A Long Road to a Faster Lane?
Zeenat Chaudhary on how the automotive industry will fare in these uncertain times.
Ever since Karl Benz invented the world’s first motor car in 1886 – the Benz Patent-Motorwagen – the automotive industry has come a long way. From hi-tech Hondas and Chryslers to electric Teslas and Nios, the global industry contributes roughly three percent to all GDP output. Due to the pandemic, however, worldwide car sales have taken a hit and are expected to fall from $74.9 million in 2019 to under $62 million in 2020, according to Statista.
Industry Overview
In Pakistan, the automotive industry, which contributes 2.8% to the country’s GDP (source: Invest Pakistan), has faced a cycle of booms and busts since the 2000s. In fact, the auto industry was on a downward trend before Covid-19 struck, primarily due to rising taxes (Federal Excise Duty increased from 2.5% to 7.5% and Additional Customs Duty by seven percent) and the rupee’s depreciation against th
Boris Johnson to warn climate change will risk worsening conflict and insecurity across the world
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Boris Johnson to warn climate change will risk worsening…
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Boris Johnson to warn climate change will risk worsening conflict and insecurity across the world
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Photo of First Scout Ranger Regiment rescue operation in San Miguel, Bulacan at the height of intense rains caused by Typhoon “Ompong (PIA file photo)
CALOOCAN CITY, Feb. 21 (PIA) The Climate Change Commission (CCC) renews call to strengthen the country’s science-based disaster risk reduction planning to reduce the irreversible impacts of climate change and to mitigate damage from floods, typhoons, and other natural disasters.
The Philippines was ranked fourth among countries most affected by extreme weather events from 2000-2019, according to Global Climate Risk Index 2021 by Germanwatch.
The ranking is said to be attributed to the aftermath of devastating typhoons over the last decades, including Typhoon Ondoy (2009), Typhoon Pablo (2012), Super Typhoon Yolanda (2013), and Typhoon Ompong (2018), which were responsible for the loss of thousands of lives, as well as the massive damage to agriculture and infrastructure. Another factor is the long process of recovering from