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Pakistan Faces Economic Challenges Amid Israel-Hamas Conflict, says Mian Zahid Hussain

Karachi, The ongoing conflict between Hamas and Israel, with its potential to disrupt global peace, presents new challenges for Pakistan, warned Mian Zahid Hussain, Chairman of the National Business Group Pakistan and President of the Pakistan Businessmen and Intellectuals Forum. He noted the situation's ability to detrimentally affect the already strained Pakistani economy and emphasized the necessity of a robust strategy to shield the economy from potential repercussions.

According to a news release by Pakistan Businessmen and Intellectuals Forum, in discussions with the business community, Hussain highlighted the unpredictability surrounding the conflict's duration and its ramifications, pointing to the escalating political instability and widening rift between Eastern and Western nations. He remarked that while the Israel-Palestine discord has historical roots, the recent assault by Hamas on Israel has transformed the conflict's dynamics in ways that were previously unanticipated. This escalation, marked by Israel's intensive bombardment of Gaza and the significant resultant casualties and damages, led to notable political shifts. Notably, leaders from Egypt and Jordan declined meetings with the U.S. president, and Saudi Arabia paused its efforts to normalize relations with Israel.

Such unprecedented reactions in the Middle East towards the U.S., Hussain observed, necessitate Pakistan's crafting of a balanced foreign policy. He stressed the country's economic dependencies, citing the billions in loans from Arab nations, the economic support from U.S.-affiliated international bodies, and significant exports to the U.S. and its allies.

Furthermore, considering China's critical role as Pakistan's primary ally and chief arms supplier, Hussain contended that Western nations could present demands to Pakistan that might be unpalatable to its citizens and the broader Islamic community.

He also critiqued Pakistan's historical economic model, claiming its flawed foundations are responsible for allowing affluent nations to manipulate Pakistan for their interests. Instead of relying on allies or international financial institutions, Hussain argued that the onus is on Pakistan to forge its path forward, leveraging its inherent resources and potential to achieve development.

The post Pakistan Faces Economic Challenges Amid Israel-Hamas Conflict, says Mian Zahid Hussain appeared first on Pakistan Business News.