KARACHI: Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain has said Pakistan Economic Survey 2021-22 is encouraging.

It accurately identifies the country’s economic situation and problems, and avoids slandering political opponents, he said.

Mian Zahid Hussain said that the areas in which the previous government had performed well have been acknowledged, which is a welcome development.

He said that according to the Economic Survey, the previous government had projected a growth rate of 4.8 percent, which is now higher than the previous estimate.

The growth rate has improved to 5.97 percent due to lower interest rates, fiscal policy, performing manufacturing sector and good performance of the agriculture sector, except for the wheat crop. However, one of the main reasons for the increase in growth rate is the increase in demand due to which the import bill reached $75 billion and the economy became overheated which had to be cooled down.

Mian Zahid Hussain said that the increase in the growth rate is not sustainable while the subsidy on petrol and electricity has severely damaged the national resources.

Copyright Business Recorder, 2022