A similar crisis to that of Sri Lanka, but with a different public reaction—a path to great tragedy
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The July inflation rate was over 20% last week, according to data. This statistic gives concrete evidence of a trend that middle- and low-income households have been experiencing over the past four years. Although more current Labour Force Survey wage data are not yet available, it is safe to assume that people's incomes have not kept up with this inflationary pressure. The prognostications for the upcoming years seem rather bleak. Macroeconomic scholars generally agree that nations like Pakistan will find it difficult to resist the pressure brought on by a rising currency. The domestic economy's irregularities—rent-seeking industries, shaky agricultural markets, and meagre exports—will take their toll. Over the coming years, households that are currently experiencing a severe financial crunch will continue to do so. The Pakistani context is familiar with all of this. Over the past three decades, there have been many brief boom times followed by pr