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KARACHI: The year 2022 while bidding farewell with some unpleasant memories, has brought some good news too that is Pakistan is moving into 2023 without any default. Further we came out from the grey list of FATF in 2022 and there has been a revival of CPEC in 2022, said Ateeq ur Rehman (economic and financial analyst).

Moreover in 2022, we had natural disaster in the form of Flood and Torrential Rains which damaged not only the human beings, houses, belongings but also the crops.

In 2022 political instability and economic uncertainty resulted into a Trade Deficit of US$44.7 billion, Current Account Deficit into a US$17.4 billion, External Debt rose to US$130 billion, Fiscal Deficit escalated to Rs1.266 trillion, there has been exposure of serious foreign exchange issues, inflows from export, remittances and FDI were inadequate to meet the need of import and external debt added Ateeq.

Subsequently there have been serious natural gas issues, highest electricity and fuel prices, very high interest rate coupled with towering inflation.

He added that in 2023 we have to concentrate on replenishing of damaged crops, revival of short and medium-term Industries and improve our energy sector.

Consequently as a nation we have failed to add value to our potentials. We have to create skills to value add our potentials and manufacture and create facilities for production of indigenous raw material.

Copyright Business Recorder, 2022

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