"Enhancing Economic Competitiveness" by Dr. Ishrat Husain
 

Faculty / School

School of Economics and Social Sciences (SESS)

Was this content written or created while at IBA?

Yes

Document Type

Book Chapter

Publication Date

2024

Author Affiliation

  • Dr. Ishrat Husain is Dean and Director of the Institute of Business Administration, Karachi.

Book or Conference Proceedings Title

Pakistan : search for stability

ISBN/ISSN

9780199062041

Editor(s)

Maleeha Lodhi

First Page

9

Last Page

31

Publisher

Oxford University Press

Place of Publication

Karachi

Keywords

Pakistan,Politics and government,Economic conditions

Abstract / Description

Pakistan will celebrate its centenary in 2047, just twenty-five years from today. To achieve its aspiration of becoming an upper-middle-income country by then, the nation must accelerate and sustain growth at a rate of 6-8 percent annually. While Pakistan’s actual performance was at 6 percent in the first forty years (1950–1990), it has since slipped to 4 percent in the last thirty years. Therefore, to resume the trajectory of higher growth, Pakistan must enhance productivity in both industry and agriculture, adopt an outward-looking strategy, actively participate in international trade, and attract foreign direct investment. History shows that no country has achieved prosperity by relying solely on its domestic markets. The spectacular success of China, despite having a large market of 1.4 billion people, is primarily attributed to its integration into the world economy. Within a mere three decades, China has risen from almost zero to become the world’s top exporting nation. To increase its share in the global market, Pakistan has to become competitive, surpassing other countries in pricing, quality, reliability, and timely delivery of goods and services in demand. This chapter, therefore, focuses on the essential elements that would enhance Pakistan’s competitiveness in the global market, allowing it to recapture lost market share, accelerate economic growth, provide jobs for its youth, and reduce its excessive dependence on external borrowing. This approach aims to break Pakistan’s repeated cycle of entering external financial crises and subsequently resorting to the IMF and friendly countries for bailouts.

Included in

Business Commons

Share

COinS