Unnecessary imports stagnating troubled economy, says Zahid Hussain.

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said massive imports of food and other items will stagnate the troubled economy.

He said that there are limits to inflation which is resulting in unemployment and reduced demand as masses are using a good part of their income on food and utility bills therefore they are unable to buy other things.

Mian Zahid Hussain said that the current account deficit will not allow the economy to develop therefore state-run enterprises should be sold or restructured while agriculture should be given full attention by improving supply and discouraging hoarding as there are slim chances of price reduction in the international market.

Talking to the business community, the veteran business leader said that international institutions helped poor countries during pandemic while supply chain disruption and shipping costs added to the inflation which increased the price of oil, metals and...