The Burki Institute for Public Policy (BIPP) on Thursday launched its report “The Changing World – Pakistan Reset” at a ceremony at the Lahore Chamber of Commerce and Industry (LCCI), which was attended by ’eminent economists from the public and private sectors, institutions, universities, civil society organizations, etc.
LCCI President Mian Nauman Kabir, Vice President Haris Ateeq, Shahid Najam, Dr Farukh Iqbal, Aiman Adnan, Lieutenant General (ret) Ghulam Mustafa and Professor Dr Javed Akram were the keynote speakers, who have stressed the need for effective long-term policies to ensure the potential growth of the national economy.
They also set out the critical challenges that need to be addressed to achieve the desired pace of economic growth.
The main objective of the report was to suggest policies to put the economy back on its long-term potential growth path and on the inextricable link between technological progress and economic development.
LCCI President Mian Nauman Kabir said the theme of this year’s annual report is “The Changing World – Resetting Pakistan” which provides an objective analysis of economic performance, the impact of COVID-19 on selected social sectors and options for Pakistan to reposition itself with respect. to the evolution of regional geopolitics.
He said that before the pandemic, the Pakistani economy had just started to stabilize. Unfortunately, the outbreak of the corona pandemic has had a negative impact on the global economy.
Pakistan now faces serious economic challenges, including high inflation (11.5%), persistent currency devaluation, relatively excessive policy rate (8.75%), escalating budget deficit, continued increase trade deficit and a contraction of the national economy.
“I think there is always a way out of any crisis,” said LCCI president, adding that the country is in desperate need of a path to economic recovery by developing medium and long term macroeconomic policies. . He said: “We are fortunate that our country has not plunged into such unmanageable crises. “
Mian Nauman Kabir praised the cautious policies of the government which has taken various measures to stop the spread of the coronavirus while keeping the economic damage to a minimum.