­Drastic steps needed to improve economic outlook of Pakistan: ICCI

Islamabad
The World Bank has predicted deceleration in the GDP growth of Pakistan in fiscal year 2015 due to political instability, troubled security situation & persistent energy shortages which should be a cause of concern for the policy-makers and the government should take drastic measures on urgent basis to address these key issues in order to improve the economic outlook of Pakistan, observed Islamabad Chamber of Commerce & Industry (ICCI) President Muzammil Hussain Sabri.
He was commenting on the World Bank’s latest report on 'Global Economic Prospects' which projected bleak growth prospects for Pakistan’s economy.
He said the factors like simmering political tensions, unsatisfactory law & order situation and chronic energy crisis have taken a heavy toll on the our economy by disrupting production schedules, putting negative impact on developmental activities and weakening the confidence of investors due to which the pace of economic growth suffered badly. He said though the concessional inflows and remittances sent by expatriate Pakistanis have provided some cushion to the struggling economy, but these are not permanent sources of strength and stressed that government should give top priority to establishing political stability, developing peaceful environment and overcoming energy shortfall by utilising all indigenous energy sources.