KARACHI: The World Economic Forum (WEF) has described corruption, as well as the rising cost of production, as the

main hurdle in doing business in Pakistan. Inflation had also been skyrocketing at dangerous pace in the country, says a report released by the WEF in reference to the GC Index. The report spells out the economic state of affairs, business environment and other factors in 139 countries and places Pakistan at 123rd position. Pakistans ranking is worsening at an alarming speed, it says. During the survey, business executives were asked to spell out 15 hurdles and problems confronting the business activities in the country. A majority of the respondents placed corruption on top followed by instability of the government. Inconsistency of the policies is the third problem and inflation stands at fourth place. The fifth hurdle that confronts the business activity in the country as determined by the report is an incompetent bureaucracy. At the sixth place is theft and dacoits, seventh position is seeking financing and the tax rate was placed by business executives as the eighth issue. Other problems and hurdles enumerated are non-availability of infrastructure, dearth of a literate workforce and non-productive tendency in tax regulation and the labor force, absence of foreign currency regulations and public health facilities, and curbs on labor regulations. The WEF says that Pakistan had been paying heavily for the prevailing terrorism in the country. It is next to Columbia only, standing at number 138. A rise in the inflationary trend is directly proportional to speedy printing of currency notes. Its standing in this respect had touched the 137th position out of 139 leaving behind only Venezuela and Ethiopia. The silver lining is also there when we find the overall tax rate at 31.6, that is 37th in the world. In many European countries the tax rate is more than 40 percent. The country is 6th in the world on the basis of population but its share in the GDP is only 0.63. According to the WEF, Pakistan occupies the 117th position as far as corruption and maladministration is concerned, and 127th in organised crime but at the 91st position as far as trust in politicians is concerned.