Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal on Thursday emphasised that sustainable economic growth hinges on increasing the production capacity of every sector and enhancing the competitiveness of Pakistani products internationally.
Speaking at a briefing on the National Productivity Plan and upcoming projects of the National Productivity Organisation (NPO), Iqbal lamented that despite abundant resources, Pakistan’s economy faces challenges due to political instability and a lack of focus on productivity.
Iqbal highlighted that Pakistan’s labour productivity growth rate was only 1.5% from 2000 to 2020, significantly lower than the regional average. In comparison, China’s labour productivity growth rate was 8.5%, India’s was 5.7%, and Bangladesh’s was 4%. He stressed the need for Pakistan to take measures to enhance labour capacity to remain competitive.
Re-emphasising the importance of increasing productivity in all sectors, particularly agriculture and industry, Iqbal noted the critical role of technology and innovation in achieving economic growth. “The world is moving towards artificial intelligence and automation, and Pakistan needs to catch up to stay competitive,” he added.
The minister expressed regret that persistent political instability and frequent policy changes negatively impact the economy. He called for long-term policies that remain consistent for at least 10 years to yield positive results.
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