‘Fragile economy cannot afford political turmoil’

SAARC Chamber for taking immediate measures to bring political stability


APP May 26, 2022
The total size of national economy is now estimated at $387.1 billion for the current fiscal year, up from $348.7 billion a year ago. Photo: File

ISLAMABAD:

The country’s fragile economy is not in a position to bear the brunt of prolonged political turmoil at this crucial juncture, cautioned Saarc Chamber of Commerce and Industry (SCCI) President Iftikhar Ali Malik.

His comments came while talking to a delegation of progressive educated women on Wednesday. He lamented that the political turmoil had been inflicting tremendous losses to the economy, making the lives of poor more miserable besides putting the country’s future at stake. “Pakistan is among a few countries where political instability has damaged the economic growth despite having plenty of indigenous resources,” he remarked.

He said political instability has had a significant negative effect on the economic growth and the government should take immediate measures on war footings to bring political stability, which was a prerequisite for a sustainable economy. The Saarc Chamber president urged the political parties to demonstrate prudence and exhibit the highest degree of wisdom to iron out the differences among them as the political chaos had wreaked havoc on the economic front.

Malik was of the view that the politics of confrontation, protest, violence and agitation was not a solution to the issues. “Time has changed now and the influential nations are paying more attention to the financial warfare to continue their dominance,” he added. He was of the view that such countries were successfully using their weapons of economic destruction to weaken the economies of poor nations to achieve their unholy designs.

“Pakistan’s economy is not strong enough to withstand the economic terrorism,” said Malik. He also highlighted the importance of enhancing exports by reducing the cost of doing business to make country’s products competitive in the world market

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