The Asian Development Bank (ADB) has called for structural reforms to improve Pakistan’s export performance, as the country seeks to improve its growth rate. “For Pakistan’s economy to grow sustainably by more than 3.8% per year, structural reforms are required to improve export performance,” ADB said in its latest report Why Pakistan’s Economic Growth Continues to be Balance-Of-Payments Constrained. The report said that in order to increase exports, Pakistan requires an upgrade in international specialization profile, whereas the local industry needs to diversify and help reduce the economy’s dependence on imports. “A more diversified economy results in more diverse exports and this is required to acquire the wider set of productive capabilities that is needed to export goods with a higher level of sophistication.” The report has further specified steps that need to be taken for export diversification. This includes: To implement these steps, the ADB argued requires that policy design, coordination, and implementation facilitate private sector attempts to acquire capabilities in latent and more sophisticated products, as well as encourage meaningful strategies to develop new capabilities in distant products.