Lahore: Senior Vice President Pakistan Tehreek-e-Insaf, Asad Omar said that the country is facing a challenging economic outlook, as its GDP growth in the current financial year, is projected to be in 3-3.5 percent range against the target of 4.2 per cent, as pointed out by The State Bank of Pakistan. This means it would be the 5th year in a row when the economy will generate only half as many jobs as needed to absorb the additional youth looking for jobs in the country.
The SBP report sees the fiscal deficit for FY-13 much higher than the target set by the government. Asad Omar Pointed out that the day after the budget had been announced for 2012-13, PTI had issued projections showing the deficit will be at least 7% instead of the 4.5% stated in the budget and the government was only deceiving the nation by giving false projections. The SBP report has vindicated this projection made right at the start of the fiscal year by PTI. He concurred with the SBP assertion that the country was falling into a debt trap with dire consequences for both the citizens and businesses in the country.
The headlong rush into a debt trap cannot be averted unless we have a government in power which has the willingness to tax the privileged segments of society and which has the trust of the nation for people to pay their taxes without fear of it being consumed by corruption and mismanagement. On the expenditure side there is a need to urgently stop the bleeding in the public sector enterprises and curtail the lavish unproductive expenditure of the government.
He said that in addition to resolving the dire fiscal crises it is critical to bring back investment by dealing with the energy crises on an emergency basis and restoring the confidence of the investors by transparent accountable governance and establishing rule of law. Only a resumption of investment will create the jobs desperately needed for the youth and increase exports to deal with the external deficit which is as daunting as the fiscal deficit. PTI once in power, by the grace of God will ensure leadership that can give this sixth largest country of the world an appropriate national vision and implement a comprehensive road map to make Pakistan a leading economy in the emerging world.