Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said many people are disappointed with the future of the country due to economic conditions.
Many are trying their best to flee the country in a bid to survive and keep their near and dear ones alive, he said.
Mian Zahid Hussain said that import restrictions are causing a lot of damage to the economy. All commodities are becoming more expensive, businesses are closing, and the eight million people can lose jobs by the end of their year.
Talking to the business community, the veteran business leader said that the hope of the majority of the people and the business community has died, the ranking of the country is continuously falling, and the people are not able to cope with the inflation.
The business leader said that the growth rate for current year was estimated by the government to remain percent, but now according to the IMF it will be only half percent.
IMF says that the unemployment rate will increase from 6.2% to 7%, but according to local experts, the number of unemployed may increase by 800,000 people.
Mian Zahid Hussain further said that the local and foreign companies are not getting the raw materials while the profits are also not being allowed to be sent abroad due to which they have stopped the new investment of billions of dollars.
Apart from non-availability of raw materials, issues like devaluation of currency, inflation, lack of dollars, reduced demand are also having devastating effects on businesses.
He noted that the people are getting restless and the country is sinking, but the elites are satisfied as they have transferred the looted wealth abroad and will flee the country as soon as the situation worsens.
Democracy, dictatorship and the combination of both have never been successful due to elite capture in Pakistan.
All the models have failed to provide the country with sustainable socio-economic development, human security, justice, health, education and other facilities and will fail in the future.
Mian Zahid Hussain said that the only good news in these circumstances is that the government has somehow saved the country from bankruptcy, but if the opposition’s politicking continues, it will be difficult to save the country further.