Not all gloom, doom; situation could be improved: REW
ISLAMABAD: Pakistan Economy Watch (PEW) said on Friday that new year not only brings challenges but also hopes for an economic revival. The prices of oil, raw material and food have receded to record levels in the international market which can be taken as an opportunity.
The economy will move towards stability due to reduced inflation and rupee may gain against dollar. The current account and fiscal deficit and import bill will be reduced. Balance of payments will improve and agricultural sector may grow due to high prices, said Dr. Murtaza Mughal, President of Pakistan Economy Watch.
However, he said, the economic situation will only improve if those who matter mend their ways and political crisis is not dragged on in 2009. Also, 2009 is test of the skills of our tough-talking economic managers who have yet to ensure any notable achievement.
Political stability, if ensured will bring country out of survival phase and relieve masses of some miseries. Government should focus on institutions instead of personalities. The internal law and order situation and relations with China, India, Iran and Afghanistan will also play a decisive role.
Social sector will suffer due to budget cuts and absence of any safety net for poor. Drastic cuts in spending may unleash political backlash. PEW hopes that government will find a solution to the load shedding which can impede growth, revenue and leave many unemployed. “Steps are needed to stop turning energy crisis into a calamity,” said Dr. Murtaza Mughal.
The recent increase in power and gas tariff will cripple the industry which is already facing multitude of problems. Commoners will be unable to bear the cost. People are looking for relief after an unspeakable economic painful 2008 which proved to be mother of all losses for the whole world. The ball is in the court of government, said Dr. Mughal adding that not all is gloom and doom; situation could be improved.-SANA
Popularity: 1% [?]
Loading ...
