Govt moves damaging economy, disappointing masses

ISLAMABAD, December 2 (Online): The Pakistan Economy Watch (PEW) on Sunday said the decisions of the government are damaging the economy and disappointing masses.

The government seems to have no economic policy, vision or direction which is triggering uncertainty, it said. The performance of the economic managers is very disappointing as dollar jumped by 18 rupees in short span adding to the unexplainable agony suffered by the masses, said Dr. Murtaza Mughal, President PEW.

He said that the government has shaken the foundations of the economy, claims regarding improvement have failed and everything is getting costly by the passage of the day which will make the life of masses very difficult.

Murtaza Mughal said that devaluation and interest rate hike will result in the closure of thousands of businesses leaving over half a million people unemployed.

The government continued to take u-turns on several issues including borrowing from IMF which added to the uncertainty which damaged the economy.

He said that the trade deficit has jumped to 7.5 percent in the last four months while foreign direct investment has been halved which indicate the incompetence of the economic managers who were once considered saviors by the masses.

He said that devaluation will increase the cost of all developmental projects including CPEC, stoke inflation, increase debt burden by Rs750 billion, trigger flight of capital and speed up dollarization of the economy.