The neighboring country of Pakistan is in poor condition. Shahbaz Sharif’s country is in danger of going bankrupt soon amid the severe economic crisis (Pakistan Economic Crisis). Inflation rate has reached 25.4 percent. Last year also which was 10.3 percent. The value of the Pak rupee has fallen by 35 percent against the dollar. Foreign exchange reserves are almost empty.
As a result, the import of goods from outside is stopped for the time being in Pakistan. At the same time, the prices of daily necessities have skyrocketed. Economists say that the coming days are going to be tougher for the common man. They also said that Pakistan should change its policies to get back on the right track. It should be noted that they did not even seek help from other countries and the International Monetary Fund (IMF). Now various big companies have closed their factories in Pakistan.
Due to shortage of raw materials in the market, companies have decided to stop their production. Recently Pak Stock Exchange released a statement. There they said, Suzuki Motor Corp (Suzuki Motor Corp) has closed one of their local units. Because car parts are not available in the market. Also, on February 13, Gandhar Tire and Rubber Company (Gandhar Tire and Rubber Company) also closed its factory.
This company manufactures tire tubes. The tire company said that this decision was made because they could not import raw materials. Many other organizations have also taken similar decisions. Here we are talking about two companies listed in Karachi Stock Exchange. Many fertilizer, steel and textile companies in Pakistan have either closed their factories indefinitely or are operating intermittently.
According to Pakistani economists, if this situation continues, the unemployment rate in the country will increase a lot. Local units of Honda Motor (Honda Motor) and Toyota Motor (Toyota Motor) like Suzuki were also affected. They are also working occasionally. The car buying rate in Pakistan has been at an all-time low for the past 3 years. Incidentally, the neighboring state is burdened with debt. They have borrowed the most from China. However, China is optimistic that Pakistan will turn around again. However, they did not give any financial help.