Pakistan haunted by rising cost of production
Worried by the downward trajectory of Pakistan economy, business leaders and captains of industry have warned that the rising costs of doing business could render the country unable to compete with other countries in the region.
They term rising interest rates, the uncertain situation of the US dollar, sky-rocketing fuel prices, higher gas and power tariffs, and – perhaps worst of all – unabated food inflation were extremely serious issues that needed to be addressed by the government on a priority basis, Dawn reports.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh told Dawn that the cost of production of various local goods has risen by around 15 per cent in the last one-and-a-half-months alone.
“The rising cost of doing business haunts the business community right now,” he said, adding that the cushion provided by the arrival of foreign exchange from the International Monetary Fund (IMF) and China were merely temporary solutions rather than a permanent fix for current economic issues.
