There is an intimate relationship between political stability and economic prosperity in a country. Indeed, political stability is precursor to economic stability and development. Simi-larly, political instability is precursor to economic instability, abject poverty and social unrest. There are four broad contours of political instability: ( a) the propensity for regime or else government change, (b) the incidence of political upheaval and violence in the society and (c) instabilities in policies of the governments and (d) lack of good governance. Political insta-bility is regarded by economists as a serious malaise, harmful to the economic performance of a state.
Political instability in a state limits policymakers’ options for making stable and long-term economic policies. It compels economists to make sub-optimal short-term macroeco-nomic policies. It may also lead to a more frequent switch of policies, creating volatility and thus, negatively affecting macroeconomics. Pakistan is facing the malaise of political instabil-ity, among many other factors, in its fragile political system. Unfortunately, political polarization among political parties is rampant in the country.
This process further creates polarization in Parliament of Pakistan. The coalition governments of more than one political party always try to exploit the system in their favour. This hap-pened frequently from 2018 to 2023. Both governments did not perform politically as well as economically. Indeed, their political instability gave way to economic instability and social unrest in the society. In fact, the frequency of government changes and frequent interferences has further destabilized the process of political stability and economic development in Paki-stan.
The main condition for a country to achieve stable economic growth is a strong and sta-ble political structure. A strong and stable political authority will eliminate many looming uncertainties in the state. With the support of such a strong policy, the economy will ensure stable growth. The unstable structure in politics is the most damaging factor for economic performance and stability.
As a nation the people of Pakistan will have to collectively think about where we are heading and what is our destiny? For the last five years, there has been a storm of inflation reaching to over 40%, causing abject poverty among the society. The Sensitive Price Index (SPI) reported a year-on-year increase of 43.79 %, as disclosed by the Pakistan Bureau of Sta-tistics (PBS) in the last week of January 2024. Practically the middle class is disappearing in Pakistan with two clear distinctions; the rich class of elites and poor class of streets. There is an unjust distribution of resources and wealth in the country; pushing the people towards de-spair, uncertainty and chaos. The process breeds unrest in the society, thus further driving the society towards intolerance, extremism, hatred and militancy. This is a very bad state of af-fairs in the country. The reasons are very common and simple to understand. These include; political instability, bad governance, poor economic management and people’s deprivations at socio-economic and socio-political levels. Taking Nigeria as the case study, this country has abundant natural resources and hu-man capital. Unfortunately, Nigeria has fallen victim to political instability, followed by high-level corruption, bad governance and a cyclical legitimacy crisis. Consequently, national de-velopment is retarded, and the political environment has become uncertain. The leadership of the state is facing the issues of legitimacy with political intrigues. Otherwise the country is an ethnically-differentiated polity with clear fault-lines. In this country, political gladiators con-stantly manipulated the people and the political processes to advance their own selfish agenda, resultantly, society remained pauperized, and the people wallowed with abject pov-erty. Over the years, the People of Nigeria has lost faith in their political leaders and political system. Today, this hydrocarbon rich state is facing serious economic crises which are mainly the outcome of bad political instability, bad governance, rampant corruption and economic impoverishment.
Political instability emanates from bad governance which further impacts economic develop-ment. Governance comprises; all of the processes of governing undertaken by the government of a state through various means. Good governance is a way of measuring how public institu-tions conduct public affairs and manage public resources in an efficient manner. The concept of Good Governance emerges as a model to compare ineffective economies or political bodies with viable economies and political bodies. Good Governance includes; participation, consen-sus, orientation, accountability, transparency, responsiveness, effectiveness, efficiency, equi-tability and the rule of law. Bad Governance is the unfavourable relationship between those who govern and the ones being governed. What makes governance of any society bad hangs on rule of law and accountability of those breaking the laws.
The way forward is very simple and straight, provided there is will, sincerity and commitment. The Pakistani ruling elite should embrace the statesmanship approach while dealing with the political and economic affairs of the state and society.
This calls for prioritiz-ing the well-being and prosperity of the state and the masses over and above the political par-ties. The focus should be on the long-term political stability and economic health of the state. Run the state through a set of long-term political and economic policies rather than the day-to-day business of the state. Let there be political and institutional consensus on the issues of national interests without bias. Envisage and frame a better governance system for an efficient public service. Create better working conditions for the investors and masses. Reform the ju-dicial system for timely dispensation of Justice to everyone. Trust building between state, so-ciety, political forces and institutions is pivotal in the entire process.
— The writer is Professor of Politics and IR at International Islamic University, Islamabad.
Email: drmkedu@gmail.com
views expressed are writer’s own.
