Pakistan Economy Is Bad In Year 2022 Faced Huge Lose In Automatic Sector Agriculture Said Business Forum Ceo Ahmed Jawad
Pakistan Economy 2022: Today Saturday is the last day of the year 2022 for the whole world. This year has been the worst year for India’s neighboring country Pakistan in terms of economy and trade. The sectors facing the brunt of the economic downturn during the year 2022 include the textile industry and its allied sectors, agriculture, import material-based industries and automobiles, leading to a huge wave of unemployment and job losses in Pakistan.
Pakistan’s currency fell to at least Rs 49.31 against the US dollar and the interest rate shot up to at least 16 per cent, the highest since 1998-1999. The inflation rate is around 30 to 40 percent while the Consumer Price Index (CPI) is currently around 25 percent. Moreover, the Sensitive Price Index (SPI) is expected to be 28 per cent during the first five months of the current financial year, FY2023. The business community has termed the year 2022 as the worst performing year for Pakistan’s economy.
Opinion of CEO of Pak Business Forum
Ahmed Jawad, CEO of Pakistan Business Forum (PBF), said that given the circumstances, it is high time that political parties agree on a charter of the economy for at least 15 years before the 2023 general elections so that the business community and the public know Let’s see in which direction we are going. He said that the year 2023 will be another challenging year for the economy. Ahmed Jawad said that Pakistan is a small economy and it cannot afford the free floating exchange rate policy.
Ahmed further said that we need bailout to strengthen our rupee, which is an important factor in starting economic activities in the country. Other factors that are likely to be worst for business in Pakistan after 2022 are the coronavirus pandemic, global conflict and climate change.
Political deadlock exacerbates economic crisis
In the case of Pakistan, complacency, long-standing structural weakness and political impasse have exacerbated the economic crisis, said Abid Qayyum Sulehri, executive director of SDPI. The good news for 2022 is that despite underlying economic weaknesses, Pakistan has not defaulted on its external debt commitments. However, the bad news is that we avoided default not because of the strength of our economy, but because of our debt.
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