Pakistan set to come among world's top 25 economies under Vision 2025

ISLAMABAD: The government has set the target of bringing the country in world top 25 economies' club by 2025 under its Vision 2025.

According to official sources, this Vision is an initiative that was undertaken under the auspices of the Ministry of Planning, Development and Reform to produce a common national vision for country.

There was an extensive brainstorming process; over a 1000 stakeholders were consulted ranging from leading thinkers, economists, research institutions, universities, stakeholders from the four provinces and NGOs.

During the first phase, 2014-2025, the aim is to revive growth and strengthen Pakistan's developmental foundations to become a top 25 global economy.

Pakistan Vision 2025 has been designed to nurture a culture of change and transformation through the empowerment of youth.

Pakistan’s untapped potential requires optimism and unrelenting determination. With dedication, resolve and the proper management of our resources, Pakistan can use the guidelines set out in Pakistan Vision 2025 to emerge as an economic power, the sources added.

The Vision 2025 consists of seven pillars for which goals had been set and progress on these goals is quite satisfactory, the sources added.

In the first pillar the government has set the goal to increase Primary school enrolment and completion rate to 100 per cent and literacy rate to 90 per cent while higher education coverage is to be increased from 7 per cent to 12 per cent and number of PHDs from 7000 to 15,000.

Infant mortality rate is to be reduced from 74 to less than 40 (per 1000 births) and reduce maternal mortality rate from 276 to less than 140 (per 1000 births).

The Vision has also set the goal to reduce the incidence/prevalence of Hepatitis, Diahorrea, Diabetes and Heart Disease by 50%.

In addition poverty level would be reduced by half and annual Foreign Direct Investment would be increased from USD 600 million to over USD 15 billion while tax to GDP ratio is set to increase from 9.8% to 18%.

Similarly power generation would be doubled to 42,000 MW to provide uninterrupted and affordable electricity, and increase electricity access from 67% to over 90% of the population by 2025.

Average cost per unit of electricity would be reduced by over 25% by improving generation mix (15%) and reducing distribution losses (10%).

Percentage of indigenous sources of power generation is set to be increased by over 50%; and demand management would be addressed by increasing usage of energy efficient appliances/products to 80%.

Water storage capacity would be increased to 90 days, efficiency of usage in agriculture would be improved by 20%, and access to clean drinking water for all Pakistanis would be ensured.

Food insecure population would be halved from 60% to 30% by 2025.

Efforts would be made to improve the rank of Pakistan in the top 50 countries on the World Bank's Ease of Doing Business Rankings and diaspora investment (via remittances) in private sector would be increased from USD 14 billion to USD 40 billion.

Furthermore, road density would be increased from 32 km/100 km2 to 64 km/ 100 km2, and share of rail in transport from 4% to 20%.

Similarly the Vision 2025 also sets the target to increase annual exports from US$ 25 billion to US$ 150 billion.