Faisalabad: Successive reduction in policy rate has proved beyond any doubt that the government’s economic policies are in the right direction and would play a key role in stabilizing the overall economy, said Mr. Rehan Naseem Bharara, President Faisalabad Chamber of Commerce and Industry (FCCI).
In a statement here on Tuesday, he welcomed 2.5% reduction in policy rate and said that it is the visible result of a positive and balanced strategy. He said that the government had taken stringent measures which yielded positive results in the form of reduction in current account deficit, inflation, prices and substantial increase in foreign remittances and exports.
All these indicators clearly depict that the economy has come out of the wood and now the stabilization process has been initiated, he added. He was optimistic that reduction in mark up rate would continue as a result of economic stability and hopefully it would bring it down to single digit during next year.
He said that economists have predicted tha
t banks would dole out capital liberally to the financially starved private sector which is considered as an engine of growth.
He said that additional investment would provide an opportunity to the businesses to flourish by earning profit, creating new job opportunities and contributing towards national kitty in the form of taxes.
He said that revival of the economy would also bring down inflation providing a breathing space to the businesses under stress.
Rehan Naseem Bharara termed 2024 as the year of economic revival while in 2025 GDP growth would be more than satisfactory. He also mentioned the boom in PSX and said that it reflects confidence of the foreign investor in Pakistan and its economic policies. He said that GDP growth would be more than the estimation of the IMF, World Bank and Asian Development Bank if the current recovery pace continued in the near future.
He urged upon the business community to prepare themselves to avail the emerging opportunities and to make 2025 a year of progress and
prosperity in real terms for Pakistan.