Staff Reporter Karachi
Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing serious concerns on the prevailing business environment, stated that host of businesses are still struggling to remain afloat while many have turned into sick units after getting severe battering due to the Covid-19 pandemic related long staggering lockdowns and global economic slowdown.
In a statement issued, Zubair Motiwala said that during the period when businesses, particularly SMEs, were trying to overcome the losses of the initial wave of Covid-19, the second wave erupted. “This wave is proving to be more dangerous and continues to haunt the economy, trade and businesses in 2021.
The severity of the situation can be gauged from the fact that for the first time since 1952, Pakistan’s GDP posted a negative growth of 0.4% in FY20 whereas, the Large Scale Manufacturing sector recorded a drop of -10.17%, inflation at 10.74% and current account posted a deficit of $2.96Bn.