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Pakistan's bubble is collapsing - Eastern Mirror

New Delhi, July 19 (IANS): Russia’s invasion of Ukraine sent economic shockwaves across not only Europe but also the broader Middle East.Pakistan, whose economy is already weak because of decades of corruption, mismanagement, and unstable governance, has been particularly vulnerable, Michael Rubin wrote for National Interest.While many countries are dependent upon Ukrainian or Russian wheat or foreign energy imports, Pakistan requires both. Between July 2020 and January 2021, for example, Pakistan was the third largest consumer of Ukrainian wheat exports after Indonesia and Egypt. The price spike in oil prices has hit Pakistan hard, driving up the cost of its imports by more than 85 percent, to almost $5 billion, just between 2020 and 2021, Rubin a senior fellow at the American Enterprise Institute wrote.One of the reasons successive Pakistani leaders avoided reform was that they believed it easier to accept the fairytales spun by China. Far from being an economic saviour for Pa ....

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