Political instability is the major cause of current economic hardship. The government is stabbing us while hugging us. Do you think political instability is the major course or something else?
Democracy is a system of government and not an economic policy. Some countries are not operating democratic systems but the economy of the country is managed to benefit the entire citizens. While there are others which have democracy in place but are still going through severe economic problems.
The problem with most democracies in the developing world is that there is no separation of powers. The executive arm of government has successfully taken control of both the judiciary and legislatures. This will make the president to be powerful and not under the check of any institution. When these politicians are not held accountable to any institution, they end up looting the resources of the country.
For me, the problem is not the system of government but the sincerity and integrity of the political class. Any country that is ruled by corrupt politicians will not be prosperous regardless of the type of government they operate.
As citizens, we have to look for diverse legal means to survive because these greedy politicians don't care about the well-being of the people.