Islamabad, September 12, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday said high inflation rates are affecting almost every aspect of the lives of the majority, including their mental health. Many have lost hope because of the endless inflation as millions of people belonging to the middle class and thousands of small traders have become poor.
Shahid Rasheed Butt said that it has become impossible to maintain an average lifestyle for the majority as the wages of the labourers and the income of the people have become insufficient. Many people and small businesspersons are becoming mentally ill, as many necessities have become unaffordable for them.
There is no increase in the wages of the common person compared to inflation, while the economic activities are stagnating after the agreement with the IMF, which will reduce the GDP by at least two percent. He said that because of political instability the economic crisis is intensifying, which is worsening the condition of all Pakistanis except for the elite.
The people are currently considering the economy as the most important problem of the country, but the politicians are considering the corruption allegations as the most important issue, he observed. The economy is weakening, the rupee is depreciating and unemployment is skyrocketing because of the wrong priorities of those who matter; he said, adding that a lack of bold and rational policy responses in a timely manner is heightening the economic crisis.
The finance minister has reiterated the government’s assurance to the public that the crisis will be over in the next 2-3 months. He also contended that the rupee will stabilize against the dollar soon, a claim that was repeatedly ignored by the market.
Our leaders, rather than taking economically rational and hard decisions for structural reforms and shunning populist measures, are looking up for help from development partners and the people are getting frustrated. The business leader said that if the political manoeuvring continues, even an IMF loan will not save the country from bankruptcy.
For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571
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