PBC makes shocking revelations about Pakistan's economic situation
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Pakistan is the country most severely affected by illegal trade in Asia, causing the national economy to face losses of billions of rupees. This statement was made by the Pakistan Business Council.
According to officials, the overall volume of illegal trade in documented and undocumented economy is 10%. Illegal trade is causing an annual loss of 800 billion rupees to the economy.
The magnitude of illegal trade is substantial, and measures need to be taken to rectify it. PBC correspondents have stated that funding and support for illegal trade come from criminal elements involved in under-invoicing, hawala transactions, worker remittances, and the depreciation of the rupee.
They also mentioned that those engaged in illegal trade exploit labor, harm the environment, sell substandard and dangerous goods, and weaken efforts to control it, while incentivizing tax evasion.
