KARACHI: President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said unemployment has become a serious problem which is to hurt society very badly.
The ever-increasing unemployment, if not controlled through immediate intervention, will have devastating effects on the country, he warned.
Mian Zahid Hussain said that business ventures dealing in production and services are facing reduced demand therefore large number of workers are being laid off to avoid bankruptcy which has created problem for millions of people.
Talking to the business community, the veteran business leader said that increasing unemployment is damaging the society while the buying power of masses has compromised substantially which has also damaged economic activities.
The former minister noted that unemployment in educated people is three times higher than the uneducated while disappointment among the business community has not only stopped investment but also damaged employment.