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 government should take drastic measures on urgent basis to address these key issues in order to improve the economic outlook of Pakistan, observed Muzammil Hussain Sabri, President, Islamabad Chamber of Commerce & Industry. 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 the 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 utilizing all indigenous energy sources. He said without addressing these key issues, all efforts aimed at reviving the economy would prove unsuccessful.
Muhammad Shakeel Munir Senior Vice President and Muhammad Ashfaq Hussain Chatha Vice President, Islamabad Chamber of Commerce & Industry also expressed great concerns over the unsatisfactory outlook projected by the World Bank for Pakistan’s economy and urged that government should engage all political leaders in negotiations to address their concerns in order to maintain stable conditions in the country.
They said despite possessing immense potential for investment in various sectors of its economy, Pakistan could not attract good investment mainly on account of security challenges and energy crunch. Now the 21st constitutional amendment has removed many hurdles to deal with terrorists and urged that government should accelerate efforts for purging the country of the menace of terrorism as Pakistan badly needs peace to attract local and foreign investment.
They also stressed for addressing the issues of underinvestment in human capital to turn huge mass of youth into dividend for the country and take care of large infrastructure deficits to improve the competitiveness of private sector which would facilitate the better growth of business and industrial activities.