ISLAMABAD
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Wednesday that the possibility of a global recession is increasing due to a fundamental change in American policies.
He said that the effects of Trump’s policies in the previous era are still being felt. At the same time, his intentions seem more dangerous than before, which is worrying the whole world. Mian Zahid Hussain said that developing countries like Pakistan must prepare to face these situations.
Talking to the business community, the veteran business leader said that Pakistan should accelerate the process of fundamental economic reforms so that it can face the expected recession.
Tax cuts, deregulation, protectionism, and trade wars are the mainstays of President Trump’s policies, which are likely to benefit the US economy to some extent. However, he observed that there are high chances of severe ups and downs in the global market.
Mian Zahid Hussain said that the US President has sounded the trumpet for a trade war with China, which may affect the global growth rate. Due to US trade sanctions on China, Pakistan’s access to US markets may increase. The business leader said that Chinese investment in Pakistan may also increase because Pakistan has excellent trade relations with the US and China.
