KARACHI: President United Business Group (UBG) Zubair Tufail said the economic crisis will become more serious by June 2023.

He said that the country has been facing a serious economic crisis for a year. In the political uncertainty, the dollar has become expensive by 108 rupees in a year, while the price of electricity has also doubled and many industries have closed down due to non-availability of raw materials.

Zubair Tufail said that the cost of production has increased due to the increase in electricity and gas prices, while the situation seems to be worsening since June 23.

He said the value of the dollar has risen to a record high, inflation is at record high and business condition had hit worst level in a year. The country’s economy is facing many major challenges.

He further said that due to increase in dollar, energy prices, the production cost of industries has increased a lot and due to shortage of dollars, it has become difficult to procure imported goods for the industry.

Industries that cannot bear the cost of production are shutting down and it has become necessary to save the export industries, which are not getting sales tax refunds and the competition with other countries in the region is weakening in the global market.

Zubair Tufail said that inflation has increased by 45 percent compared to last year.

Copyright Business Recorder, 2023