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Pakistan is facing the worst economic crisis

Business community has urged the leadership from across the political divide toresolve issues at the earliest and provide a conducive atmosphere for the revival of ailing economy.



Pakistan is facing the worst economic crisis
GNN Media: Representational Photo

“Pakistan is facing the worst economic crisis. The ever-increasing trade deficit and fast depleting foreign exchange reserves are a matter of concern. Businesses are facing difficulties even in managing day to day affairs. The situation is only going from bad to worse due to the prolonged political unrest. We first need to make our own house in order as political instability directly affects economy and businesses. The prevailing scenario is not only affecting foreign direct investment but also discouraging local enterprises in implementing plans of expansion.As such, both the opposition and the ruling coalition partners shouldsit together for ending prevailing standoff in the larger national interest”, said Khadim Hussain, member board of directors of the Pakistan Stone Development Company (PASDEC), Punjab while speaking at a gathering of business community.

Mr Hussain, who is also executive committee member of Lahore Chamber of Commerce and Industry and chief executive officer of Hussain Trading Company,urged the government to devise a doable strategy for revival of economy and businesses after due consultation with the relevant stakeholders. In the prevailing tough situation of global economic meltdown, he said, the government should provide proper handholding and practical support to the enterprises so that they could play due role in revival of national economy.