Karachi (April 15, 2023) President United Business Group (UBG) Zubair Tufail has said that the country’s economy has been facing a serious crisis for a year. In the political uncertainty, the dollar has become expensive by 108 rupees in a year, while the price of electricity has also doubled and many industries have closed down due to non-availability of raw materials. In one of his interviews,
Zubair Tufail also expressed the fear that the economic crisis will become more serious by June 2023.
According to the statement issued by the United Business Group’s main spokesperson Gulzar Firoz, President United Business Group Zubair Tufail exploded on the economic situation. The country’s economy has been facing a serious crisis since last year.
Zubair Tufail said that the cost of production has increased due to the increase in electricity and gas prices, while the situation seems to be worsening since June 23. President UBG said the value of the dollar has risen to a record high, electricity prices have doubled and gas prices have skyrocketed, inflation is at record highs and business conditions have reached their worst levels in a year. The country’s economy is facing many major challenges.
President UBG further said that due to increase in dollar, electricity and gas prices, the production cost of industries has increased a lot, shortage of dollars is also a cause of concern, due to lack of dollars, it has become difficult to procure imported goods for the industry, raw materials are not available. Industries that cannot bear the cost of production are shutting down and it has become necessary to save the export industries, which are not getting sales tax refunds and the competition with other countries in the region is weakening in the global market.
Zubair Tufail said that inflation has increased by 45 percent compared to last year, inflation has increased the problems of the people including the industries, the economic conditions will improve only after the end of political confrontation in the country and for this all political parties should forget their differences. Decisions should be made in the best interest of the country.
