Minister calls for export-led growth
Evidence shows that export-led growth is the right prescription for an economic take off.
This was said by Federal Minister for Planning and Development Prof Dr Ahsan Iqbal while chairing a national high level seminar, titled “Development Leaders on PAKISTAN@75: The Development Journey”.
"I impress upon a sense of urgency that we have no time for incremental growth, we need to get on fast track export-led growth," said the minister.
He further stated that despite all the odds, Pakistan still has come a long way.
"At this point in time, we need self-introspection. Let’s decide as a nation and choose a trajectory and stick to it for at least the next 10 to 15 years," said Iqbal.
In her welcoming remarks, Pakistan Institute of Development Economics (PIDE) Pro Vice-Chancellor Dr Durr e Nayab said that in order to talk about Pakistan's 75 year journey, from where we started to where we are and where we want to be, the seminar was jointly organised by the Planning Commission of Pakistan and PIDE.
PIDE Vice Chancellor Dr Nadeem ul Haque said that the economy is not in dire straits, but it certainly is in a difficult situation.
"The economy is what people produce through their exchange through incentive-based institutions, but if we continue holding on to colonial institutions, there will be a problem," said Dr Haque.
He acknowledged that Pakistan has made significant headway despite the numerous issues it has confronted.
"Our economic vision is to shape a brighter future for Pakistan’s economy by improving development efficiency, enhancing productivity, increasing investment, and creating wealth, unleashing the private sector's entrepreneurial energies," he said.
Economist Dr Hafeez Pasha, while sharing his thoughts on the 75 years of Pakistan's economic journey, apprised the participants that India performed rather poorly in the first three decades. In parallel, Pakistan’s growth rate in initial decades went above six percent.
"So, what went wrong?" he asked. Apart from many other issues, he highlighted two factors as crucial for the country. First is the tax to GDP ratio which is around 10.3%. Research shows that it should at least be at 14%. Second, as the founder of the nation stated, is effective resource mobilisation to generate economic activity, said Dr Pasha.
Published in The Express Tribune, August 26th, 2022.