcare etc. Although destitution has been on the decline during the last few years but now, the progress is looking uneven across rural and urban areas. In a nutshell, it is overpopulation which is a contributing factor of inflation and other financial crisis. With all these lingering problems that have been festering for decades can this government and her technocrats team really help to bring any reform in the economy of the country? One can hope so, the experts will resolve the conditions of International Monetary Fund (IMF) to overcome the financial hurdles of country.
(Sarwech Mujahid Fattahi/Agra)
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