Regardless of global political instability and geopolitical upheaval, the PMLN government’s economic reforms continue to yield results. According to data from the Pakistan Bureau of Statistics (PBS), the annual consumer price index (CPI) inflation rate fell to 4.9% in November, marking a seismic shift from the perilously high figures of the recent past.

This time last year, inflation stood at an alarming 29.2%, peaking at a historic 38% during 2023. The government’s efforts to bring this astronomical rate below double digits earlier this year earned widespread praise, including from political rivals and economic commentators. However, the achievement of reducing inflation to below 5% underscores the long-term effectiveness of its economic policies.

Prime Minister Shehbaz Sharif’s acknowledgment and commendation of his economic team are well-deserved. While the cost of living remains a pressing concern for many Pakistanis, runaway inflation no longer depletes household savings as it once did. This newfound stability offers the middle class an opportunity to earn, save, and spend with greater confidence, knowing their financial efforts are not being eroded by unchecked inflation. The concurrent stabilization of fuel and electricity prices, along with a steady rupee, further strengthens the foundations for economic recovery.

As the Prime Minister prepares for another diplomatic trip to the Middle East, attention has rightly shifted from averting economic free fall to building on the gains achieved. Addressing persistent security challenges in Balochistan and Khyber Pakhtunkhwa is now critical. Resolving these issues will create a conducive environment for sustained economic growth. With the right focus, Pakistan’s economy can once again aspire to the high growth rates seen during the PMLN’s governance in the early 2010s.