KARACHI: Chairman of National Business Group Pakistan Mian Zahid Hussain on Friday said political tensions in the country have reached their peak and if it is not stopped then the decline of the economy will accelerate.

Talking to the business community here, Hussain said some politicians are constantly sacrificing the national interest for their petty interests, which is making the country a laughing stock.

The veteran business leader said thatthe business community across the country is worried about escalating political conflict as it is having a negative impact on the economy.

The tradition of rallies, processions, protests, strikes, violence and vandalism for political purposes is very old in the country and businessmen have been annoyed by such protests, so the government and the opposition should find a solution to it.

MianZahidHussain said that in Karachi alone, there were five strikes in the long run of MQM. Since the May 25 protest march, the country has lost an estimated Rs60 billion in economic activity, while revenue of Rs20 billion and exports of Rs16 billion have been affected.

The business leader said that thousands of containers of industrialists and exporters were being used to stop the protestors, causing the loss of billions of rupees to the business community and the country.

He further said that the increase in interest rates by the central bank will not help the economy but will increase inflation and unemployment while this decision may stabilize the exchange rate and reduce some of the uncertainty in the market.