Resisting temptation of quick fixes

WITH the eagerly awaited national polls set to be held on February 8, most political parties — barring the one that has recently fallen out of favour with the country’s establishment — have begun to build up their campaigns for power. Shortly, they are expected to come up with their election manifestos, outlining their broader political and economic plans for the next five years to give people an idea about how they intend to govern this country if elected. While people are keenly waiting for the announcement of the election programmes of the major parties, most will be interested in learning how each of them plans to turn the nation’s moribund economy. The devil will indeed be in the details since almost all parties have a sort of consensus on the broader economic policies. One thing, however, is clear: it will not be a walk in the park for any party to fix the economy. The situation, by any definition, is dire. The revised national accounts show that the economy is shrinking as the GDP growth contracted by 0.17 per cent last fiscal year. Helped by the implementation of the short-term $3 billion Stand-by Arrangement (SBA) loan, the economic volatility is receding and some stability returning.