Pakistan Business Panel and Pakistan Business Community Chairman Mia Zahid Hussian, elected president, Abdul Rahim Janoo and Senior Vice President Anjum Nisar told that from July 2016 till now current account deficit reached up to $2 billion. If this continues loss will reach $6.5 billion at the end of June 2017. However last year this loss was $3.6 billion.
Further they told that our export is going down as well as loss is increasing and Gross Domestic Product (GDP) is declining. Around 63 percent export has decreased. January to May 2015 export was $8.83 billion and in five months of 2016 it was $8.7 billion.
According to the report in 2015 export was $17.3 billion and in 2016 it was $16.4 billion.
On the other hand oil price is increasing. It will create negative impact on the economy of Pakistan and our economy situation will be worsened.
Two important economic sectors like agriculture and textile which are backbone of our economy. Which share and contribution in GDP is much larger other than rest of economy sector. But this sector is facing many problems since 2013.
There are many factors which are causing issues:
• Lack of coherent internal policy
• Attitude of policy maker
• No effort to implement the policy in these sectors
• Government performance which is creating lot of problems
• Energy crisis
Government should consider why export is declining from last few years. They should take appropriate step provide further relief to exporter so that investor will take interest in export business.
By Talha Pasha