The local trade and businesses have suffered losses of Rs 30 billion during last 12 days following political turmoil in the country, traders said on Saturday. "The political uncertainty is looming large over the country's ailing economy," traders said, adding that the prolonged protests and sit-ins in the Capital are likely to paralyse trade and business activities in the metropolis.
The trade and business activities have shrunk by 80 percent while fresh investment stands at just 10 percent in the last 12 days, they pointed out, adding that traders have halted their investments fearing growing political uncertainty in the country. Traders expressed 'strong' reservations over the political turmoil in the country saying the uncertain situation is causing huge losses to national exchequer also and giving rise to cost of doing business.
The PTI and PAT marches and the government reaction brought supplies of import and export goods in Punjab to a halt, they said, adding that thousands of containers for upcountry and towards Karachi are unmoved from their original places for non-passage. Textile exporters said blockades have caused a complete suspension to export cargoes. They said the political tussle has caused a virtual collapse to businesses, trade and exports activities in the country. Talking to Business Recorder, Chairman All Karachi Tajir Ittehad, Atiq Mir said political unrest has paralysed the country's economy, especially Karachi's trade and business activities. He said the trade activities are almost stagnant since Eid holidays following agitation's by various political parties.
He was of the view that the prolonged protests will ultimately create economic crisis in the country. "Traders expect these protests will bring a change of government but won't bring any better economic results," he added. The political movement began at a time when traders were planning for future investments, which left everyone guessing, he said, adding that "there is a big chance that traders may halt their investments till the situation eases."