The Roomi also said that the pandemic COVID-19 has affected the global economy and pushed to the depression resulting in a contraction in the economic activities and a threat to employment. He told that the expected long-terms effects are more severe than the previous great depression losses. He apprehended that the economy of Pakistan will contract by 1.5 percent due to COVID-19 in the current fiscal year and the government has to take immediate measures to protect the trade and industry that will ensure future employment, economic growth, and socio-economic prosperity. Presently available resources must be utilized to safeguard the trade and industry so that our industry could be able to compete with the global world after this crisis.
Khawaja Jalaluddin Roomi suggested that the Government should review the rate of General Sales tax to compete with the world market during the global recession. He further suggested that a Zero-rated regime must be revived so that exporters could heave a sigh of relief. If it is not possible, the Government should honour its commitment to cut the GST to 5 percent. He was optimistic that such measures would help in boosting up our exports.
