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Concern voiced over decline in GDP growth
our correspondent
Thursday, May 03, 2012
Concern voiced over decline in GDP growth.
our correspondent
Thursday, May 03, 2012
LAHORE: The Institute of Public Policy of Beacon House National University in its report on state of Pakistan economy has expressed concern over the steady decline in GDP growth, which is the lowest in South Asian region.
The chairman of the IPP Shahid Javed Burki said that though the government is expecting a GDP growth of 4 percent this year but IP estimates it to be around 2.7 percent. He said the investment that has declined from 18.4 percent of the GDP to 13.4 percent is one of the main factors for low GDP growth.
He said Pakistans inability to increase exports is another factor for low growth and a prudent export strategy is needed to boost this sector. He said the domestic sector does not have the ability to compensate for lower export growth.
He said Pakistans share in global trade has declined to lowest ever level while that of other regional economies has increased. He said the economy is in dire state and needs lot of serious work for revamping. He said that planning commission of Pakistan has provided a viable roadmap that puts emphasis on soft development. This he added means enhancing the capabilities of human resource and institutions and improving productive efficiencies.
He said only through this way Pakistan could benefit from its demographic advantage where people of workable age out number those that can not work. He said trade with India is another advantage that could add 2-2.4 percent in GDP if the process is not interrupted.
Dr Ayesha Pasha said that the government projections for this year would not be met. The investment to GDP ratio she added would further decline to 12.5 percent of GDP while GDP growth would be much lower than claimed by the federal finance minister. She said fiscal deficit would be around 7 percent of GDP.
She said slowly developing middle class has boosted some sales in domestic market and revenue target would be close to the target. She said the increasing non documented economy has provided some support to the poor.
Dr Hafiz Pasha gave an outline of the growth in Punjab. He said that Punjab has grown at a lower pace than the other provinces in the last one decade. He said Agriculture the mainstay of Punjabs economy also performed less than other provinces. However he pointed out that Punjab has less inequalities within the province than inequalities in other provinces.
He said gas consumption in Punjab has declined by 30 percent in last four year while it has substantially increased in other provinces.
Punjab he added maintained a static development budget while other provinces increased it by 89 percent. He said South Punjab was neglected in development during last forty years.
He said study on Punjab supports demand for Saraiki province.
Concern voiced over decline in GDP growth - thenews.com.pk
our correspondent
Thursday, May 03, 2012
Concern voiced over decline in GDP growth.
our correspondent
Thursday, May 03, 2012
LAHORE: The Institute of Public Policy of Beacon House National University in its report on state of Pakistan economy has expressed concern over the steady decline in GDP growth, which is the lowest in South Asian region.
The chairman of the IPP Shahid Javed Burki said that though the government is expecting a GDP growth of 4 percent this year but IP estimates it to be around 2.7 percent. He said the investment that has declined from 18.4 percent of the GDP to 13.4 percent is one of the main factors for low GDP growth.
He said Pakistans inability to increase exports is another factor for low growth and a prudent export strategy is needed to boost this sector. He said the domestic sector does not have the ability to compensate for lower export growth.
He said Pakistans share in global trade has declined to lowest ever level while that of other regional economies has increased. He said the economy is in dire state and needs lot of serious work for revamping. He said that planning commission of Pakistan has provided a viable roadmap that puts emphasis on soft development. This he added means enhancing the capabilities of human resource and institutions and improving productive efficiencies.
He said only through this way Pakistan could benefit from its demographic advantage where people of workable age out number those that can not work. He said trade with India is another advantage that could add 2-2.4 percent in GDP if the process is not interrupted.
Dr Ayesha Pasha said that the government projections for this year would not be met. The investment to GDP ratio she added would further decline to 12.5 percent of GDP while GDP growth would be much lower than claimed by the federal finance minister. She said fiscal deficit would be around 7 percent of GDP.
She said slowly developing middle class has boosted some sales in domestic market and revenue target would be close to the target. She said the increasing non documented economy has provided some support to the poor.
Dr Hafiz Pasha gave an outline of the growth in Punjab. He said that Punjab has grown at a lower pace than the other provinces in the last one decade. He said Agriculture the mainstay of Punjabs economy also performed less than other provinces. However he pointed out that Punjab has less inequalities within the province than inequalities in other provinces.
He said gas consumption in Punjab has declined by 30 percent in last four year while it has substantially increased in other provinces.
Punjab he added maintained a static development budget while other provinces increased it by 89 percent. He said South Punjab was neglected in development during last forty years.
He said study on Punjab supports demand for Saraiki province.
Concern voiced over decline in GDP growth - thenews.com.pk
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