What was the main reason for Pakistan’s worst economic crisis in 2023?

The main reason for Pakistan's worst economic crisis in 2023 was a combination of high import costs, a depreciating currency, and political instability, which led to a severe shortage of foreign reserves. A global energy crisis exacerbated the situation, while internal issues like years of fiscal mismanagement and the inability to generate sufficient tax revenue created a vicious cycle of debt and borrowing, reports University of Michigan.