Economy on way to revival: Ishrat: The News

KARACHI: Former Governor State Bank of Pakistan and Dean and Director Institute of Business Administration, Dr Ishrat Hussain has said that Pakistan is now on moving towards economic revival as recent indicators have shown easing of the crisis that the country was facing.

Pakistan France Business Alliance, the representative forum of Pakistani and French companies, organised the 5th Pakistan-France Trade Performance Awards 2006-07 to recognise and honour leading Pakistani manufacturers and exporters and importers from France here on Friday night.

Hussain said that the economic crisis in Pakistan was not due to the global recession instead it was the steep rise in inflation that had crippled the nation.

He further voiced that rising oil prices had fuelled the inflation in the country. A single barrel had risen from $50 to $150 threatening the country with hyperinflation.

The dean stated that the financial situation of Pakistan was far worst than 70s and 80s and the IMF aid was essential to control the dwindling economy. He further held that even on the international front, the global economy’s GDP this year was the worst in recent history.

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