The fallout has already begun. On the first of June the stock market crashed by 100 points, reports are already coming in that already LCs of some exporters are not being honoured in European countries. Pakistani rupee in the open market has effectively been devalued. If sanctions get tough and IMF withhold its next tranche and trade sanctions against Pakistan materialise, an ill-prepared Pakistan can be forced into a default on its debt. The rupee could then nose-dive triggering intense escalation in our imports bill.
Oil shortages are possible.
Exports would decline increasing the trade gap. Government borrowing from the international market will be at a very high cost. Inflation would follow, cutting sharply into peoples' purchasing power. A slackened manufacturing and services industry would lead to increased unemployment. They had argued that under economic hardships the national consensus will fizzle out leading to social unrest.