Tag Archives: Economy

PBC urges prompt steps to kick start economy

PBC urges prompt steps to kick start economy

KARACHI – Expressing concern at the grave condition of the national economy, Pakistan Business Council (PBC) has asked the government to implement urgent steps to steer the derailed economy back on track. The PBC members said that the council is ready to fulfill its role as a catalyst to support the government in crafting a precise agenda to put economy on path towards stability and growth.
Former Commerce Minister Abdul Razzak Dawood, MCB Chief and PBC Chairman Mian Muhammad

Former CCP chief gives his take on the economy

LAHORE – Government deficits, lack of both economic vision and political will are major challenges the country is facing on the economic front. Regulators have failed to make a tangible difference as the government has completely overlooked their prescribed role.
These observations were made by the Competition Commission of Pakistan (CCP) former Chairman Khalid Mirza, while addressing the members of Lahore Economic Journalists Association (LEJA) here on Wednesday. He was

Egypt revolt takes toll on economy

CAIRO – Egypt’s popular revolt has opened up new political perspectives for the biggest country in the Middle East but dealt the economy a serious blow, scaring off tourists and foreign investors. “The crisis is costing the economy at least 310 million dollars daily,” since it began on January 25, said a report from Credit Agricole, lowering a growth forecast for 2011 from 5.3 percent to 3.7 percent.
Egypt, the Arab world’s most populous nation with 80 million people, was already

Economy to grow by 3pc: State Bank

KARACHI – Forecasting Pakistan’s real Gross Domestic Product (GDP) growth at two to three percent, the State Bank of Pakistan (SBP) has said that the country’s external accounts would deteriorate during second half of the current fiscal year. In its first Quarterly Report for 2010-11, the central bank has projected that persistent energy shortages and growing arrears of energy payments would continue to dampen economic activity in the country.
The Report on the state of

PML-N-PPP beat about the bush as economy crumbles

ISLAMABAD – The two rounds of negotiations between the government and PML-N committees have so far not touched real issues plaguing the economy, as both sides have been working on cosmetic exercises, while issues such as subsidies, borrowing from the central bank and the much-needed mobilisation of additional revenue resources remain untouched.
A source in the Finance Ministry told Pakistan Today that most of the issues confronting the national economy lingered on since 1990s,

Luxury apartments for MPs in a grim economy?

LAHORE – The Concerned Citizens Society of Pakistan (CCP), a non-governmental organisation, has condemned the inauguration for luxury apartments construction for National Assembly members by prime minister here the other day. In a statement issued on Friday, the CCP criticised the PM Gilani for his reported statement that the government was facing the ‘economic threat’ and not the ‘political’ one, while he was inaugurating the work on Rs.3billion luxury apartments.
“The CCP

China’s economy grows 10.3pc

BEIJING – China formally announced that its economy grew 10.3 percent in 2010, marking the fastest annual pace since the onset of the global crisis, but concerns about persistent inflation sent Asian markets tumbling.
The data has fuelled expectations for a stronger currency – a change that Washington has pressed for during President Hu Jintao’s high-profile US visit this week – as China pulls on a variety of levers to rein in consumer prices.
Gross domestic product rose 9.8

US voters credit Obama for economy upswing

WASHINGTON – US voters are seeing signs of a brighter economy and are crediting President Barack Obama for the upturn, but by a narrow margin want Congress to repeal his health care overhaul, a poll showed on Tuesday.
The Quinnipiac University poll showed that 54 percent of respondents said they believed the US economy is beginning to recover, with 43 percent disagreeing. Nonetheless, the survey showed a 53 to 40 percent majority disapproved of Obama’s economic management.

Joint statement – Germany to assist Pakistan in economy, trade sectors

ISLAMABAD – Germany and Pakistan have agreed to enhance cooperation in economic, trade and investment fields and to initiate a strategic dialogue to boost bilateral ties, said a joint statement issued here by the foreign office on Monday.
These developments were result of Germany’s Vice Chancellor and Foreign Minister Guido Westerwelle’s visit to Pakistan on January 8th and 9th.
Westerwelle held meetings with Foreign Minister Shah Mahmood Qureshi and Prime Minister Yusuf

Economy in deep peril, while Lilliputians at war

ISLAMABAD – At a time when the national economy is heading towards a breakdown, political parties are engrossed in petty politicking instead of sitting together to contain the looming crisis.
The fiscal deficit is estimated to increase to a record 7.5 percent of the GDP, or Rs 1.2 trillion, by the end of the current fiscal year, compared to the budgetary estimate of 4 percent of GDP or Rs 685 billion.
The International Monetary Fund has given the country another nine months

Economy battered by multiple setbacks

LAHORE – Pakistan’s economy remained under tremendous pressure in 2010, as the crippling energy shortage, liquidity crunch, multiplying bad loans, low growth rate, high budget deficit and massive summer floods took a toll on the macroeconomic health of the country.
The reformed General Sales Tax (GST) remained a hot and divisive issue throughout the year as political parties, instead of evaluating its advantages and disadvantages, politicised and polarised the debate. The GST

Brazil to be fifth largest economy by 2016: Lula

RIO DE JANEIRO – Outgoing President Luiz Inacio Lula da Silva has claimed that Brazil would be the world’s fifth biggest economy by 2016, as he laid the cornerstone of a new Fiat factory.
“Fiat was right to set up in north-eastern Brazil, and if it were up to me, whether I am president or not, other companies would set up in other states” in the region, Lula said Pernambuco state. “Brazil will be the fifth largest economy in the world before the Olympic Games” to be held in Rio

Impact of the IMF extension on the economy

KARACHI – The International Monetary Fund (IMF) on Monday approved a nine-month extension of Pakistan’s $11 billion loan, which was scheduled to end this year.
The standby loan programme had two tranches remaining, but will now run through Sept. 30, 2011, with the two tranches broken up and spread out over that time.
Here are some questions and answers on the nine-month extension.
The government initially requested a nine-month extension to have time to finish

Brain drain a headache for economy: ICCI

ISLAMABAD – Human capital is integral to the economic progress of Pakistan but discouraging domestic factors are forcing young professionals to look further afield for better prospects and shift abroad, said Islamabad Chamber of Commerce and Industry (ICCI) President Mahfooz Elahi.
He expressed concern that due to the dearth of job opportunities, negative environment and lack of support on the part of the government, knowledgeable and skilled professionals are looking to other

World economy can withstand $100 oil price: Kuwait

CAIRO – The global economy can withstand an oil price of $100 a barrel, Kuwait’s oil minister said, as other exporters indicated global production was unlikely to rise in 2011 because the market was well supplied.
Analysts believe that oil producing countries are likely to raise output after crude rallied more than 30 percent from a low in May because they fear prices could once again damage economic growth in fuel importing countries. European benchmark ICE Brent crude for

Corruption inflicting huge losses on economy: Kasuri

LAHORE – Former Foreign Affairs minister minister Khursheed Mahmood Kasuri has said that the rampant corruption has inflicted bigger losses to the economy than the three wars the country fought with India.
He was addressing a cake-cutting ceremony held in connection with Quaid-e-Azam’s 134th birth anniversary in Lahore on Saturday. Kasuri said Pakistan might have reached its destiny if the rulers followed in footsteps of the country’s founder.
He also alleged that the PML-N

Financing the ‘green economy’

ADDIS ABABA: At the climate-change summit in Copenhagen last December, political leaders expressed a strong will to urgently combat global warming. As we approach the next climate-change summit in Canc