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Pakistan: A state of turmoil for the Economy
An incident occurred at the Twitter handle of a Pakistan Embassy in Belgrade, Serbia where a hacker hacked into their account and tweeted about the status of the Pakistani Economy where he mentioned that Government Employees haven’t been paid for almost 3 months.
Pakistan's GDP growth is expected to reach a four-year high of 5% in the fiscal year ending June 2022, but the country is on the verge of collapse, reliant on external debt bailouts to stay afloat due to rising inflationary concerns and an impending balance-of-payments crisis.
The Pakistani economy is at a multi-year low for its 263 billion $ economy. A higher Deficit made them push money in foreign exchange which degraded the value of the money. The growth rate fell to 0.99% from 5.8% in 2019 and to 0.53% in 2020. In 2020 inflation was at an all-time high of 10.7% followed by 8.7% inflation in 2021 which makes local economies across Pakistan struggle to compete with their foreign counterparts.
Currently, Pakistan is being saved by 3 factors IMF which are leasing them roughly around 1 billion $ if Pakistan is able to establish suitable commitments. One more savior is Saudi Arabia lending them 3 billion $ at a draconian 4% interest rate which is too high for a country.
Pakistan’s inflation is at a record high of 15.9%, with food inflation of about 25% which suggests that basic foods such as fruits and vegetables and chicken are not available for the common folks. The economy is expected to grow with a 4.2 % growth rate in 2022 but with a significantly higher inflation rate of 7.6%. This is a start of a debt trap which Pakistan is falling into and is soon going to be in deep economic trouble if the government doesn’t resolve the proper disbursement of the funds and basic necessities are available to the general public. Authorities have also stated the issue is due to high corruption in the government.
Is Web3 a Utopia
January 1, 1983, is considered the official birthday of the Internet. It was one big Wikipedia, mostly having a bunch of static pages- whenever you load the pages, they just showed some stuff and that was it. There was no logging in on pages, zero interaction between the users, it wasn't profitable and all the users were consumers. Google, MSN, Yahoo were the products developed in this tenure (1983-2004). Then comes the year 2004, few Harvard undergrads had the idea of building a social media network for the college. Things went well and voila the social media was ruling the internet in the next years. Many people consider this as the beginning of web2. One of the biggest changes from the earlier era was the interactivity on the internet. This meant that not only did we get the information from the pages but the web pages started getting information from us as well. In web2, we could both view facebook.com and see very different news feeds based on the algorithm processed by our input data (We have been accepting cookies since then). The users were the product till now. Everything was centralized and people at the top can easily control, manipulate the complete web. But now we have been introduced to this beautiful concept of verifiability, security, and decentralization. This concept is known as Web3.
The goal of web3 includes
building a trustless infrastructure,
removing the intermediaries,
giving users power and ownership on their data, identity, security, and transactions.
It enables fully autonomous applications that will run whether or not you are there to run them in the future.
To be continued...
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