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February 5, 2015

Punjab to achieve 8pc real GDP growth by 2018

Lahore

February 5, 2015

LAHORE
The Punjab government has started working on Punjab Growth Strategy 2018 to develop the growth prospect till fiscal year 2018 by targeting to achieve eight percent real GDP growth.
The Punjab government has given the task of evolving the Punjab Growth Strategy 2018 to International Growth Centre (IGC) while the Punjab Planning and Development Board will be the lead agency for the development of the growth strategy.
The government requested the IGC to provide expert input into this strategy and convene an expert group of economists and sector experts to work with its various departments and, using existing research and evidence, help them develop specific areas of policy reform and investment.
The expert group including IGC-affiliated economists worked closely with the government in identifying these areas, and presenting existing evidence to the government to inform its decision making on policy till 2018.
The Punjab government has outlined the following objectives to help achieve its vision including achieving eight per cent economic growth (real GRP growth rate) in Punjab by 2018, increasing annual private sector investment in Punjab to USD 17.5 billion by 2018, creating 1 million quality jobs every year in Punjab, training two million skills graduates in Punjab by 2018, increasing Punjab’s exports by 15 per cent every year till 2018, achieving all Millennium Development Goals and targeted Sustainable Development Goals in Punjab by 2018 and narrowing security gap with regional neighbours such as India and Bangladesh by reducing crime and improving law and order in Punjab.
The key drivers that will play a critical role in transforming Punjab and help to achieve these objectives are catalysing Punjab’s GDP growth based on improvements in productivity of resources and better functioning urban clusters. Private sector led economic growth will require a revival of investment by the private sector. Employment intensive economic growth

will require a focus on employment generation by revival of employment intensive sectors and creation of quality jobs by addressing critical gaps in human capital.
Export buoyancy to be driven by a focus on export-oriented economic growth. Complete social sector coverage to be embedded in quality provision of education, healthcare and social protection for the poor and vulnerable and effective security through improved governance and law and order.
The growth strategy’s objectives will be realised by focusing on key sectors that include industrial development, cities and urban development, agriculture, livestock, skills, education, demography and population planning and health. For each sector, the aim is to identify economic growth-enhancing policy interventions as well as investment projects for the government.
The government envisions Punjab as a secure, economically vibrant, industrialised and knowledge based-province which is prosperous and competitive wherein every citizen can expect to lead a fulfilling life. Punjab Growth Strategy aims to overcome the key challenges to realising this vision. These challenges include an underutilised manufacturing capacity and stagnant exports, low productivity of physical and human capital, unemployment, under-employment and skills shortages, slow progress on achieving the Millennium Development Goals (MDGs) and a difficult security situation.