KARACHI: Chairman of National Business Group Pakistan and President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said the business community is continuously facing problems and businesses are closing down; as a result people are losing jobs.
He said the continuous decline in the confidence of businessmen, industrialists and investors is alarming. For the first time in the country’s history, the situation is rapidly deteriorating due to the ongoing political, economic and constitutional crises.
Zahid Hussain said that the business community is also worried due to the rising inflation because the majority of the country's population is spending a large part of their income on food and their purchasing power has eroded; therefore, they are unable to buy other things.
As a result, many businesses have been closed down while others continue to shrink. At the same time, the value of the local currency is also continuously depreciating while the bank markup, electricity and fuel prices are continuously increasing.
Copyright Business Recorder, 2023
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