Pakistan can grow at a faster rate by doubling the investment rate in the private sector and sustained structural reforms, said Illango Patchamuthu, WorldBank (#WB) Country Director to Pakistan.
“The stabilization process will continue over the next 5 years and at the same time, structural reforms need to happen during 2025-30. Pakistan can grow at a faster rate of 7%”, said the WB official adding that for achieving this growth rate the country needs to double the investment rate especially in the private sector, which has been 10% for the last 20 years and needs to be 20%, which can result in a growth rate of 6-8%.
He stated this while addressing Pakistan’s second Human Capital Summit, building upon the ‘Girls Learn, Women Earn’ initiative launched in December 2019, co-hosted by the Japan International Cooperation Agency (JICA) and World Bank Pakistan.
The summit marked the progress being made in Pakistan in efforts to enable girls to excel in school, and women to thrive in the workplace. The participants highlighted the need to invest in girls’ education and women’s economic empowerment as crucial to Pakistan’s sustained growth.
Illango Patchamuthu said that by 2047, Pakistan could become an upper-middle-income country with an over $2 trillion economy by carrying out sustained reforms. The per capita income will also increase by more than 5 times