Russia-Ukraine War Threatening Global Economic System: Mian Zahid Hussain
Umer Jamshaid Published March 25, 2022 | 03:16 PM
Some powers are writing new rules for international trade
karachi (UrduPoint / Pakistan Point News - 25th Mar, 2022) Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said war between Russia and Ukraine poses a major threat to the West-controlled global economic order.
Russia and its allies are developing new rules for international trade while the threat of widespread hunger looms over the world due to the conflict, he said.
Mian Zahid Hussain said that the world is being divided into two blocks, the free market economy and the controlled economy, which will create new challenges.
Talking to the business community, the veteran business leader said that steps that were taken by former US President Trump, Britain's withdrawal from the European Union and the outbreak of Coronavirus had shaken the foundations of globalization and now key countries are nailing the last nail in its coffin.
The monopoly of the dollar which it has enjoyed for 78 years is under threat, he said, adding that Western countries had targeted Iran, Cuba, North Korea and other small countries whose economic losses were tolerable but now a big country has been targeted which may backfire.
Mian Zahid Hussain said that Russia supplies the West with 24% oil and 80% gas and the sanctions will be producing unpredictable results.
Central Asian countries, like the rest of the world, are being hit hard by Western sanctions, their currencies are depreciating, economic pressures are mounting and remittances from Russia are declining, he observed.
The West should know that if the losses of the countries affected by the sanctions are not remedied, they will ignore the sanctions and put their own interests first.
International institutions like the IMF and World Bank should extend support to the poor countries caught unaware in the conflict and facing serious economic consequences.
The business leader further said that NATO countries have failed to secure Europe which has damaged their credibility while the visit of the Chinese Foreign Minister to Afghanistan is of utmost importance in the rapidly changing global situation.
He said the business community welcomed the offer of China to include Afghanistan in the CPEC.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
3 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
4 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
4 hours ago -
European stocks lose momentum after global rally
4 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
5 hours ago -
CEO KP-EZDMC meets CRBC officials
5 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
6 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
6 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
6 hours ago -
Revised UAF budget recommended
6 hours ago -
IDEA, TEVTA organizes Job Fair for youth
6 hours ago -
Massive financial, administrative scam unearthed at SCCI
7 hours ago