ISLAMABAD: The government is about to complete its fourth fiscal year with a distinction in terms of micro and macroeconomic stability and improvement in economic growth. The economic growth rate has remained over 4pc in the last three years, while the fiscal deficit has reduced from 8.2pc to 4.6pc. The global economic institutions have recognised Pakistan’s achievement in the economic field.
There is no doubt that there is room for improvement but in view of problems faced by Pakistan, internally and externally, the 5pc expected growth rate in 2017 will be the highest in the last nine years. Though the ongoing war against terrorism has plunged the country into disaster in terms of economy and security, operation Radd-ul-Fasaad has made Pakistan secure for Foreign Direct Investment. Mega projects, such as CPEC, have offered Pakistan an opportunity to become a regional power.
The only hurdle Pakistan is facing in becoming a regional power is the long standing issue of Kashmir, which cannot be resolved until India chooses the way of table talks. As citizens we should also have a responsible attitude that can bring many social changes, leading to sustainable economic development.
Published in The Express Tribune, April 21st, 2017.