KARACHI: President of the Korangi Association of Trade and Industry (KATI) has expressed concerns over the stock market ‘crash’ during the last few days. He said that within a few days, more than Rs2 trillion in capital has been lost. Faraz-ur-Rehman said that the stock market represents the country’s economy and the political conflict in the country is causing irreparable damage to the economy.
Rehman said that if the economic crisis continues like this, the industries in the country will be closed.
President KATI said that many industries have been closed in Korangi Industrial Area so far, which has given employment to thousands of people.
Faraz-ur-Rehman said that the rate at which unemployment is increasing has also seen an increase in street crime in the city.
President KATI further said that Pakistani politics and economy are continuously in recession and uncertainty is prevailing. People are deprived of their basic needs, they are facing unbearable economic challenges in the shape of inflation, unemployment and financial instability.
He said that the political divide in the nation is the root cause of the economic crisis.
He said that all political parties should not stake the country’s sovereignty.
President KATI appealed to the government and the opposition parties to forget their differences and solve problems by sitting at a table for economic stability in the country.
Copyright Business Recorder, 2022
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