Pakistan Faces Economic Rollercoaster in 2023; IMF Deal and Reforms Seen as Critical for Future Stability
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Pakistan faced economic turmoil in 2023 with high inflation, weak currency, and an uncertain IMF deal, especially in the first half of the year.
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The stock market rebounded in the second half of 2023 after the IMF deal was secured, rising over 50%.
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The Pakistani rupee fell 20% against the dollar in 2023 despite recovering slightly in the last few months.
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Restructuring the economy with long-term reforms is seen as essential to move beyond Pakistan's boom-bust economic cycle.
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With elections ahead in 2024, there are calls for new economic approaches focused on long-term growth rather than short-term fixes.