Title

Growth and Economic Stability: Challenges and Prospects

Abstract/Description

The conference had multiple panel discussions with high profile guests and one of the discussions was centered around the challenges to growth and economic stability in Pakistan. Dr. Miftah Ismail stated that historically, Pakistan has had a fiscal deficit of 6% of the GDP across various governments for the last 30 years. The average saving rate is 12% of GDP as compared to the 30% GDP saving rate in Bangladesh and India. Similarly, the investment GDP rate is 12%. “Economic growth and stability is not a priority for the Pakistani nation; hence the investment sector is overlooked, and the financial environment is not conducive for savings.” Mr. Sakib Sherani opined that all the Asian developing countries that have progressed economically in the last 40 years are due to focus on exports. “Currently our exports are 7% as compared to India’s 20% and Bangladesh’s 18%. To achieve economic stability Pakistan needs to focus on increasing its exports”. Sharing his thoughts, Dr. Nadeem-ul-Haque said that Pakistan has an inconsistent economic growth pattern and at present the economic growth has come to a grinding halt. He argued that a country without a cogent thought process, lack of research and an aversion to change has an uncertain future and a lot of work in the right direction needs to be done to uplift Pakistan’s economy. A consensus was also developed on raising farm productivity in Pakistan in order to bring prosperity all over the country, Dr. Miftah Ismail stated an interesting read “How Asia Works” and stated that farm productivity was the low hanging fruit which has the potential of adding billions to the economy, resulting in increased prosperity and well being of its citizens.

Session Type

Panel Discussion

Session Moderator

  • Dr. Asma Hyder, Dean - School of Economics and Social Sciences, Institute of Business Administration, Karachi
  • Dr. Adnan Haider, Chairperson - Department of Economics, Institute of Business Administration, Karachi

Panelists

  • Dr. Nadeem Ul Haque, Vice Chancellor, Pakistan Institute of Development Economics Former Deputy Chairman, Planning Commission
  • Dr. Miftah Ismail, Former Federal Minister for Finance, Revenue, and Economic Affairs
  • Mr. Sakib Sherani, CEO, Macro Economic Insights & Member of the Economic Advisory Council, Government of Pakistan, Islamabad

Event Website

https://esdcber.iba.edu.pk/

Start Date

2-4-2021 3:00 PM

End Date

2-4-2021 6:00 PM

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Apr 2nd, 3:00 PM Apr 2nd, 6:00 PM

Growth and Economic Stability: Challenges and Prospects

The conference had multiple panel discussions with high profile guests and one of the discussions was centered around the challenges to growth and economic stability in Pakistan. Dr. Miftah Ismail stated that historically, Pakistan has had a fiscal deficit of 6% of the GDP across various governments for the last 30 years. The average saving rate is 12% of GDP as compared to the 30% GDP saving rate in Bangladesh and India. Similarly, the investment GDP rate is 12%. “Economic growth and stability is not a priority for the Pakistani nation; hence the investment sector is overlooked, and the financial environment is not conducive for savings.” Mr. Sakib Sherani opined that all the Asian developing countries that have progressed economically in the last 40 years are due to focus on exports. “Currently our exports are 7% as compared to India’s 20% and Bangladesh’s 18%. To achieve economic stability Pakistan needs to focus on increasing its exports”. Sharing his thoughts, Dr. Nadeem-ul-Haque said that Pakistan has an inconsistent economic growth pattern and at present the economic growth has come to a grinding halt. He argued that a country without a cogent thought process, lack of research and an aversion to change has an uncertain future and a lot of work in the right direction needs to be done to uplift Pakistan’s economy. A consensus was also developed on raising farm productivity in Pakistan in order to bring prosperity all over the country, Dr. Miftah Ismail stated an interesting read “How Asia Works” and stated that farm productivity was the low hanging fruit which has the potential of adding billions to the economy, resulting in increased prosperity and well being of its citizens.

https://ir.iba.edu.pk/esdcber/2021/day1/15