Uncertainty disastrous for economy, warns RCCI

The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed deep concern over the current economic and political uncertainty in the country.

The trade deficit has reached historic levels, the rupee continues to depreciate against the dollar, and foreign exchange reserves are declining sharply. It’s a Save Our Souls (SOS) call to the relevant quarter to address the current situation.

In a joint statement President Nadeem Rauf and group leader and former President RCCI Sohail Altaf said that trade relations would have to be kept separate from politics. Pakistan’s trade relations with the United States and Europe should be viewed beyond politics. The United States and Europe are important economic partners of Pakistan and both are major export markets for Pakistan.

Pakistan exports $6.5 billion worth of goods to the United States, while its exports to Europe are close to $16 billion. Rauf said that if immediate steps are not taken then the country will face a severe economic crisis. The dollar has reached Rs186 and it is falling further. Political parties have to show prudence and wisdom, he added.

Group leader Sohail Altaf said that it seems that there is no heir. Uncertainty is disastrous for the country’s economy; the trade deficit has risen to $36 billion. With the rupee depreciating, inflation is on the rise and Large scale industry (LSM) is under severe pressure.

He said that the business community believes that if timely steps are not taken, the situation will spiral out of control, we have to think in the national interest and realize the delicacy of the issue and get the country out of the current economic and political crisis, he added.