Change around the corner?

Pakistan’s present geoeconomic and geopolitical position appears well placed to benefit from the emerging “non-hegemonic multilateral” world order — this was the core message echoed at the recently concluded Shanghai Cooperation Organisation (SCO) summit. However, whether the country can consolidate this position in the years ahead will largely depend on two factors: the ability of the political class and the establishment to evolve a new, constitutionally correct and stable decision-making arrangement and how effectively Pakistan addresses its deep-rooted structural economic shortcomings on a sustainable basis. Currently, Pakistan’s economy presents a complex paradox — displaying tangible signs of recovery while grappling with entrenched structural weaknesses that threaten long-term stability. In FY25, real GDP growth stood around 2.7 per cent, surpassing the 2.4pc of FY24 but falling short of the targeted 3.6pc — reflecting modest yet notable improvement.