Mian Anjum Nisar, Chairman of the Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel, praised the positive growth in large-scale manufacturing (LSM) in the first nine months of the current fiscal year. He also emphasized the importance of a reform agenda in order to achieve a 7% annual rate of economic growth, generate two million jobs per year, and reduce the public debt, which has already reached unsustainable levels.
According to him, Pakistan’s low GDP growth could drive 20 million people into poverty because job opportunities aren’t being created at a fast enough pace. He went on to say that Pakistan’s economy needs to rise at a pace of up to 7% to prevent more people falling into poverty.
According to Mian Anjum Nisar, the government had anticipated a 2.5 percent contraction in the LSM sector in the current fiscal year, but it will now be optimistic by the end of the year, leading to overall economic growth of around 3%.
Big industries grew by 9% in the first nine months of this fiscal year, but the index fell for the second month in a row, indicating an erratic growth momentum due to the pandemic’s disruptions.
