Economic indicators improving: PEW
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Additional taxes imposed due to falling exports
The Pakistan Economy Watch (PEW) on Sunday said economic indicators are improving while additional taxes have been imposed due to falling exports/
Economy is on growth trajectory which has infused confidence of investors and international institutions but pace of reforms must be accelerated, it said.
Government has focused attention on energy, expanding tax net, reforming PSEs, stabilising prices, currency and reducing deficit which is laudable, said Dr. Murtaza Mughal, President PEW.
He said that country was on the brink of default when PML-N came to power and changed the situation.
Dr. Murtaza Mughal said that massive investment in Pak-China Economic Corridor, special focus on infrastructure development, and zero tolerance for terrorism and corruption are satisfactory developments but improvement in tax system and pace of privatization must be improved.
He said that falling exports has forced government to burden existing taxpayers a last option which is not going down well with business community.
Economy has been growing for a number of years and it is back on track to complete an International Monetary Fund (IMF) programme from start to finish for the first time in its history.
Pakistan’s growing middle class, which will expand from an estimated 40 million people today to 100 million people by 2050, represents a powerful engine for change, demanding both improved services and greater access to opportunities, he said.
He said that 3.2 million Pakistanis falls into category of rich but not even one-third pay taxes while the axe falls on the poor which result in social problems.
