Pakistan’s economic prospects look promising: Meher

LAHORE  -  Coordinator to Minister of State and Fed­eral Tax Ombudsman, Meher Kashif Younis Sunday said the future economic prospects of Pakistan look promising but their actual realisation would depend on successful in­tegration into the global economy, sound macro-economic policies and close coor­dination between academia, industrialists and policymakers at all levels in addition to political stability and good governance.

Speaking here at a workshop on “Impact of Tripartite Collaboration for Economic Growth”, he said under a constellation of these favourable conditions, it would be possible to add 2 to 2.5 percent points to the current trend growth rate whereby per-capita income would double in next decade. Meher said Pakistan’s future di­rection should focus on analytically exam­ining the issue by bringing together gov­ernment policy, industries and academia, co-evolving socio-economic systems and focusing on industries core role in the de­velopment process. The coordinator said Pakistan’s geographic location has not been cashed effectively for intra-regional trade and investment, to realise its future potential, Pakistan must position itself for integration into the regional and global economy, benefit from its youth popula­tion and advance technology.

He said studies suggest that universi­ties and industries can promote long term growth with political support in a large population to counter political pressure that limit the state’s ability to organise development. Meher Kashif said global hyper connectivity is causing a surge in the technological innovation which is not exogenous to the socio-economic system, innovation emerges from an evolutionary synthesis of strategy, technology and man­agement which organisations can build and valorise. He said policy making is a complex process involving variables and the power to make decisions lies in mo­bilizing people, procedures and resources to achieve the desired results. The gov­ernments worldwide are implementing policies to boost innovation, generate new technologies and foster advanced indus­tries and these interventions can have both positive and negative impacts particularly in the global economy, he observed. He said during the recent crisis and globalisa­tion restructuring and socio economic dis­ciplines are shifting their focus from tradi­tional economic geography and regional development to studying local dynamics as this approach can synthesise individu­al spatial levels into global perspectives. Today, this paradigmatic change appears in the “Fourth Industrial Revolution” the­matic which has also been adopted quickly by formal international institutions like World Economic Forum, he concluded.

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