The local unit of Suzuki Motors closed the factory.
Some 12 companies closed or slowed down their work.
The country does not have foreign currency to buy raw materials.
New Delhi. Pakistan’s economy is currently going through a very difficult phase. The neighboring country’s foreign exchange reserves are almost exhausted and it has no money left to import. In such a situation, there is a shortage of raw materials near factories and factories. Its direct impact is on the employees who work there. In reality, due to the lack of raw materials, the factories have been closed. The local Suzuki unit has reportedly announced that it will stop working until February 21.
Similarly, there are about 1 dozen companies that have completely stopped their operations or their work has slowed down. Unemployment seems to be emerging as a new problem for Pakistan, which is struggling with a lack of money and inflation. If factories continue to close like this, more people’s jobs will be at stake. Before this, the economy on the ground will plunge into the abyss, from which it will be very difficult for Pakistan to return.
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The black cloud of unemployment
Tahir Abbas, head of research and investment at Arif Habib Limited, says he has never seen such a sudden closure of publicly traded companies before. He said that this will affect the country’s economic development as well as significantly increase the unemployment rate. According to a Pakistani manufacturers’ organization, car sales have been hit due to the closure of the major car company’s plant. Not only this, the big pharmaceutical companies in the country have informed the authority there that they do not have the products, so they are producing. Significantly, inflation in Pakistan has been at its peak for many months. The basic things of food and drink are coming out of people’s income. In such a situation, due to the stoppage of work, the clouds of the crisis have begun to hang over the jobs of thousands of people. If this happens, this unemployment will completely break the back of the Pakistani economy.
In which companies the work stopped
According to an article published in Moneycontrol, apart from Suzuki Motors, Ghandhar Tire and Rubber Company has also stopped working due to lack of availability of raw materials. Apart from these, the Pakistani unit of GSK, Engro Fertilizers, Fauji Fertilizer Bin Qasim Limited, Nishat Chunian Limited, Amraili Steel Limited, Millet Tractors Limited and Diamond Industries Limited have either completely stopped their work or slowed down a bit.
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Tags: Business News, Economic crisis, International News, Pakistan, economy of pakistan, Unemployment
FIRST POSTED: February 20, 2023, 16:16 IST