The country's economic direction is not suitable which should be corrected without delay otherwise it can cause great harm in the near future, a business leader
ISLAMABAD (Pakistan Point News / Online - 08th February, 2020) The country's economic direction is not suitable which should be corrected without delay otherwise it can cause great harm in the near future, a business leader said.Revenue increase by seventeen percent and enhanced forex reserves amid economic slowdown is surprising and indicates that country is not heading in the right direction, said Shahid Rasheed Butt former President ICCI.He said that revenue is increasing despite sluggish growth as unhappy masses and the dejected business community has been targeted by revenue officials while little has been done to tax the influential untaxed, he added.
Shahid Rasheed Butt said that the ambitious revenue target of the IMF could not be met by FBR not matter what they do, as it will require a miracle.He said that exports in January recorded a fall of 3.4 percent to 1.96 billion Dollars due to economic situation, blocked refunds, political and economic instability, energy prices and other issues.At one hand, we see exports falling while on the other hand forex reserves are gaining strength for which the flawed policies are responsible. The method adopted to attract hot money by offering high interest is not sustainable and very risky for the economy, he observed.
