Exports still less than 10% of GDP despite change from 2019: Dr Reza Baqir

Geo News
February 20, 2020

Dr Baqir said the people who used to say Pakistan would default are now silent

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KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir said Pakistan's exports were still less than 10% of its GDP despite an improvement in the economy as opposed to 2019.

Speaking at the CEO Summit here in the provincial capital on Thursday, Dr Baqir said no country could operate at this export-to-GDP ratio, stressing further that many poorer nations had it better than Pakistan.

Regardless, he said, there had been quite some change as compared to last year. Some time ago, Pakistan's economic indicators were not great, he added.

Now, on the other hand, the exchange rate had stabilised and foreign exchange reserves were satisfactory, the SBP governor noted. "Those who spoke of default [of the country] are now silent," he added.

The economic progress, he explained, was not a short-term process, rather a long-term one. "For steady growth, we need to change our attitude," he underscored.

"Our exports are less than 10% of the GDP. No country can operate at this ratio; many poorer nations had a better ratio than Pakistan," Dr Baqir said.

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