Financial inclusion can raise GDP by 2%
At present, there are around 100 million Pakistanis who do not participate in the formal banking system
At present, there are around 100 million Pakistanis who do not participate in the formal banking system. PHOTO: FILE
ISLAMABAD:
Pakistan’s gross domestic product (GDP) will jump 2% if all Pakistanis enter the formal banking system and rise another 2% if trade regulations are simplified, Pakistani and US experts remarked at a US government-sponsored programme on broadening financial inclusion for small and medium enterprises (SMEs). At present, there are around 100 million Pakistanis who do not participate in the formal banking system, which deprives them of the much-needed capital to expand their businesses. In his address, State Bank of Pakistan’s Ghulam Muhammad Abbasi outlined the various ways by which banks could aid the SMEs. The workshop also featured three panel discussions on expanding cross-border trade, taxation and e-commerce privacy.
Published in The Express Tribune, October 18th, 2018.
Pakistan’s gross domestic product (GDP) will jump 2% if all Pakistanis enter the formal banking system and rise another 2% if trade regulations are simplified, Pakistani and US experts remarked at a US government-sponsored programme on broadening financial inclusion for small and medium enterprises (SMEs). At present, there are around 100 million Pakistanis who do not participate in the formal banking system, which deprives them of the much-needed capital to expand their businesses. In his address, State Bank of Pakistan’s Ghulam Muhammad Abbasi outlined the various ways by which banks could aid the SMEs. The workshop also featured three panel discussions on expanding cross-border trade, taxation and e-commerce privacy.
Published in The Express Tribune, October 18th, 2018.