KARACHI: Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain has said the costly dollar has not slowed the pace of imports which are threatening the economy by expanding deficit.
Controlling exports without compromising growth will be a challenge for the policymakers in which success is the only option, he said.
Mian Zahid Hussain said that the government wants to boost the growth rate to 4.8 percent while ADB has projected the annual growth rate at 4 percent.
He said that the veteran business leader said that the government inherited a trade deficit of 37.6 billion dollars which was controlled for some time but later policies were relaxed which resulted in threats to the economy and local currency. The economic problems were increased due to food price hikes, hoarding and profiteering, he added.
The SBP increased interest rate to control increasing inflation which is hitting the economy but some elements in the business community were quick to get loans worth Rs172 billion before the policy rate hike which will also boost investment and employment.
Copyright Business Recorder, 2021