|
The growing unrest and a lack of government assistance have caused 229 industrial facilities in Khyber Pakhtunkhwa (KP) to close according to the Department of Industry as cited by ARY News.
The closures include 52 facilities in the Gadoon Economic Zone and 177 units under the Khyber Pakhtunkhwa Economic Zones Management and Development Company (KPEZMEC), have left hundreds of workers without jobs and businesses struggling with growing losses as stated by ARY news. Overall there are 2,563 industrial units in KP, firms are finding it more and more difficult to operate due to the region's increasing instability. The main causes of the closures, according to industry leaders, are issues including ongoing power shortages, security worries, and a lack of government incentives as reported by ARY news. The Sindh Assembly disclosed last year that the electrical crisis has caused the closure of 81 industrial facilities over five years, including five sugar mills and ten textile mills. Ali Khursheedi, the leader of the opposition, blasted the lack of transparency and asked the government to give a thorough explanation of the closures and newly created units that occurred between 2018 and 2023 according to ARY News. Pakistan's economic future is still bleak in the face of these setbacks. According to the World Bank's Global Economic Prospects Report 2025, Pakistan's GDP is expected to expand at a mere 2.8 per cent annually according to a report by ARY news. Other South Asian countries, however, are anticipated to do much better. The Maldives is expected to increase at a pace of 4.7 per cent and Bhutan at a rate of 7.2 per cent. At 5.1 per cent, 4.1 per cent, and 3.5 per cent growth rates, respectively, Nepal, Bangladesh, and Sri Lanka are also predicted to surpass Pakistan as cited by ARY news. Economists and businessmen are urging immediate reforms to revitalize Pakistan's faltering industrial sector and win back investor confidence as the country's industries continue to face difficulties. (ANI)
|
