Comparing economic performances

PEOPLE often ask which political party has the best track record of managing the economy and producing the best results. It is a tricky question to give a straightforward answer to, but if pressed, the most obvious reply would be ‘none of the above’. The reason is that all major parties have had their stint in power and yet Pakistan continues to be the most reliable client of the IMF, the institution that is the emergency room for economies in distress. But if one is willing to be a bit patient, there is a more worthwhile answer. First of all, beware of any narratives that roll out a handful of indicators as measures of economic performance. Be very wary if any party tries to tell you that the GDP growth rate was higher in their time compared to that of others, or that exports hit a higher peak, or revenue collection grew the fastest, or foreign exchange reserves climbed faster and higher in their time than of their rivals, or that inflation was lower during their tenure, or large-scale manufacturing output grew faster than in the time of others or any other such indicator.