Weak economic team responsible for stagflation: experts

Presently we are in a state of stagflation which means the economy is not growing while inflation is increasing while a weak economic team is responsible for this trend in the country, said speakers here on Sunday.

The present economic system of Pakistan is increasing both foreign debt and unemployment. We have the atom bomb in our one hand and a bowel for begging in the other. These thoughts were shared by speakers during the 67th conference of Pakistan Visionary Forum held at TECH Society Club on the topic of “present state of Pakistan’s economy” on Sunday. Former Member Privatization Commission Iftikhar ul Haq was the main speaker while others included former Auditor General Punjab Jameel Bhatti, President PVF Dr. Muhammad Sadiq, former Adviser COMSATS Dr. Hasibullah, former Minister of State Qayyum Nizami, former Chairman IRSA Shafqat Masood,, Chairman Izhar Group Ayub Sabir Izhar, former MD Pakistan Atomic Energy Commission Foundation Engr. Mansoor Ahmed, former GM PTCL Engr. Muhammad Azeem, former GM TDCP Jameel Gishkori, Dr. Ikram Koshal, Engr. M. Yaqoob Chaudhry, businessman Rana Zohair, banking investment expert Imran Afzal and founder Falahi Party Sheraz Altaf.

Participants in the conference expressed grave concern that Pakistan’s economy was going down day by day in spite of government claims for economic growth and taking steps to curtail corruption. Corruption particularly in the two provinces: Sindh and KP raised in the last year as per Transparency International. Present GDP growth is at its lowest level in the history. In fact, even countries like Bangladesh, Nepal and Maldives are ahead of Pakistan in GDP growth. Both local and foreign investment also reduced to the lowest levels in Pakistan.

Country’s human resources are underutilised with low productivity level. A population of 208 million relies only on the income of 46 million earners. There is a substantial shortfall in tax revenue collection and increase in salary expenditures, pensions and other liabilities. There is a need to introduce immediate financial policy changes for drastic reduction in living costs and increase in sources of income for the common man in Pakistan.

The speakers suggested the government also add more local experts in its economic team besides taking measures to restore and promote industrialization and productivity in the country.