FPCCI’s Presidential candidate Atif Ikram Sheikh on Thursday said 2023 will be more upsetting for the masses, inflation will remain high and economic decline will continue to hit the people.
Pakistan will continue to be among the most expensive countries in the world in 2023 while political instability and exchange rate erosion may set new records, he said.
Atif Ikram Sheikh said that the price of petrol, gas, and electricity may continue to rise to make life difficult for the people.
He said that inflation has broken back of the masses and per capita income is falling which is being conveniently ignored.
Government has already slashed its economic growth projections by more than half due to the floods, expecting growth to come in at 2.3%, compared to a target of 5% growth in June.
Officials also agreed with the IMF to increase a gasoline tax to 50 rupees per liter from 37.5 rupees by early 2023 which will add to price pressures pushing inflation will climb to 27.5% on average in the year ending in June 2023.
He said that circular debt is rapidly increasing and the government is planning to borrow to repay the old loans which have increased the influence of lending institutions.