Devaluation can help boost country’s exports, slash trade deficit by shrinking imports, encourages import substitution and brings competitiveness in its manufacturing processes. During last three...

Devaluation can help boost country’s exports, slash trade deficit by shrinking imports, encourages import substitution and brings competitiveness in its manufacturing processes. During last three years, Pakistan devalued its currency by almost 40%. Did Pakistan achieve aforesaid objectives of PKR devaluation; Explain briefly?