Business community feeling the pinch of economic crunch
Islamabad, November 23, 2022 (PPI-OT):Former Vice President of FPCCI Atif Ikram Sheikh on Wednesday said inflation is driving people mad while the business community is feeling the pinch of the economic crisis. Inflation is increasing, but wages and profits are stagnant, which is prompting the masses to change their opinion about the claims of political leaders, he said.
Atif Ikram Sheikh who has also served as Chairman PVMA said that Pakistan is facing unprecedented inflation which is more than all the regional countries and it has become one of the costliest countries in the world. Talking to the business community, he said that the reasons behind inflation are a hike in the price of oil, gas, and other things in the international market, rising shipping costs, erosion in the value of the local currency, mismanagement, and profiteering.
He said that the former government adopted a policy of growth and short-term moves was preferred which resulted in an economic crisis. Currency was devalued to boost exports but it also made imports costly while the IMF also delayed the release of funds which resulted in an economic crisis and now the government had to borrow to repay loans.
Inflation is very high in Pakistan as compared to the majority of the countries, therefore it was not possible to for the government to provide any relief to the masses. He noted that SBP has imposed some restrictions over the sale and purchase of dollars while will reduce its demand as well as the flight of capital but it has not helped as expected.
For more information, contact:
Atif Ikram Sheikh
Ex. Chairman PVMA, Former VP, FPCCI,
Former President ICCI, Former President HCCI,
Tel: +92-51-4437597, 4440772