Tuesday, April 16, 2024

To create jobs and handle debt, Pakistan requires a growth rate of 7-9 percent

Pakistan’s economy must develop at a rate of 7 to 9% for the next three decades in order to createm jobs and reduce government debt.

The Pakistan Institute of Development Economics (PIDE) highlighted this in its most recent report, Reforms for Accelerated Prosperity and Inclusive Development (RAPID).

The report claimed, “The 7-9 percent growth rate is not the predicted rate; it is the rate required to keep out of the woods.” “Two, moving to a high and sustainable growth trajectory necessitates breaking free from the past, which can only be accomplished through profound structural reforms in practically all sectors that influence growth,” the paper concluded.

According to the report’s findings, the state of a country’s institutions is a crucial factor of its growth. Recognizing the country’s resource restrictions, the reform agenda focuses on modernising institutions (laws, regulations, procedures, and processes) in order to increase productivity and investment.

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