‘Country’s GDP should grow 7 percent annually’

Tuesday, December 20th, 2011 5:30:29 by

LAHORE: Deputy Chairman Planning Commission of Pakistan, Dr. Nadeem-ul-Haq has said that Pakistan’s real GDP needs to grow at an annual average rate of seven percent to provide jobs to the increasing population of our youth. He also said that unfortunately we are unable to maintain our growth rate, which is necessary for our progress. Nadeem-ul-Haq was addressing the “Stakeholders Dialogue on Framework for Economic Growth of Pakistan”, organised by Beaconhouse National University in collaboration with Planning Commission of Pakistan, here Monday.
Deputy chairman PC said that developed countries maintain their growth rate for the decades. He also said that better government could be established by following a two pronged strategy, which includes reorienting the role of government, which focuses on an exit from markets and deeper regulation and improving public sector management. This includes reforming civil service, improving resource mobilisation, elimination of untargeted subsidies (particularly loss-making public sector enterprise), efficient public investment though result-based management.
He observed that our growth experience of the last four decades has been volatile annual growth and declining trend in long run growth patterns. In addition, productivity growth has been low in comparison to our competitors. For the last four years per capita income…
Lahore News Sources

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