Pakistan can become $1tr economy by 2035: WB VP
The World Bank. photo: file
Vice President of the World Bank for South Asia, Martin Raiser, said on Saturday that Pakistan can become $1 trillion economy by 2035 with an annual growth rate of seven per cent, saying achieving the same was “absolutely” feasible.
During an exclusive interview for the Express News’ talk show, The Review, the World Bank representative said that long-term projections are always a little tricky but Pakistan’s homegrown economic revival plan has the potential to make the country a trillion dollar economy in the next decade.
Raiser sat down with The Review team on the heels of World Bank’s promise to provide $20 billion to Pakistan in the next 10 years.
The WB Vice President said that Pakistan would require annual growth rate of seven percentage to achieve the target. “Is that feasible,” Raiser questioned before answering “absolutely.” Is it currently projected, he further questioned, adding that it was probably not. He, however, emphasized the need to look at the key reforms that will make it possible.
To a question if WB reached out to other political players, Raiser replied in affirmative, saying the WB has consulted across the political spectrum. This is part of our preparation process that we do these consultations with the right group of civil society, he said, adding “we have talked to the opposition as well.”
Commenting on Pakistan and India’s trade ties and foreign investment, Raiser said that Pakistan should focus on what it has under its own control, emphasizing that there are many things that it can do to attract more investment.
To a question if $20 billion loan to Pakistan was a guaranteed or indicated lending, Raiser said that its indicative. Under the lending instruments of the WB, he explained, Pakistan has access to both concession funds from the International Development Agency and to non-concessional official lending from the International Bank for Reconstruction and Development.
He said that Pakistan has an exposure allocation that corresponds to the size of its economy and its ability to repay.