REGIME gurus claim to have put us on the path of progress — except that all past regimes falsely claimed this too. Progress includes not only economic stability and durable growth but also equity and sustainability. Each earlier trait is necessary but not sufficient to produce the latter ones.

So far, we have only regained economic stability after the 2022 crisis, with falling inflation and interest rates, a stable rupee and higher dollar reserves. But past rulers, too, gave us stability after crises — the PPP after 2008, following the crisis under the PML-Q; the PML-N after 2013, following the crisis under the PPP; the PTI after 2018, following the crisis under the PML-N; and now the PML-N after 2022, following the crisis under the PTI. Each inherited and bequeathed a crisis. But no party produced durable growth. So, the PML-N may fail again.

These crises are a result of the flawed ways in which we have pursued growth. China and India’s growth came by upping investment and productivity via reforms. China’s investment-GDP ratio is 40 per cent, while India’s is 30pc. Our highest level under the PML-Q, PML-N and PTI was 18pc, 17pc and 15pc. Our productivity is low too, as we shun reforms. We achieve growth via high external........

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