Planning Commission formulates new strategy

Plans to hold workshops to boost economic activity.

ISLAMABAD: The Planning Commission will hold consultative workshops in major business hubs of the country to facilitate implementation of the framework for economic growth, according to a statement released on Monday.

The framework, prepared by the Planning Commission, is a strategy that seeks accelerated and sustained growth and development. The strategy has been prepared after extensive consultative sessions by renowned experts, economists and professionals.

The diagnostics point to lack of efficient public sector management and inadequate market development as core constraints to economic growth. Around 68% of the country’s population is under 30 years and regarded as youth. Many of them are entering the labour force, increasing the size of the workforce by over three per cent annually. To absorb the youth bulge productively, the real gross domestic product (GDP) needs to grow at an annual average rate of more than 7%.

In the first stage, efforts will be made to revive the economy to achieve short-term potential GDP growth rate of about five to six per cent a year. This could be achieved in a short time if issues regarding energy governance are resolved and some credible macro stability is reached, adds the statement.

Published in The Express Tribune, September 20^th,  2011.