KARACHI: The next twelve months will be crucial for Pakistan’s sustainable economic growth, said Najy Benhassine, country director of the World Bank (WB), on Wednesday.
Speaking at a seminar titled ‘Human Capital, Energy, Climate Change, and Infrastructure: The Role of the Private Sector’, organised by CFA Society Pakistan, Benhassine said that Pakistan’s economic trajectory is now on track to achieve sustained growth. “If economic stability continues, it will help restore investor confidence,” he noted.
The WB official highlighted Pakistan’s significant potential, particularly in the manufacturing and industrial sectors. “What will trigger the realisation of this potential? The moment belongs to Pakistan,” he remarked, adding that the reforms implemented over the next year will determine the country’s long-term economic course. He said that economic growth of 7-8 per cent is not the bare minimum to propel growth and that even a 5.0 per cent growth rate could push the economy forward.
Kamran Kamal, chief executive officer of Hub Power Company Limited (HUBCO), emphasised the private sector’s proactive role in the energy transition. He stressed the need to boost electricity demand so industries consume more power. “Financing is available for energy transition, and the private sector can benefit from it,” he added.
Kamal pointed out existing challenges in the power sector, warning that complications could worsen as high-income individuals and industries increasingly turn to solar energy for self-sufficiency. “This shift has already led to a 10 per cent reduction in grid demand,” he said. He also criticised flawed planning in the power sector, which has resulted in excessive electricity generation while demand remains low. He noted that solar energy adoption has grown rapidly over the past two decades, with increasing rooftop solar installations and the emergence of electric vehicles in the market.
Dr Farhat Abbas, chief executive officer of Aga Khan University Hospital, highlighted the role of AKU in Pakistan’s health sector. He warned that rapid population growth is a major challenge, placing increasing pressure on resources. “Both the public and private sectors must work together to address this issue,” he stressed. Abbas acknowledged signs of economic recovery in the past financial year but pointed out that Pakistan lags in human development.
Ali Aamir, chief financial officer of The Citizens Foundation, highlighted the country’s education crisis, noting that 25 million children remain out of school. He lamented that the government’s declared “education emergency” has yet to translate into meaningful action towards improving literacy rates.