The Tell: Here’s why Pakistan faces an economic crisis no matter who wins this week’s election

Voters in Pakistan headed to the polls on Wednesday, but no matter who wins, the South Asian nation looks to be headed for an economic and currency crisis.

“Whichever party wins Pakistan’s upcoming general election will take over an economy on the brink of a balance of payments crisis. Growth is likely to slow sharply regardless of who wins Wednesday’s election,” said Gareth Leather, senior Asia economist at Capital Economics.

Capital Economics forecasts GDP growth at 3% in the next two years, down from 5.8% in 2018.

Spiraling currencies, high inflation and issues surrounding external debt denominated in U.S. dollars has been a persistent issue for emerging and frontier markets over the past months as the U.S.

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