Dovetailing economic growth with stability |
The national debate on diverse approaches or strategies to achieve sustainable and inclusive economic growth has intensified with greater clarity on how long-term stability is linked to improving productivity and competitiveness across all sectors of the economy.
Similarly, all stakeholders need to be taken on board and actively help evolve a common minimum programme and action plan for the correction course.
On a positive note, Finance Minister Muhammad Aurangzeb said on Nov 30 that the government was making a decisive shift towards an inclusive, private-sector-driven and export-led growth model. Earlier, he told a Pakistan Business Council (PBC) event that the policy focus was shifting towards steady, sustainable growth that could break recurring boom-and-bust cycles.
Expecting a “good” National Finance Commission output, he said both the federation and the provinces would have to contribute to enhance revenue mobilisation to run the country sustainably. “You cannot run the country on an eight to 10 per cent tax-to-GDP ratio.”
In another PBC session, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan said exports must grow faster than imports to ease pressure on the economy and secure long-term stability. As for now, the trade deficit has further widened by 37pc to $15.5 billion in 5MFY26.
International collaboration aside, Pakistan must create an ecosystem where experimentation is rewarded, and ideas can move freely between universities, firms, and the........