ISLAMABAD
\nThe Pakistan Economy Watch (PEW) on Saturday said rising oil prices in the international market can wipe at least one percent of Pakistan\u2019s GDP.
\nPreparations are being made to impose new taxes of Rs500 billion on the people in the upcoming budget which will make life more difficult for the masses, it said.
\nThe national economy cannot withstand the wrath of western powers and international institutions, therefore caution should be observed amid the Ukraine crisis, said Dr. Murtaza Mughal, President of PEW.
\nHe said that rising oil prices in the international market are affecting all oil-importing countries, while expensive oil will eat away at least one per cent of Pakistan\u2019s GDP.
\nThe oil prices can jump as tensions rise, which will be a nightmare for all the oil-importing countries who will see their budgets disrupted, he said.
\nPakistan satisfies most of its oil needs through imports and its price could be hit by a widening trade deficit, weakening rupee and higher inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Pakistan Economy Watch (PEW) on Saturday said rising oil prices in the international market can wipe at least one percent of Pakistan\u2019s GDP. Preparations are being made to impose new taxes of Rs500 billion on the people in the upcoming budget which will make life more difficult for the masses, it said. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-247953","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n