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The real indicator

33 25 0

Moody’s moves Pakistan from ‘B3-negative’ to ‘B3-stable’: Is this something to cheer about? The fact is that ‘B3’ is the last category before ‘C’ where countries that have defaulted are placed.

For a powerful country like Pakistan being in ‘B3’ should be embarrassing. As far as Moody’s is concerned we have seen better days. In 1994 (PM Benazir Bhutto), we were ‘Ba3’. In 2006 (President Musharraf), we were ‘B1’. Is this a real indicator of economic performance? Does it even mean anything?

Current account: Our current account deficit has come down from $19.9 billion last year to $12.75 billion this year. Is this something to cheer about? Fact: We have depreciated the rupee by 47 percent. Fact: Our exports have gone up by a paltry 4.8 percent........

© The News on Sunday