Dire straits

WITH the government left with little to offer except gimmicks, the economic situation is deteriorating by the day. According to a news report published in this paper’s Friday pages, large-scale manufacturing — a bellwether for economic activity — contracted by a staggering 7.75pc in October, registering a slowdown for the second straight month. Since the start of fiscal 2023 (the July to October period), LSM has now contracted by an overall 2.89pc, indicating that the deceleration in economic activity seems to be getting worse with time. Record energy and raw material prices are being blamed. The country’s inability to secure sufficient gas supplies for the winter has also raised fears that the slowdown may worsen in the coming months. Not only that, the major export industries are being deeply impacted, especially textiles, which posted a massive contraction of 24.6pc in October over the previous year.