Solution of economic crises lies in expansionary policy: says President FPCCI
- October 6, 2013, 8:14 pm
- Business News
- 173 Views
ISLAMABAD, Oct 06 (Online): Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Sunday said that contraction policy of the government will result in negative growth and will wipe out the distressed middle-class.
On Sunday, president FPCCI Zubair Ahmed Malik while addressing to a ceremony held here said “Shrinking middle-class of Pakistan will collapse under the painful austerity measures and unmatched fall of the rupee as prescribed by the IMFâ€.
FPCCI Chief said that as the rupee heads towards 110 to the dollar again, almost 10 per cent cheaper than it was a few months ago, the industries depending on the disposable income of the mediocre would experience defaults and foreclosures.
“High inflation will not only slow the growth but spur layoffs and delay creation of new jobs hitting vulnerable including poor, lower middle to middle income earnersâ€, he added.
Zubair Malik said, recent deal with the IMF which is against the manifesto and the claims of the ruling party, will never improve the current state of the economy rather deteriorate it; he noted adding that the solution lies in expansionary policy.
Masses and business community will never subscribe to the idea of taking a suicide pill under the guise of a bitter pill based on the ill will of the IMF as nobody win in the current set of policies except the lender.
