Pakistani masses, economy facing a dire situation: PEW
Sufferings of masses to continue for three years
Nepal and Bhutan performing better than Pakistan
The Pakistan Economy Watch (PEW) on Friday said Pakistani economy is in deep trouble while masses are facing problems which will continue for the next three years.
The growth rate will be halved to 2.9 percent in 2019 while it will continue to fall in 2020 and 2021 adding to the problems of masses, it said.
India and Bangladesh will have a growth rate of above seven percent while countries like Bhutan, Nepal, and the Maldives will also perform better than Pakistan, said Dr. Murtaza Mughal, President PEW.
He said that high interest rates, devaluation of the currency, hike in the tariff of power and gas, and increased cost of doing business will hurt production and exports.
Many businesses will be closed increasing unemployment, decreasing revenue and creating other problems, he added.
Dr. Murtaza Mughal said that IMF, World Bank, and ADB has not only expressed serious concerns over the state of the economy but also pointed out serious flaws in the budgetary figures.
The unmanageable circular debt, failed state-run enterprises, trade and current account deficits, low exports and growing imports will continue to haunt the economy and damage the masses.
He noted that inflation has troubled masses which are feeling frustrated, cheated and cornered in the name of a change while different ministers are adding insult to their injury by their absurd announcements regarding the provision of jobs, houses, and welfare.
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