KARACHI:

Pakistani citizens and policymakers are rightly excited. Not only is Pakistan getting into the good books of President Trump, but the economy also seems to be moving in the right direction.

Inflation is back in single digits, the currency has remained stable for two and a half years, interest rates are down to 10-11%, industries are finally expanding, remittances are growing phenomenally, and the Pakistan stock market is booming at the 165k level of the KSE-100. These are all great indicators on the surface.

But beneath the optimism lies a troubling undercurrent. Between the lines, there is growing pessimism and a foreign investor exodus. Over the past decade, nearly all foreign banks have exited Pakistan. Just last week, Gillette Pakistan decided to close operations.

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