(June 10, 2022)
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 Pakistan Economic Survey 2021-22 is encouraging.
It accurately identifies the country’s economic situation and problems, and avoids slandering political opponents, he said.
Mian Zahid Hussain said that the areas in which the previous government has performed well have been acknowledged, which is a welcome development.
Talking to the business community, the veteran business leader said that according to the Economic Survey, the previous government had projected a growth rate of 4.8 percent, which is now higher than the previous estimate.
The growth rate has improved to 5.97 percent due to lower interest rates, fiscal policy, performing manufacturing sector and good performance of the agriculture sector except for the wheat crop.
However, one of the main reasons for the increase in growth rate is the increase in demand due to which the import bill reached $75 billion and the economy became overheated which had to be cooled down.
Mian Zahid Hussain said that the increase in the growth rate is not sustainable while the subsidy on petrol and electricity has severely damaged the national resources.
During the last year, the investment and savings ratio remained low due to domestic conditions and inflation as the majority is struggling to bring food to the table.
The report has made it clear that in the current situation no political party will be able to improve the economy singlehandedly and that all political parties will have to work together to improve the falling economy.
Mian Zahid Hussain further said that even at this critical juncture, if the political parties failed to join hands to stabilize the economy they will regret it forever.
He said that the survey shows that the war between Russia and Ukraine has affected our economy very badly.