Pakistan Economic Crisis: These days Pakistan is facing a huge economic crisis. Due to this economic crisis, the people of Pakistan are facing the brunt of inflation. Due to this economic crisis in Pakistan, the general public has become dependent on every grain. Pakistan is facing mounting economic challenges with high inflation, dwindling foreign exchange reserves and a widening current account deficit. At the same time, they are becoming so poor that the problems of Pakistan are not taking the name of reducing. Unemployment crisis is increasing rapidly in Pakistan due to efforts to reduce trade deficit by banning imports. This information has come out in a report.
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According to the report of the news paper Dawn, “A large number of companies are reducing production or shutting down operations due to shortage of raw materials.” In recent months, dozens of companies have issued notices to stop production.
The report said that curbing the import of raw materials to improve the trade balance is giving rise to a major crisis. All the production units of Dowlance, a private company, are closed since the beginning of 2023. The company faced import-related problems in May 2022.
According to the report, the CEO of the company said that in August 2022, the central bank had set a quota of 38 percent of last year’s imports, but the situation worsened due to red tape. He said that if a small quantity of an equipment If there is no spare part, then the whole export stops. Thus production has come to a complete standstill.
At the same time, according to renowned economist Hafiz-e-Pasha, the unemployment rate in Pakistan will increase to 10 percent by the end of 2022-23. According to statistics, exports have also declined by 23 percent in February on an annual basis.