Prominent economists have termed the president resignation as positive sign for the improvement of the economy. They said that the end of political instability will help the government to focus more on the economic issues. They said that due to the political uncertainty and unclear economic policies, foreign investors had been reluctant to invest in Pakistan.
However, the situation will now become clearer for the implementation of economic policies. Since the last several months the country's economy had been facing huge difficulties and capital markets were witnessing a downward trend, they added.
The political battle has badly hurt the country's economy and Karachi stock markets' index came down to 10,000 level from 16,000 points during this period, while the rupee was also continuously depreciating against the dollar, they said.
"We believe that the after the resignation of Musharraf, the government now address the real economic issues to improve economic conditions," they added. They said that some positive indications were witnessed on Monday, as the KSE index increased by over 460 points, while the rupee also gained some Rs 1.20 against the dollar.
"The rupee appreciation and positive trend in stock market on Monday just after the resignation of president, indicating that in near future country's economic condition would be further improved," they added.
They said that after the resignation of president the government would not able to blame the president Musharraf for any economic sad back and the newly constituted government would be whole responsible for economic performance. "The political government would now be absolutely free to develop its own economic policies," they said.
Although, the economy was on right track till the December 2008, however the political uncertainty, after the assassination of Benazir Bhutto badly hurt the economy and reserves have also come down below the ten billion-dollar mark, they added. They also stressed the government to adopt new economic policies in the line with current economic condition, which attract the foreign investors as well as local investors.
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