In #Pakistan, a prime minister and a country rebound — at least for now. #Nawazsharif #PMLN #ZarbEAzb #PakistanArmy
In Pakistan, a prime minister and a country rebound — at least for now - The Washington Post
One year after he was nearly bounced from office, Pakistani Prime Minister Nawaz Sharif has hung on amid signs the country could be on the cusp of a surprising turnaround.
After years of terrorist attacks, military coups and political upheaval, Pakistan for now has settled into a period of relative calm. Over the past nine months, government statistics show, major terrorist attacks have declined 70 percent, and Pakistanis are flocking back to shopping malls, resorts and restaurants.
The relaxed and optimistic mood here is benefiting Sharif politically, despite the humiliation he faced a year ago when he had to cede a chunk of his power to Pakistan’s military. Still, the arrangement is allowing Sharif to do something that Pakistani leaders have struggled to accomplish for much of the past decade: implement a road map for what a peaceful, stable Pakistan could look like. And in the process, Sharif is winning over skeptics despite his low-key leadership style.
“People are feeling more secure. There are development projects, and the perspective of people is changing to say, ‘Okay, now we can see things are going well,’ ” said Zafar Mueen Nasir, dean of business studies at the Pakistan Institute of Development Economics. “Of course, there will always be some criticism and always a second opinion, but as far as I am concerned, this government is at least showing some progress.”
Last summer, after Sharif’s first year in office was marked by disputes with political rivals and the country’s powerful military, tens of thousands of protesters camped out near his mansion, demanding his resignation. At the time, there was widespread speculation that military leaders were considering a coup to oust Sharif over his diplomatic outreach to Pakistan’s arch rival, India.
But as Islamabad slipped into an unusually chilly fall, Sharif outlasted the protesters. To remain in office, he reportedly had to make significant concessions to military commanders, including giving them full authority to make major decisions related to government policy toward Afghanistan and India.
Now, despite his reduced power, Sharif has turned his attention toward trying to rebuild a chronically sluggish economy while also delivering shiny new amenities for residents.
It’s a strategy that has become easier to implement this year, as a military campaign in Pakistan’s tribal belt and its largest city, Karachi, has been credited with reducing terrorist attacks and other crimes.
In the first eight months of this year, 680 civilians have been killed in terrorist attacks, compared with 1,194 in the same period last year and 2,246 in 2013, according to the South Asia Terrorism Portal, which monitors violence in the region.
[Pakistani military says it achieved major victory in mountain assault]
A rapidly growing country of 180 million, Pakistan has plenty of obstacles to overcome.
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Pakistan’s bare-knuckled political system also remains unsettled. Sharif, who still has 2 ½ years remaining in his term, will continue to face relentless challenges from political foes eager to exploit the next crisis.
But in recent months, speculation about a civil war or an economic collapse has died down. Instead, credit agencies are boosting Pakistan’s bond ratings and large investment firms are advising clients to take a second look at opportunities here.
“It is the best, undiscovered investment opportunity in emerging or frontier markets,” Charlie Robertson, London-based chief economist at Renaissance Capital, told Bloomberg News in late June.
The International Monetary Fund, which has extended a $6.2 billion loan, released a report last month crediting Pakistan for its 4.1 percent growth in gross domestic product this year, with a bump up to 4.5 percent projected for next year.
1.5 - 2 trillion? When, in 50 years?
Pakistan's PPP GDP is about a trillion dollars already.
It was $778 billion in 2011.
Haq's Musings: World Bank: Pakistan Ranks Among World's 25 Largest Economies