ISLAMABAD: Asserting that there was a strong linkage between a country’s national security and economic security, Federal Minister for Finance and Revenue, Shaukat Tarin expressed government’s strong commitment to manage national economy in most efficient and effective manner to achieve higher sustainable and inclusive growth.
The minister was addressing virtually on “Pakistan’s Economy- Fragility & Smart Action Strategy” National Workshop Balochistan-7.
He said that for achieving sustainable and inclusive growth, the government had devised a comprehensive set of economic reforms across all sectors of the economy.
“We have achieved macroeconomic stability and now we are moving towards the higher growth trajectory,” he added.
He said that the country needed upto 7percent growth and for realizing this goal, there was dire need of economic stability, adding that the government was committed to ensure that the growth momentum remains intact.
He said, the country’s development plan was for enabling the country to stand on its feet. “It would put the economy on a higher growth trajectory; with growth being generated not by stoking consumption through borrowing, but through higher investment, efficiency and enhanced productivity,” he added.
He said, measures are being focused on establishing and strengthening an economy which was not only self-reliant but also capable of competing with its competitors globally, he concluded.
He said that although the incumbent government inherited an economy in crisis with significantly higher macroeconomic imbalances, however with prudent policies the country has been moved from stabilization to higher growth.
After considerable efforts, the government has succeeded in stabilizing the economy and putting it on optimal growth path, he said adding that the COVID-19 brought multifaceted challenges for Pakistan.
He said Pre COVID, the global economy was projected to grow by 3.4 % in 2020 but due to COVID-19, global growth contracted by 3.3%. World’s top most economies witnessed negative growth as United State witnessed negative 3.5 %, Euro Area -6.6 %, UK -9.9 %, Japan -4.8 % while many others suffered badly. APP
