Country’s economy at high risk: LCCI chief

RECORDER REPORTLAHORE: Expressing concerns over slow economic growth and increasing fiscal deficit, the Lahore Chamber of Commerce and Industry has said that the country’s economy is at a high risk and remains vulnerable to internal and external shocks.The LCCI President Farooq Iftikhar said in a statement that the continuous increase in fiscal deficit will pull country’s economy towards major downturn, which is already in precarious condition due to various core issues that need to be addressed on urgent basis. He, however, said that the two main reasons for increase in the deficit is inability to control expenditures and lack of a plan to generate higher revenue in view of sever energy crisis.The LCCI President suggested to the government to lower the interest rates as lowering by a single point saves Rs 100 billion for the government as major chunk of the government borrowing is from domestic means. He further added that loss making Public Sector Enterprises (PSEs) are damaging the economy by Rs 500 billion per annum but government could save Rs 200 billion by applying good governance practices in PSEs for the time being. We request the federal government to take prudent decisions without wasting further time in the...

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