2020 stained with inflation, unemployment, and political instability - AsiaNet-Pakistan

2020 stained with inflation, unemployment, and political instability

January 4, 2021 | | Share:

Islamabad, January 04, 2021 (PPI-OT): The Pakistan Economy Watch (PEW) on Saturday said the 2020 was stained with inflation, unemployment, and political as well as economic instability marred the year 2020. The year was beneficial for influential mafia, profiteers, hoarders and politicians while it saw unprecedented inflation, unemployment, instability, lawlessness and tall claims, it said.

The wheat, sugar, poultry, pharma and other mafias transferred trillions from the pockets of the poor to their accounts while the tariff of electricity, gas, price of petrol and food further damaged the masses, said Dr. Murtaza Mughal, President PEW. He said that masses were burdened with heavy taxes during the outgoing year while the practice of rewarding nobility through tax breaks worth hundreds of billions continued while masses will continue to brave problems in absence of corrective measures.

Millions lost their jobs and businesses while many more saw cuts in their incomes at a time when the price of almost everything rose exponentially breaking all previous records. Record erosion in the exchange rate took toll on masses as well as the economy and trillions were wasted on fancy projects and deliberate delay in import of wheat, sugar, LNG and other needed items.

He said that people were kept waiting for five million houses, 300 dams, millions of jobs, billions of trees, and quality health and education facilities in 2020 but to no avail. The unending list of the broken promises, U-turns, incompetence and corruption has come as a rude shock to the nation and the supporters of current dispensation have realized that intoxicating election promises and aspirational songs were nothing but deceit, he said.

For more information, contact:
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com

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Category: English, General Business News