World Bank official Sri Mulyani Indrawati, during her recent visit to Pakistan, counted various challenges facing the country and opportunities it offers to the local and foreign investors. When she emphasized that the performance of the Pakistani economy needs to be improved,she also assessed the unexploited economic potentials of Pakistan as its growth rate has been the only half that of India and China for the last two decades. According to her, if the current rate of growth continues, the Chinese economy will be 100 times larger than Pakistan and Indian economy will be a whopping 40 times.She says that Pakistan has the vast water and river endowment, thousands of mile coastline and reservoirs of natural resourceswhereas an estimated 40 million middle class can be functionalized as a powerful engine for economic growth.The present government has achieved macroeconomic stabilityduring its tenure in the office while foreign remittances have reached $18 billion per annum that is the equivalent to 6.5 percent of the country’s GDP and the largest source of foreign exchange after exports. The economy proved itself resilient in the face of floods, extreme weather conditions and earthquake.She also says that Pakistan needs to utilize its people in a better wayand exploit the benefits of its geographical location.Pakistan is the 6th most populous country in the world with half of its population younger than 24. If the current rate of growth continues, Pakistan’s population will exceed 300 million by 2050.
The private sector needs to be encouraged to absorb 1.5 million young people who reach the working age every year. There is a need to encourage women to participate in economic development of the country as only 25 percent of women work professionally, which is far below than those are in most of the developing nations.The World Development Report on Gender and Development shows that greater gender equality can enhance productivity and improves the pace of development.
As a matter of fact, theWorld Bank official has the freedom of expression to enjoy in Pakistan and look into the economy through the lenses of a financial expert, but it is unfortunate for Pakistan that a permanent enemy lives in its neighbourhood. The SARRC was a good forum to integrate the regional economies, but it became hostage to the hegemony of one country. However, there is a need to put our own house in order. Our enemy is smart and wicket, but our people should avoid playing in its hands. The prime example is the construction of Kalabagh Dam which can ensure prosperity in this country, but is openly being opposed by those who are on the payroll of Indian agencies. Pakistan is a potentially rich country and we have to achieve economic prosperity by fighting not only on foreign but also on home front.
Building a Southwest Pacific regional organization
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