KARACHI: President Employers’ Federation of Pakistan(EFP), Ismail Suttar stated that Pakistan at this crucial juncture is coming to grips with the highly volatile economic environment. Pakistan’s economy is facing a monumental three-tiered challenge that must be understood.
In a statement, he said that internationally, the increasing prices for the same value of many indispensable commodities, such as oil, gas, wheat, and sugar along with the unaccustomed inflated foreign shipping charges, has augmented the economic and financial constraints of the region.
Moreover, the overall volatile situation in Afghanistan has added further fuel to the fire, regionally. On the domestic front, a continuous lack of resources, inability of government to pre-empt demand and supply of essential commodities coupled with exceedingly turbulent exchange rates have further aggravated the economic ecosystem.
EFP president mentions that in accordance with recent studies, the gap between the hypothetical and actual economic performance could largely be explained by a number of constraints imposed by multilateral financing institutions, such as IMF, ill-thought-out policies and unanticipated external developments in the environment which have not been realistically handled by the economic managers.
Ismail Suttar, in his analysis, added that although the situation may look desolate, Pakistanis should not lose hope. He still anticipates meaningful change if the concerned citizens have a high regard for the systems and are prepared to change themselves.
