Reuters/File
Like other spheres of the country's economy, rupee depreciation also saw historic lows — opening floodgates for towering inflation and financial difficulties for the lower-middle class.
The value of the green back against the rupee increased by Rs16 from around Rs139 to Rs155 during the year. By June, the rupee had depreciated to a historic low of Rs164 against the dollar. However, during the second half of the year, the local currency witnessed a recovery phase.
Doing business? Easy! In the last week of October, Pakistan rose an astounding 28 places on the World Bank's global Ease of Doing Business rankings, landing among the world's top ten business climate improvers. Just the previous year , Pakistan had ranked at 136.
While an ascension in the ranking was indeed a cause for celebration for the government, it should be noted that the study judges using a fixed criteria which is not flawless by any means.
As former member of the prime minister’s economic advisory council, Sakib Sherani, put it: “It is important to recognise that there are far deeper and more meaningful reforms that need to be implemented to bring about a lasting improvement in the country’s investment climate”.
Opinion: Ease of doing business?
What's your outlook, Moody? In the first week of December, Moody's Investors Services, an international credit rating agency, upgraded Pakistan's outlook from 'negative' to 'stable', while the credit rating remained the same at B3.
Mere moments after the news was broken, the finance ministry, in a statement, called the upgrade an "affirmation of the government's success in handling the country's economy".
However, the report also presented some grim realities highlighting Pakistan’s foreign exchange reserve inadequacy and low coverage of external debt.
“Unless the government can effectively mobilise private sector resources, foreign exchange reserves are unlikely to increase substantially from current levels,” it warned.
Editorial: Moody’s outlook
Traders in turmoil