Industry offers divergent views on economic performance in 2024
Representatives of trade and industry appear to be divided over the country’s economic indicators during 2024 as some believe that trading activities remained dismal while others say that one of the salient features of the outgoing year was that “Pakistan has managed to escape a possible default”. Notwithstanding the disputed mandate, regaining political stability was a notable achievement of the current government in 2024. Securing the IMF’s umbrella shielded the country from debt vulnerability, while commodity tailwinds provided some relief to the masses, observed Ehsan Malik, the CEO of Pakistan Business Council (PBC). The formal sector’s burden of taxes increased after the budget, but its cost of borrowing declined. The current account benefited largely from rising remittances and compressed demand for imports, he added.