KARACHI: Pakistan’s economic woes are increasing as war still looms despite significant de-escalation.
Foreign Minister Shah Mehmood Qureshi on Sunday said that country has to pass through more tests and nation must remain prepared for any mis-adventure. He also referred to joint head of FATF who is an Indian and stated to be active for putting Pakistan on the “Grey List” which could spell disaster for Pakistan’s economy.
The financial assistance is pouring in from different countries but the injected money is making no difference due to dilute foreign exchange reserves. The confusion in tax policy, collection and other key political decision are said to be the negative factors.
The imports and export are dwindling with each passing day and Large Scale Manufacturing sector is said to be the main fatality. The imports are badly affected due to depreciation of rupee.
The recent closure of Pakistan’s air space due to tension with India also contributed to the economic woes. The foreign direct investment (FDI) is said to be at the lowest ebb while the Stock Exchange is also crumbling as investors are fleeing.
According to the major economist in opposition including immediate past manager of economy Miftah Ismail, the circular debt is witnessing phenomenal increase day by day under the PTI government. The general consumer price index is also worry some and inflation is also increasing,
All these macro and micro economic indicators shall be a cause of concern for the present government which instead of getting involved in verbal dual with major parties in opposition shall re-set the direction of economy as a strong economy guarantees country’s independence and national strength particularly in war like situations.