The writer says inflation in Pakistan has not reached its worst yet, and might continue for a few years, if not longer. Read more at straitstimes.com.
ISLAMABAD - Javed, who works as a driver, told me that till 2017-2018, he was able to manage his household expenses on his salary alone.
For people who cannot move out of the country, who don’t have diverse income streams or foreign currency-denominated income streams, and who don’t possess savings in instruments that stay ahead of inflation , the tough times will get even tougher. Standards of living will have to come down substantially. And this will remain the case for the majority of people in the country for many years to come.
Some businesses might be able to pass on all of the higher costs to their customers, but most will not be able to do so. They will, therefore, not be able to increase the salaries of their employees in line with inflation. There is a big role for the government in terms of offering effective safety nets and offering quality healthcare, education and other public goods. But we know our government does a poor job in these areas so we cannot expect a whole lot from it.
Creating secondary income streams for most will come down to either taking on more work or asking other family members to join the labour market. Taking on more work in an economy that is slowing down is not going to be easy. This is a time when a lot of employers are laying off their workers. The same problem is going to hit new entrants in the labour market.
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