People from cross section of the society including politicians, businessmen and economists here Friday lauded the efforts of government for achieving all-time high growth rate of 5.8 percent in 13 years and termed it unprecedented in the economic and business history of Pakistan.
Sardar Aurganzaib Nalota, PMLN Parliamentary Leader in KP Assembly told APP that despite challenges on internal and external fronts and long agitation politics of opposition, the country’s Gross Domestic
Product (GDP) had recorded 13 years highest growth of 5.8 percent during the outgoing fiscal year 2017-18, which was a matter of great pride for the government and the nation. While referring to the recently launched Pakistan Economic Survey, he said that it indicated the achievements of government in diversified fields including socio-economic sectors. Nalota said the country’s growth rate remained stagnant at only 3 percent growth during the period from 2008 to 2013, while now it had achieved 5.8 percent growth, which highly remarkable.
“Pakistan has all the potential to join the club of developed economies by 2025 if present economic policies and political stability continue in the country,” he maintained. “Despite PTI’s long agitation, sits ins and lockdown politics, PMLN Government had concentrated on the country’s economy by putting it on path of sustainability and development,” he remarked. “No nation can achieve economic prosperity unless there is a political stability and continuity of economic policies in the country. The Government’s comes and goes but the economic policies should continue for sustained development and prosperity of people,” he said.
Despite international pressure, he said, PMLN Government had made Pakistan’s defense impregnable in 1998 and will make it an Asian economic tiger if mandated by people in 2018 general election. A huge investment of US$29 billion had been made so far on various projects of CPEC while more investment is expected in different sectors including energy, infrastructure, and Gwadar port development during next phase of CPEC.
The construction of 1750 km of motorways had been ensured during previous five years by the government, thus surpassing the neighboring country in that regard where total length of motorways is around 1400 km. Economics and finance expert, Professor Dr Muhammad Naeem while praising the government’s efforts for achieving all time high GDP growth rate, said service sector witnessed stable growth rate of 6.43pecent in last two years and industrial growth enhanced by 5.80pc, which was a positive sign for the country’s economy.
This massive economic turned around was not only endorsed by the government but also by world organizations including the World Bank and other top international monetary institutions, which should be a matter of pride for the government and the entire nation. Former SCCI President, Dr. Yousaf Sarwar termed achievement of highest GDP growth rate a positive development. He said CPEC is very important for Pakistan and underscored the need for special package for local industries of KP and Fata so that it becomes able to compete with foreign goods after completion of CPEC projects.
Senior economist, Sumbul Riaz said macroeconomic indicators had shown satisfactory performance during outgoing fiscal year as GDP growth rate was recorded at all-time high in Pakistan Economic Survey that was positive development.
She said all the economic indicators had shown positive growth in the survey and containing inflation rate at 3.8 % despite rise in value of dollar against rupee, was positive sign for Pakistan’s economy. The development budget had increased manifold during last few years that helped completion of long awaited mega Lowari Tunnel Project in Chitral, Neelum Jhelum Power Project in Azad Kashmir and Tarbela-IV project in Swabi besides adding 1200megawatt electricity to the national grid, she remarked, according to APP.
She said achievement of highest growth of 3.81 percent in agriculture sector in last 13 years and recording of 6.13pc growth by Large Scale Manufacturing (LSM) besides 5.80pc improvement in industrial sector in ten years, were also highly praised worthy.