Sales' decline in 2017 was 'worst' in five years, traders say

Political instability and poor economic policies squeezed public purchasing power, which resulted in a 'drastic' fall in sales in 2017 making it the 'worst' over the last five years, traders said on Monday. The surging unemployment amid soaring inflation in the wake of continuing political turmoil and inexistent governance especially in Sindh widely contributed to the traders' financial crunch in 2017, despite peace restoration in Karachi, businessmen said.
"In Sindh there is no such thing which may call governance," Chairman All Karachi Tajir Ittehad, Atiq Mir told Business Recorder, saying that the PML-N government just fought its political struggle and compromise 'hugely' on economic plans resulting in soaring inflation and financial decline.
He said that the law enforcers' efforts for peace restoration in Karachi however failed to help the traders capitalize on the business friendly environment. "Not only the small scale wholesalers, even the big shopping malls lost their business share to the soaring inflation and unemployment," he said.
The trade leader showed concerns that the businessmen may resort to disinvestment since they fell short of finding any sustainable economic plan after the political turmoil forced the 'frightened' Finance Minister to flee the country. "The fugitive Finance Minister made a record of taking the most loans of $10.1 billion in a single year over the past 17 years," he said.
Although, he said, peace is perpetuating in the city to a satisfactory level, the government's policies made a 'negative' difference for the traders to invest. "The economic capital - Karachi is faced with the worst unemployment, high inflation and the worst ever civic infrastructure traumatized the public and traders in the past year," Atiq Mir said.
The city, which feeds the nation with at least 60 per cent of the country's total revenues, is left abandoned by the PPP-government in Sindh, as civic departments have no interest in resolving the citizens' problems as broken roads, boiling sewerage gutters, flying dust with poor environment condition have made life miserable.
"The entire city whether it is markets, major and small roads and underdeveloped areas are in a civic chaos," he said, adding, "the Sindh government and its subservient departments are also functioning at their worst level in history, only bringing daily mental pain to the public.
"The city's traders, he said, faced a loss of Rs 400 billion with up to 60 per cent fall in sales because of the unfavourable conditions especially in Karachi and elsewhere in the country. He said that the withholding tax on bank transactions also had a negative impact on trade and commercial activities and blamed Ishaq Dar for economic turmoil that the nation is facing.