Staff Report
ISLAMABAD: The Pakistan Business Forum (PBF) has termed 2022 the ‘worst year’ for the country in terms of economy.
Vice President of PBF Chaudhry Ahmed Jawad said that the continuation of economic policies was inevitable for the country. He urged the government to maintain a balance in reforms, relief and rehabilitation processes.
Growth rate to drop to 2% in the current fiscal year 2022-23
The PBF official said Pakistan’s growth rate is expected to be only 2 percent in the fiscal year 22-23, adding that the country has to repay a foreign debt of more than $26 billion in 2023. He said that in 2022, the rupee devalued to Rs49.30 against the US dollar.
He added that Pakistan was in need of help from major economic powers, and the International Monetary Fund (IMF) as a strategic partner was not a sustainable solution.
