By Anzal Amin
ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar on Thursday said after stabilizing the country’s economy, the government was now working towards growth which would not not only high enough but sustained for a longer period.
Addressing the launching event of Pakistan Institute of Development Economics (PIDE)’s Reform Agenda for Accelerated and Sustained growth, he said the PIDE’s reform agenda for an accelerated and sustained growth came at very appropriate time.
Meanwhile Vice Chancellor PIDE, Dr. Nadeem Ul Haque, presented the salient features of the PIDE Reform Agenda for Accelerated and Sustained Growth.
According to PIDE, the task of preparing the Reform Agenda began with asking a central question; “Can Pakistan experience accelerated and sustained economic growth and If yes, how?”
To find an answer, the VC PIDE constituted a PIDE Growth Commission. The Commission comprised renowned local economists and development practitioners from all over the country. The commission also had an adequate representation of the female professionals. The commission was supported by a secretariat at PIDE, consisting of 18 researchers led by Dr. Nadeem Ul Haque, Vice Chancellor PIDE.
The commission met several times to discuss and debate each aspect of the Growth Reform Agenda. The points on which consensus could not be achieved were taken off the report while others were added. The final Growth Reform Agenda reflects the consensus view of the PIDE Growth Commission.
The reform agenda mentions that an increasing labour force is entering the market due to youth bulge. To ensure gainful employment for the labour force entering the market and to sustain the country’s high level of debt the required GDP growth rate is 7-9% per annum. The document takes pain to stress that this is the required growth and not a projected rate.
The Agenda takes the view that the development model that Pakistan has been using since the sixties focuses primarily on investment in hardware led by infrastructure.
