Home / Knowledge / News / Textiles / WB calls for continued reforms in Pakistan
WB calls for continued reforms in Pakistan
14
Nov '15
Courtesy: World Bank
Courtesy: World Bank
Pakistan's economic growth is expected to accelerate from 4 per cent in 2014 to 4.5 per cent in 2016 supported by strong services growth and a slight improvement in the industry sector. What are some reasons for this moderate improvement and how could it unlock its potential to grow even faster in the future? These questions are raised and answered in the latest World Bank report, “Pakistan Development Update", unveiled in Islamabad this week.

Presenting the report's highlights, Muhammad Waheed, Senior World Bank Economist said that there has been an improvement in Pakistan's economic environment due to lower domestic and external risks. Foreign exchange reserves have increased to an appropriate level given the size of Pakistan's imports. Pakistanis working abroad sent home about $18.5 billion in FY2014/15 which contributed to financing the trade deficit. Waheed explained that the government efforts to stabilize the economy have been greatly aided by the decline in international oil prices which has significantly reduced the import bill.

This restoration of macroeconomic stability is providing Pakistan with a window of opportunity to focus on more pressing structural bottle necks that are holding Pakistan back from realizing its immense potential and accelerating economic growth.

Development outcomes play a very important role when a country's economy is discussed and in case of Pakistan, these outcomes are weaker than one would expect given the country's income level. These outcomes are mainly related to the social services including health benefits, education and social protection.

A large and mainly young population is one of the major assets of Pakistan. This young population will contribute to higher and sustainable growth only if it is healthy and well educated. It will be important for the federal government and provinces to continue working together to improve the decentralization framework and ensure improved service delivery to achieve desired outcomes. It is however, important to make significant public and private investments in health and education to improve Pakistan's competitiveness.

The report reveals that the lack of complementary public investments and a weak investment climate are constraining private sector investment. Inconsistent trade and industrial policies create disincentives for investors and contributes to weak business environment. Another reason for the very low investment levels has to do with the low savings rate in Pakistan which is at around 13 per cent of GDP, and compares unfavorably with an average of 23 per cent in South Asia.


Must ReadView All

Top 15 US fashion brands are collectively worth $70 bn

Fashion | On 22nd Jul 2018

Top 15 US fashion brands are collectively worth $70 bn

The top 15 American fashion brands are collectively worth close to...

Courtesy: Covestro

Textiles | On 22nd Jul 2018

Covestro's new products for waterproof textile coating

Covestro, which is among the largest polymer companies, has unveiled...

Evogene, IMAmt to work together in insect resistance

Textiles | On 22nd Jul 2018

Evogene, IMAmt to work together in insect resistance

Evogene, a leading biotechnology company developing novel products...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search