(VOR News) – Business owners in Pakistan have expressed heightened concerns regarding the mishandling of the economy in the face of rising inflation and tax burdens, according to the findings of a recent poll that was carried out by Gallup Pakistan.

The poll was conducted in Pakistan. Additionally, they have stated that the government of Prime Minister Shehbaz Sharif is incompetent in its management of Pakistan’s economy. The statement has been made by them.

A survey was conducted in the second quarter of 2024 with the participation of more than thirty districts. Participants in the survey represented a range of organizations, including small, medium, and large companies.

A significant drop in confidence was observed across all aspects of the Business Confidence Index, according to the results of the study. The researchers came to this conclusion.

The scores for the current situation in the business world, the outlook for the future of the business world, and the overall direction of the country all showed a decline of between four and ten percent.

This was noticed in relation to the business world.

In the course of the fiscal year 25 (FY25), a sizeable majority of respondents voiced their dissatisfaction with the fiscal policies that were put into effect by the government.

They pointed out that these policies were damaging to the interests of businesses. The rate of inflation that occurred in the month of June was 12.6%, and as a direct result of this, nearly forty percent of firms have listed inflation as their primary issue.

Consequently, as a consequence of this influence, the capacity of customers to make purchases has been considerably impacted.

In comparison to the administrations that came before it, the majority of Pakistan’s businesses, namely 54%, are of the opinion that the present government is less effective at managing the economy than the governments that came before it. This is the case when comparing the current government to the governments that came before it.

Gallup Pakistan’s executive director, Bilal Ijaz Gilani, emphasised that the ongoing political instability and the recent implementation of heavy taxation in both the federal and provincial budgets have had a significant impact on the sentiment of business owners all over the country. He said that this has had a significant impact on the sentiment of business owners.

Gilani says this affects business owners’ sentiment.

It has been brought to his attention that the difficulties that businesses are currently experiencing have been made even more difficult by regulatory measures and an increase in taxes.

The findings of the study also revealed that there has been a rise in the number of companies that have approached the government for assistance in addressing their problems regarding taxes. A significant number of people are dissatisfied with the economic measures that were implemented in the most recent budget, which is the reason for this.

Furthermore, there was a clear indication of concerns regarding the flaws of the infrastructure, as 61% of firms reported having regular power outages.

This was a clear indication of the problems that were being expressed. This was a glaring example of the magnitude of the issues that were being raised. The fact that there was a higher demand for electricity during the summer months made this scenario significantly more challenging than it would have been otherwise.

According to the findings of the study, business owners have a negative attitude on the future. The majority of respondents expressed pessimistic views towards the future, which is consistent with the findings of the study.

As a result of the fact that the net future business confidence score experienced a considerable decrease of 36% compared to the previous quarter, it is apparent that the business community is becoming increasingly sceptical. This is demonstrated by the fact that the score has experienced a major decline in recent times.

“Given the challenging economic environment, there is an urgent need for the government to pay attention to the concerns of businesses and take proactive steps to address their grievances,” Gilani stated during an interview with reporters. “This is a pressing need.”

SOURCE: PPN