City traders see no improvement in 2023

Say economic instability, inflation have made lives miserable

KARACHI:

Traders have said that the year 2022 proved to be a nightmare for the business community as well as for the people of Karachi because of rising inflation and street crime incidents. They are of the view that there is no hope of ending the problem even in 2023.

The just-ended 2022 was the worst years in the history of Pakistan in terms of political and economic instability, rocketing inflation and natural disasters, they said.

All Karachi Tajir Ittehd Chairman Atiq Mir said, “First half of 2022 was torturous, while the second half was like a hell.”

The price of the regime change in the federal capital was also paid by the people and traders of the country’s economic hub, he said, explaining that all the political manoeuvering led to morass in trade and business besides speculation in everything from gold and dollar to wheat, flour, eggs, poultry and other commodities.

The volume of commercial activities remained less than 30 per cent of the total. With the increase in the tariffs of electricity, gas, petrol as well as rise in the rate of dollar, the prices of items of daily use became out of the reach of the common people. The tax rate increased to an unbearable level. He said that more than 70 per cent of the traders became indebted and it became difficult to meet the business and household expenses. Under the prevailing circumstances, a number of factories had no other option but to close down their units and laid off 40 per cent of the work force.

He said that robberies and bandit rule continued unchecked in Karachi. The rate of street crimes increased while the industrial production decreased dangerously.

Moreover, natural calamities added more to the difficulties. Businesses destroyed due to Covid pandemic and ready crops destroyed by the flood. Vegetables are selling at the price of meat, as a result of poor government control, and people are left completely at the mercy of profiteers. It has become hard for people to arrange meal of two times a day.

Atiq Mir said that due to daily increase in the cost of goods, stability in product prices could not be maintained. Unemployment, inflation, depression and recession have put the people and the business community in a fix.

Expressing his disappointment Mir said in the wake of increasing interference of the IMF and other external forces, there is no hope of improvement in the year 2023.

He said that in 2022, rupee fell drastically against the greenback, corruption reigned at all levels, street crime, lawlessness and other crimes have increased manifold, markets, bazaars and commercial centres are in depression. Transport fares became non-affordable. Moreover, travel and transportation have become expensive and difficult. The government has taken no steps to improve the economy.

He said that the economic hub Karachi is facing unbearable inflation, horrible unemployment and painful local government.

Most of the shopkeepers are indebted to the manufacturers and the traders of raw materials due to the destruction of business.

He said that the worst performance of Sindh government continued like last year, Sindh government and none of its subordinate institutions showed interest in improving the situation.

Published in The Express Tribune, January 3^rd, 2023.