LAHORE (APP) - Economic experts have termed the resignation of Prevez Musharaf as a good omen for economic stability of the country creating new opportunities and challenges for the coalition government. The step has created a wave of expectations as a result the stock market has witnessed significant boost, said former Chairman LSE Syed Asim Zafar while talking to APP here on Tuesday. Musharraf's presence was being taken as a hurdle in way of economic and political stability of the country, which has now been removed, he said. He suggested that the coalition partners must sit together and prepare a clear road map and long-term vision for next two-three decades on economic front. Asim Zafar said that the stock market in Pakistan is heavily dependent on over-all economic situation of the country and expressed fear that the recent boost of the stock market might not continue if the economic managers of the country could not introduce economic reforms. He said that there is no excuse with the rulers now and they can do every thing, which they want to do for development of the country and change the wrong policies of the previous government. Foreign exchange reserve, current account deficit, promotion of foreign investment and privatisation policy are those issues which need to be addressed without delay, he observed. Other economic experts also welcomed the resignation of Pervez Musharraf and said that it would help the country to change its economic direction towards positive side. Meanwhile, President FPCCI Tanvir Ahmad Sheikh Tuesday said that soon after stepping down of Pervez Musharraf, the stock exchange and value of Pak rupees significantly appreciated, a good omen for national economy. Commenting on the resignation of Pervez Musharraf as President, he said that his decision would definitely help in overcoming the economic crisis in the days to come. He said that now the confidence of foreign and local investors will be restored after the end of politics of confrontation between two important pillars of the state facing the country since the installation of newly elected democratic government. He said that a high level delegation of traders led by him will meet the Prime Minister soon to apprise him of the consequences in the wake of looming economic crisis due to global reality and political instability in the country. Tanvir cautioned that survival of the country depends exclusively on a sound national economy coupled with political stability along with a satisfactory law and order situation. He urged for immediate provision of relief to the local industry to control production costs and help achieve the export target. He observed that the national economy was in deep crisis due to the current political uncertainty, the high cost of production in the wake of heavy taxation, and non-availability of power and gas for the industrial sector. The national economy will suffer further if immediate corrective measures were not taken to save the industry. Co-Chairman Businessman Panel and former President FPCCI, Iftikhar Ali Malik said that Prime Minister must intervene to save the industry from closure. "The World Bank has also advised Pakistan to implement radical reforms to avert economic crisis, which is only possible by providing a relief cushion to the local industry," he said. He said as a result of the high cost of production, Pakistan made products of international standard are not in a position to compete the world open market which, he observed, will not only hit the business community but have also severe repercussions on the national exchequer. "The widening fiscal and current account deficits and rising inflation are major economic problems being confronted by the present government," he said, adding that Pakistan's current account deficit widened to $ 8.421 billion in the first eight months of fiscal year 2007-08 to June, compared with $ 5.857 billion in the same period last year. Iftikhar Ali Malik said that fiscal deficit for the first half of the current financial year to the end of December was 3.6 per cent gross domestic product compared with 1.9 per cent in the same period of the previous year. The business leader recommended that the industry, countrywide, be exempted from power and gas shedding so that export orders could be delivered on schedule. Pak industry is also facing serious problems since an international cartel has monopolised the raw material of essential products worldwide, he added.