The Lahore Chamber of Commerce and Industry (LCCI) on Sunday expressed grave concern over the quarterly report of the State Bank of Pakistan (SBP) that sees a significant drop in GDP growth from its target of 7.2 to 6.6 percent.
In a statement, LCCI President Mohammad Ali Mian said the SBP report was an eye-opener for all those, who matter. He said that there were little chances of improvement in the situation unless and until prompt corrective measures were taken. He said that deceleration in textile exports growth is a major area of concern as it employs 38 percent of country's total labour force, contributes 27 percent of value addition, and has 67 percent share in total exports.
The LCCI chief said the SBP report is enough to prove that the existing policies have failed to yield results. He urged the government to immediately convene a meeting with all the economic experts and the country's chamber presidents so new policy guidelines could be evolved to avert the situation.
He said the significant deterioration in all key fiscal indicator calls for urgent measures from the government side as the resulting imbalances could have adverse consequences for the economy.
The LCCI chief said the LCCI had been demanding of the government for the last many years to take steps for improvement in law and order situation but no solid action was ever taken. The deteriorating law and order situation in the country has adversely impacted foreign investment as the number of foreign investors has gone down by 25-30 percent as compared to last year and Pakistan was fast losing its business credibility in the international market. He also called for immediate action to offset the inflationary pressure, which now has started taking its toll.
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