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LAHORE: Pakistan needs a stable domestic macro policy environment, avoiding slippage of fiscal targets in the face of vested interests, ease of doing business.

This was according to the recommendations of the report on “Changing World – Pakistan Reset” by Burki Institute of Public Policy at Lahore Chamber of Commerce and Industry.

The report recommended that a short-term adherence to the ongoing International Monetary Fund programme needs to be espoused.

An increase in the domestic savings and investment rates, broadening tax base and modernization of the tax system and achievement of the revenue collection target of 0.7 percent of GDP through standard GST rate of 17 percent and minimization of preferential rates and exemptions are essential measures for the way forward for achieving sustainable economic momentum for the longer term.

It was also recommended that that public policy must be designed in a way that the youth could add to the country’s economic strength. Two sectors hold enormous potential i.e. the information technology and small and medium enterprises. Pakistan needs to invest in developing institutions both in the public and private sectors to produce a stream of such workers.

The report recommended virological, surveillance, immunology, vaccine development, and social policy, among other topics should be an integral part of public policy especially in the health sector, which should be an integral part of public policy especially in health sector, which should be dynamic, forward-looking and flexible to make adjustments to new developments that come every day.

The report further recommends greater political and social tolerance and inclusiveness to bring positive peace in Afghanistan where all peoples of all ethnic background are content and safe.

A more flexible and accommodative policy of the US and European countries to settle Afghan refugees could lessen the burden on the neighbouring countries.

Afghanistan may become a partner in a “quad” arrangement that would include along with itself, China, Iran and Pakistan and including Turkey in the configuration a “quintet” to respond to the changing global environment and challenges directly impacting Afghanistan after take over by Taliban. The recent talks with TTP may lead to a satisfactory outcome based on mainstreaming the dissidents and taking action against those who committed horrendous terrorism-related crimes.

The agriculture sector needs to be restructured to respond to the climate change impact and contribute a higher share to the country’s economy.

Earlier, while addressing the launching ceremony, LCCI President Mian Nauman Kabir said that the theme of this year’s Annual Report is “The Changing World – Pakistan Reset” that provides an objective analysis of the economic performance, Covid-19’s impacts on selected social sectors, and Pakistan’s options to reposition itself with respect to changing regional geopolitics.

He said that in pre-pandemic time, Pakistan’s economy had just started moving towards stability. Unfortunately, the outbreak of the corona pandemic adversely affected the global economy. Pakistan is now facing stiff economic challenges including high inflation (11.5%), persistent devaluation in currency, relatively excessive policy rate (8.75%), escalating fiscal deficit, continued rise in the trade deficit and shrinking of the national economy. “I believe that there is always a way to get out of any crisis”, the LCCI president said and added that the country desperately need a path to economic recovery through devising medium to long-term macroeconomic policies. He said that we are lucky that our country did not plunge into such crises that were unmanageable.

Mian Nauman Kabir praised the prudent policies of the government which took various measures to stop the further spread of coronavirus while keeping the economic damage to a minimum proportion. From complete lockdown to smart lockdown, all the strategies brought the desired results which were praised by World Health Organization and many countries. The LCCI president said that the report has calculated the impact of Covid-19 on various social sectors of our economy and proposed certain steps to bring in the improvement especially in the employability of such manpower who are directly or indirectly associated with these sectors.

Vice President Haris Ateeq, vice chairman BIPP Shahid Najam, Dr Farukh Iqbal, Aiman Adnan, Lt Gen Ghulam Mustafa (Retd) and Prof Dr Javed Akram were the key speakers who underlined the need for short-term and long-term policies to ensure potential growth of the economy. They also spelled out the critical challenges that needed to be addressed to achieve the desired pace of economic growth.

Copyright Business Recorder, 2021

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