Secretary General of the Businessmen Panel Ahmad Jawad has said that the government should pay proper attention towadrs enhancing exports to drag out the economy from deep crises
Karachi (Pakistan Point News / Online - 07th December, 2019) Secretary General of the Businessmen Panel Ahmad Jawad has said that the government should pay proper attention towadrs enhancing exports to drag out the economy from deep crises.While speaking a seminar on economic transformation here on Saturaday , he said that after posting 49 months of back-to-back current account deficits, Pakistan's economy suddenly posted a surplus. The stock market rose by over 8,000 points in the last few weeks.
One billiondollars of hot money poured into the country and it is a yellow sign of confidence in thestabilisation of the economy and yet green sign is a head." We reached $25 billion export volume in 2013 and 6 years later we might touch the same figure if they continue to grow at present pace. Ideally we should have been at $35 billion level by now if we look at the average increase in exports by other regional countries and after massive 0evaluation of ruppee.
If we can keep our deficits to a minimum, it will transform the very nature of our economy and boom and bust cycles", he added.He said that the exports have risen by 9.6 percent in November but the average increase in last five months is only 4.8 percent. This increase would not sustain this economy.He said that the country is rejoicing the first current account surplus without any significant increase in exports. That means the major chunk of saved foreign exchange came from compressed exports, which also include less import of raw materials consumed by the industries. He was of the view that the country has unfortunately not started producing those raw materials locally but the compression is due to subdued local demand".
