ISLAMABAD: The Pakistan Economy Watch (PEW) on Sunday said the decisions of the government are damaging the economy and disappointing the 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 the dollar jumped by 18 Rupees in a short span adding to the unexplainable agony suffered by the masses,” said Dr Murtaza Mughal, PEW President.
He further said, “The government has shaken the foundations of the economy, that the claims regarding improvements 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 the 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 the International Monetary Fund (IMF) which has added to the uncertainty in citizens.
He said that the trade deficit has jumped to 7.5 per cent in the last four months while foreign direct investment has been halved which indicates the incompetence of the economic managers who were once considered saviours by the masses.
He said that the devaluation will increase the cost of all developmental projects including CPEC, stoke inflation, and increase the debt burden by Rs750 billion, trigger a flight of capital and speed up the dollarisation of the economy.