Outlook: PBC calls for national consensus on economy

Says now is the time to work together so that fundamental reforms can be undertaken

KARACHI: It is no secret that Pakistan has improved its economic standing and has achieved relative macroeconomic stability.

At the time of these economic strides, there is also a risk of complacency setting into economic management. Additionally with general elections a little over a year away, there would be temptation for populist measures.

Keeping in view all these factors, the Pakistan Business Council (PBC) has called for a national consensus on the economy.

In a statement, the PBC leadership said the current economic stability can easily dissipate, therefore now is the time to roll out an inclusive and sustainable growth strategy.

The statement said that governance and policy reforms in all sectors of the economy are imperative if the country is looking to prevent a systemic collapse.

Pakistan does not fare well in any of the major global rankings; in some it is worse than its neighbours who are mostly at the bottom of charts.

Additionally, there are also some ominous clouds on the economic horizon.

As a solution, the PBC identified four broad themes that impact the economy and businesses in Pakistan and which, if not corrected, will have serious negative, long-term consequences.

These are: fragmentation of authority; a negative perception of profit and a general mistrust of business; neglect of domestic industry and FBR’s capacity and discretionary powers.

According to the statement released by the PBC, now is the time to build a national consensus on the economy so that fundamental reforms can be undertaken and a policy framework can be developed which can be deployed consistently.

Published in The Express Tribune, November 30^th, 2016.

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