Nawaz Sharif’s tenure ‘best’ for Pakistan’s economy: Bloomberg analysis

Nawaz Sharif’s tenure ‘best’ for Pakistan’s economy: Bloomberg analysis

'Road ahead won’t be easy for any party that wins the election,' says Ankur Shukla of Bloomberg Economics
Nawaz Sharif’s tenure ‘best’ for Pakistan’s economy: Bloomberg analysis

Web Desk

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23 Jan 2024

Under Nawaz Sharif's leadership, Pakistan's economy, as analysed by Bloomberg Economics, showed its best performance in the past three decades compared to its rivals' tenures.

The analysis, using a misery index that combines inflation and unemployment rates, revealed that Sharif's PML-N well performed compared to Imran Khan's PTI and Bilawal Bhutto Zardari's PPP.

"Bloomberg Economics used an average of the index values over the respective years when each of the major political parties ruled the country since 1990. A higher value indicates more economic hardship for citizens," said the publication. 

The report suggested that Nawaz Sharif is positioned to potentially return to power after the upcoming general elections on February 8, especially with Imran Khan facing legal challenges and imprisonment. 

Despite Imran Khan's incarceration, he remains the most popular politician in Pakistan, with a 57% approval rating, while Nawaz Sharif’s popularity increased from 36% to 52% in the past six months.

“The public may be giving Sharif the benefit of the doubt,” Ankur Shukla of Bloomberg Economics wrote in the report, adding that the "road ahead won’t be easy for any party that wins the election", considering the high inflation and unemployment rate.

However, the economic scenario presents challenges, with Pakistan experiencing a high inflation rate of around 30%, the rupee performing lowest, and the country seeking a financial bailout from the IMF. 

The upcoming government will need to implement potentially unpopular policies such as withdrawing subsidies and raising taxes, according to the IMF's expectations for a 2% growth in the fiscal year.

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