Read on Twitter
"In Pakistan, the outlook has improved markedly since the 2018 general election victory of Imran Khan. In a short period, the country has seen notable improvements in business sentiment and macroeconomic policymaking. The State Bank has...." 1/N https://www.ft.com/content/10104ada-be47-4861-aba1-e8216a3651b9
"..undergone a complete makeover to transform it into the mould of a modern central bank under its new leadership"
While there have been many gains towards stabilisation of macro indicators and professionalisation of the SBP, this is merely running to stand still. 2/N
While there have been many gains towards stabilisation of macro indicators and professionalisation of the SBP, this is merely running to stand still. 2/N
We've been here several times before - point in the cycle where foreign portfolio investors (non-FDI) sing praises bcs the external outlook has *stabalised*. Govts usually see this as a stamp of approval & declare victory until the economy heats up & we have the next crisis..3/N
Nothing will change unless we fundamentally alter the structure of the economy & ultimately increase productivity. @ajpirzada did a great thread on this topic recently. 4/N https://twitter.com/ajpirzada/status/1272312447370747911?s=20
An interesting gauge for 'structure' is what industries produce the largest companies/richest people. A cursory look at PK show that same companies & ppl across traditional sectors such as textiles, energy & real estate continue to dominate w/o much innovation or competition 5/5
