Pakistan economy likely to face a setback

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Pakistan economy likely to face a setback

ISLAMABAD: Pakistan economy likely to face a setback due to spread of the Coronavirus.

Pakistani authorities believe that the global outbreak of coronavirus may affect country’s trade.

“We have not yet firmed up exact losses to be incurred because of this virus but it is going to slow down our imports from China,” Adviser to Prime Minister on Commerce Abdul Razak Dawood said while addressing a news conference on Thursday.

He said that Pakistan’s exports went up in value terms by 2.2 percent in first seven month (July-Jan) period of the current fiscal year, while exports of Bangladesh declined by 5.2 percent, India 3 percent and Thailand 2.4 percent.

Abdul Razak Dawood, according to the report, said that Washington shared list of hundreds of items other than textile and other areas of strength for inclusion into Generalised System of Preferences (GSP) with the objective to grant market access.

However, he did not share list of items with journalists. The list was handed over to him by the US Secretary of Commerce Wilbur Ross during his recent visit to Islamabad.