Improvement witnessed in urban economy only: experts

LAHORE
Some realities exist in the international institutions reports regarding economic revival of Pakistan but the improvement witnessed in urban economy only while the rural economy is not benefited with the government initiatives.
These views were expressed by the experts in Jang Economic Session on ‘Economic conditions - international institutions reports - realties’, here on Wednesday.
The panellists were Ansar Javed, Mustafa Ashraf, Dr Qais Aslam, Farooq Hasnat, Khalid Malik and Hina Pervaiz Butt while hosted by Sikandar Lodhi.
Ansar Javed said that if exports will not increase for collective growth then past like situation could be faced again. He said real industrial growth targets should be set for continuity of economic growth which was not possible by ignoring majority of rural population. He said international institutions follow their own guidelines for recovery of their loans and fix such parameters of economic growth. He said Pakistan needed to adopt continuity of economic growth model by reprioritise its targets and policies. He believed that if past policies would be adopted to increase revenue generation then it could be reached 13 percent of GDP.
Mustafa Ashraf said that holding others responsible for your mistake was the tragedy of Pakistani society. He said such behaviour was the root cause of social issues. He believed that rulers could become example to change this attitude. He said in the era of technology everything could be improved by utilising technology. He said Pakistan needed annually Rs1,500 billion for which it approached international financial institutions for loans while equal taxation system could resolve this issue. Dr Qais Aslam said that country had registered growth in current government regime but continuity of democracy was vital for maintaining the economic growth. He said economic growth should reach commoners and rural population of Pakistan too. He said private sector was not getting advantage of GSP Plus while only exporting 10 to 15 percent. He called for SME sector reforms, promotion of vocational and technical education for employment creation. He asked for effective policies for agriculture services sectors. Farooq Hasnat said that advertisement campaigns and growth of some areas could not be declared economic growth of Pakistan as growth was not registered in social and industrial sectors. He said loans show some growth in country but it was not real growth. He said real growth gauge with employment generation, industrialisation, quality facilities of health and education, services and agriculture sectors growth. He called for improving the infrastructure development, literacy and poverty eradication measures.
Khalid Malik said that Pakistan had great potential but the need was to utilise available resources to unleash the potential. He said 60 percent of Pakistan’s population consisted of youth which was the biggest asset. He said documentation of economy could pave the way for economic growth. Hina Pervaiz Butt said economic growth recorded despite the political sit-in and calamities. She said inflation was reduced to 8 percent from 14 percent, while economic corridor project would improve infrastructure development, transport, rural urban connectivity and employment generation.