President American Business Forum, Salim Ghauri has expressed concerns over the dwindling economic indicators, including 61 percent decline in foreign private investment during the four months of current fiscal and increase in Non Performing Loans (NPLs) to Rs 629 billion.
Salim Ghauri, in a statement on Tuesday, said the situation is likely to dampen growth of economy further if no timely action is taken by the authorities concerned, he said. He said the high bank mark up rate and energy shortage is confronting Pakistan economy at present.
According to him, a sharp decline in foreign direct investment suggests shaky confidence of multinationals in Pakistan economy. Although the security situation has remarkably improved in Pakistan during 2011 but still no turnaround is in the offing probably due to the Euro zone crisis, he added.
Ghauri said Pakistan should make efforts to keep its house in order to rebound economic activity once sluggish trends are over. President ABF said the government should launch image building campaign in a situation when security situation has improved impressively. On the rising NPLs, president ABF said NPLs are likely to catch up further due to the deteriorating state of different industrial sectors amidst short supply of energy.