No panic among business circles, but caution urged

Officials say ongoing infrastructure projects should not face delays

KARACHI: The disqualification of Prime Minister Nawaz Sharif came as a major blow to the elected party. Despite the setback, representatives of major chambers of the country are confident that this government will continue its economic policies until the next general elections in 2018.

Business community leaders also urged the ruling party to accept the Supreme Court's decision and complete all major infrastructure projects on time for the sake of the country's economy.



"Nawaz Sharif is not the prime minister anymore, but he still holds a grip over the party. I think he will make sure the party continues its economic policies until 2018 elections," Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Tufail told The Express Tribune.

We believe this decision will not hurt the economic growth of the country, he added.

FPCCI is an apex business body that represents over 40 chambers in Pakistan. Tufail said that the stock market went down during the trading due to the disqualification of the prime minister but it recovered at the end.

The KSE-100 Index fell 1,670 points or 3.6% after the disqualification verdict, but it recovered and closed 6.27 points or 0.01% higher.



"We hope the ruling party passes on the economy in good shape to the next government," said Tufail.

Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit said that he wants the country to continue achieving higher economic growth in coming years.

However, he said that he is concerned about the negative repercussions of disqualification of the prime minister on ongoing major infrastructure projects.



"Pakistan has achieved relative economic stability in recent years and this should not go in vain due to political conspiracies or uncertainty," he added.

Pakistan has achieved 5.3% economic growth in fiscal year 2016-17, the highest in a decade, on the back of recovery in the agriculture sector and better-than-expected performance in the services sector.

The Gross Domestic Product (GDP) of Pakistan, South Asia's second biggest economy after India, has also crossed the $300 billion mark this year in June.

Karachi Chamber of Commerce and Industry (KCCI) President Shamim Firpo commented that there is absolutely no panic in the business community.

"I think the Supreme Court's verdict has ended the long-lasting uncertainty in the business circles," he added.

We do not want any political agitation in the country after this decision because we believe the courts gave equal opportunities to both parties to defend their positions, said Firpo.

KCCI president said that the business community expects the new prime minister to take everyone with him so that the country can see higher economic growth in the future.

Published in The Express Tribune, July 29^th, 2017.

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