World Bank new report raises alarm bells for policy makers in Pakistan
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WASHINGTON – The new report of World Bank on Pakistan economy has raised the alarm bells for economic policy makers in Pakistan.
World Bank has warned the Pakistani newly-elected government that economic condition of Pakistan is likely to remain unstable for next two years.
As per report, the World Bank predicted that Pakistan will face severe challenges in coming two years and it needs investment and productivity driven growth, adding that the country will be troubled to create employment and reducing poverty.
The report stated that Pakistan has limited resources but expense are very high. World Bank country director Illango Patchamuthu has said that Pakistan’s growth has to be driven by investment and productivity which will put it on a path to end the boom and bust cycle its economy faces.
“This will create more and better paid jobs and is a reliable path to future economic growth and stability,” director said while commenting on the World Bank’s twice-a-year report Pakistan Development Update.
The report suggested Pakistan needs to address growing fiscal and current account deficits on a sustainable basis for long-term growth. The country’s economic growth accelerated to 5.8 per cent in the 2018 financial year – the highest level in more than a decade, the report said.
