PML-N's Fortunate Turnaround Amidst Economic Challenges

Over the past two years, the Pakistan Muslim League-Nawaz (PML-N) has experienced a stroke of luck with a significant slowdown in domestic food prices. Despite inheriting a high inflation rate of over 25 percent, recent indicators suggest a potential reversal in food prices, positioning the PML-N to take credit for the positive shift.

While the party may not have directly influenced this change, the timing aligns with their return to power in 2024 amidst a challenging economic landscape. Similar to their previous reign in 2013-14, the PML-N is benefiting from a global commodity downturn and stabilized exchange rates, creating a favorable environment for them to showcase an agricultural turnaround narrative.

However, critics point out that the party's success may be short-lived, as the foundation for lower food prices was set by a natural disaster rather than proactive policy measures. Additionally, concerns arise regarding the party's preference for domestic price stability over agricultural export growth, potentially limiting long-term economic reforms.

Despite the temporary respite in food prices, the underlying structural issues within the economy remain unaddressed, raising doubts about the sustainability of the current positive trend. As geopolitical tensions loom in the region, uncertainties persist over the future trajectory of Pakistan's economic landscape.