Chairman of the Businessmen Panel and Pakistan Business Group Alliance of the FPCCI, Mian Zahid Hussain, the group's presidential contestant Abdul Rahim Janoo and Mian Anjum Nisar, contender for senior vie president's post in the FPCCI elections (for the term 2017) have said that the Current Account Deficit (CAD) reached around US $2.6 billion in the first 5 months of the current fiscal year which is worrying. They feared the deficit might soar to $6.5 billion should this situation continue.
They said that last year the deficit during the first 5 months was $1.36 billion which rose by 91 percent for corresponding period in the current year They said that any hike in the oil prices will have a very negative impact on the overall economic situation therefore government should take notice of state of affairs. They said that current account deficit in the first four months was 63 percent as compared to the last year which now jumped to 91% that also posed a threat to the balance of payment.
Compared to last year's GDP of 1.1%, the budget deficit for the current fiscal year has been increased to 2%. Last year exports during the first 5 months stood at $8.83 billions which now dipped to $8.7 billions although the exports in the month of November improved a bit, they noted.
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