Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that inflation, current account deficit, and interest rates will decrease in the New Year. He said there is a possibility of an increase in business activities, employment and GDP, which will have a positive impact.

Mian Zahid Hussain said that the political temperature would decrease if elections were transparent; if not, political instability would continue, and the new government would be unable to implement reforms.

Talking to the business community, the veteran business leader said that regional tensions, climate change, and food and oil prices could rise this year, undermining efforts to stabilise the economy.

He said that the policymakers need to speed up the economic recovery efforts to reduce the problems of the people and the business community.

Mian Zahid Hussain added that Pakistan had to go through the most difficult situation in its history last year. There were endless problems, including loans from the IMF and friendly countries.

However, it has become difficult to continue this trend as he observed that Pakistan’s industrialists have lost their competitiveness in the global market due to the huge increase in the cost of doing business.

Mian Zahid Hussain further said that the country’s future will be decided by whether the rulers have tried to learn from past experiences because if they continue with their previous style, then economic stability will become a dream.

During this year, apart from the elections, taking new loans from the IMF will also be a big challenge, requiring strong efforts and implementation of visible reforms.

Without these loans, repayment of past debts would be impossible and imports would become very difficult. If the politicians show prudence, financial institutions, tax, and other reforms will be possible, and governance will be improved, improving the country’s condition.

But if politicians decide to follow the same old path, the country will be bankrupt. This time the new government will have to take decisions on merit and keep the economy separate from politics.