The world seems to be in a downward spiral with the Russia-Ukraine conflict, Sri Lanka economic turmoil and an unstable political situation in Pakistan. It seems that the year 2022 has dawned with a challenging situation for countries around the globe. I had preached in my previous writings that the changing geopolitical dynamics in the Asian region must be welcomed but it will not be easy. As economic and political alliances change and loyalties shift, today we witness new faces of various political regimes and their true intentions. With that being said, the economic indicators of Pakistan present a grim situation. The country’s State Bank reserves fell by 40 per cent to 12.05 billion in March, while the current account deficit continues to widen and is estimated to reach five to six per cent of the GDP in the FY22. The “vote of no confidence” political drama has further dented the country’s growth as foreign investors withdrew US$ 393 million from the stock market and the rupee is in a free-fall against the dollar. The already stagnant FDI maintains its position at US$ 1.26 billion in 8MFY22. With remittances and tax collection being the only two encouraging indicators, are nearly not enough to sail through with the financial burden. The new economic sense demands countries like Pakistan to be more confident in their economic decisions. The YOY inflation soaring at 12.7 in March, the declining rupee – 16.5 per cent downfall in the current year and the ongoing political saga are some of the many shockwaves for an already fragile Pakistani economy. However, Pakistan is not alone in its economic struggles. I do not say this as some sort of consolation but rather the opposite. The deteriorating Sri Lankan economic health is a clear indication poor management of a country’s financial affairs can lead to social unrest. As commented by Murtaza Jafferjee, Chair of Colombo-based think tank Advocata Institute on the ongoing crisis, “30 per cent misfortune. 70 per cent is management.” Today, Sri Lanka’s foreign reserves have shrunk to $2.2 billion with debt repayments of around $4 billion, the national consumer price inflation has risen to 17.5 per cent and power outages exceeding 10 hours a day leading to civil agitation. In the wake of the deepening economic crisis, Sri Lanka now stands on the verge of civil and political collapse. This perhaps is one of the most important lessons to be learnt here by the Pakistani political and economic advisory members. The economic difficulties are felt by large economies as well. A look at Japan reveals that the estimated economic growth will be around 2.6 per cent, as per IMF sources. The country’s growth and stability are threatened by its highest debt-to-GDP ratio of 256 per cent. In spite of this slow economic growth and high debt-to-GDP ratio, the major sigh of relief for Japan is its political stability, heavy reliance on technocratic and meritocratic structures and swiftly operating industries and dependence on stable alliances. These are all critical actors that today’s Pakistan truly lacks. As reiterated in several of my previous writings, the stable technocratic structure may prove to be a game-changer in Pakistan’s economic landscape. Now diverting attention to the US, which has been in the news on Pakistani media for completely political reasons. But a quick overview of the American economy reveals a downward trend in the gross domestic product to three per cent from 3.9 per cent, YOY price growth at 7.9 per cent, breaking a 40-year high and soaring energy prices. The economic pandits further predict higher interest rates and a high consumer price index to 6.5 per cent even in 2023. All of this makes a strong case for a well thought and strategic shift towards the new economic sense. This demands countries to walk past their attempts to alienate certain economies at the cost of their gain. In today’s fragile global economic system, countries must move towards an open economic model and a shared economic vision for the greater good of humanity. In the case of Pakistan, instead of a reactionary economic response, we need to shift our mindset towards a proactive economic approach. The new economic sense demands countries like Pakistan to be more confident in their economic decisions. The Chinese philosophy of holding the significant and letting go of the white elephants was a significant directional shift that allowed them to carefully nationalize critical assets while privatising the rest. Another critical directional shift is the inclusion of technocrats in key ministerial positions to decrease the political influence and drive performance through focused experts who can work in unison towards a signal economic vision. Also, as the political situation is expected to remain unstable and unpredictable it is extremely crucial to minimize the destabilizing factors and remain steadfast to economic priorities regardless of regime change. It is yet to be seen how the future unfolds but the new economic sense requires a more practical approach towards political restructuring so that greater economic benefits can be reaped in the long run. The writer is the Foreign Secretary-General for BRI College, China. He tweets @DrHasnain_javed.