For decades, the elite have held onto a system built on monopolistic practices, crony capitalism and inequitable governance. However, this exploitative model has started falling apart under the weight of economic stagnation, an unsustainable debt burden and international demands for reform. Pakistan’s economy is sliding into a precarious state, casting a shadow over its future and threatening not only the common citizen but also the entrenched elite.
The elite must now come to terms with the reality that the old ways of doing business are no longer tenable.
The World Bank’s $20 billion Country Partnership Framework (CPF) offers a way out by promoting inclusive growth. This approach aims to expand opportunities, improve governance and lift up the underserved. But it is not just about bringing about change for the downtrodden; it’s a rare chance for the elite to hold on to their influence by aligning with a system that ensures growth and stability for all. The economy, battered by inflation, currency devaluation and shrinking reserves, has reached a breaking point. The privileges of the elite, once taken for granted, are being chipped away by the very system they once upheld. Yet within this crisis lies an opportunity to turn things around. The CPF emphasizes principles like good governance, accountability and equitable resource distribution—ideas the elite may have brushed aside in the past. However, these principles now stand out as the only viable path toward a more secure and prosperous future. Pakistan’s middle and lower classes have been held back for decades by inequality and neglect. Inclusive growth could tap into their potential by rolling out investment in education, healthcare, and infrastructure. By building up a vibrant consumer base, the economy can branch out, creating new opportunities for wealth creation. For the elite, this means letting go of outdated monopolies and stepping up to seize opportunities in a diversified and modernized economy.
Aligning with international best practices through the CPF can also open up avenues for foreign investment and global markets. The elite, by taking on leadership roles in emerging industries like technology and renewable energy, can carve out new niches for themselves. Instead of clinging to the past, they can cash in on the transformation by playing their part in a competitive and interconnected global economy. The benefits of inclusive growth extend beyond economics. A transparent system rooted in the rule of law can cut down risks and provide long-term security for businesses. Stability in governance would tone down political volatility and social unrest, laying the groundwork for sustainable development.
To make this vision a reality, the elite must give up some of their privileges and face up to their responsibilities. By putting forward reforms and signing up for a new social contract that prioritizes accountability, the elite can secure their future while helping Pakistan pull itself back from the brink. The choice is clear: adapt to this shift or risk going under with a collapsing system. Will they rise to the challenge, or let this opportunity slip through their fingers.
—The writer is politico-strategic analyst based in Islamabad.
