Karachi: Release of Economic Survey Report (ESR) 2022-23 by government is tantamount to announce imposing economic emergency in country, Faizan Rawat businessman and political leader suggested. Pakistan is currently facing economic, political and constitutional crisis. Last year’s GDP growth was 6.1 percent which is now 0.29 percent, fiscal deficit to GDP was 5.8 percent in 2018 which has now increased to 7.9 percent and trade deficit has increased from 30.9 billion dollars to 39.1 billion dollars, Faizan added.

Foreign investment has decreased from $ 2.8 billion to $ 1.9 billion, whereas revolving credit increased from Rs 1,148 billion to Rs 2,467 billion and construction sector which is backbone of economy has come down to negative 5.53 percent, he lamented.

Manufacturing sector has moved to negative -3.91 percent, industry sector negative -2.94 percent, wholesales and retails sector stand negative -4.46 percent, he added.

He said per capita income is negative 11.2 percent and there is need to restore confidence of local and foreign investors, he suggested.

Published in The Daily National Courier, June, 09 2023

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