Islamabad: Mian Zahid Hussain, a prominent business leader and Chairman of the FPCCI Advisory Board and National Business Group Pakistan, on Monday highlighted the critical situation of Pakistan’s population and unemployment rates. He stressed that a minimum 6% economic growth is essential to address the escalating unemployment issue, asserting that current policies are stifling potential growth, which is capped at 3%.

According to Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain explained the need for significant policy revisions to achieve this target. He recommended reducing the markup rate to single digits and lowering electricity prices to nine cents as steps towards stimulating business and industrial growth, thereby enhancing employment and revenue.

Hussain also pointed out the challenges of managing imports whenever attempts are made to boost growth, leading to a payment crisis that necessitates borrowing. He criticized the lack of genuine reforms in governance, noting that real change has only been attempted under pressure from the International Monetary Fund (IMF), and even then, reforms were not substantial.

He further criticized the influential class for exploiting the weak system for personal gain, transferring their wealth abroad and showing little concern for national welfare. This behavior, he noted, is a major barrier to economic reforms and contributes to a growing economic crisis.

The business leader also lamented the deteriorating relationship between the government and the populace, for which the Federal Board of Revenue (FBR) is partly to blame. This mistrust has led to widespread tax evasion and an expansion of the black economy, further weakening the country’s economic foundation.

Hussain concluded by expressing concern over the stringent loan terms from friendly countries, which are now more severe than those from Western entities and the IMF, signaling a need for Pakistan to reevaluate its financial strategies and commitments.