March 19, 2019 (MLN): The Minister for Planning Development and Reform Makhdum Khusro Bakhtyar stated Pakistan has the potential to increase investment to 25-30% of GDP and grow into a S2 trillion economy in a couple of decades adding that we have to transform the way government operates by brining necessary reforms.
At the Launch of the Report ‘Pakistan@100’ and the Human Capital Summit organized by World Bank in Islamabad on Monday, he pointed out that the present government is fast tracking the transformation of social sector and human capital development to capitalize upon opportunities created through fourth industrial revolution and digitalization.
“The government’s aim is to enhance job creating ability of the economy and increasing skill set in the country,” he said, adding that in order to achieve the goals of 12th five year plan structural reforms are critical.
The Minister said that less investment in the human capital has impeded sustainability of the economic growth. Countries with higher investment in human capital had sustained higher economic growth for longer period.
Makhdum Khusro noted that spending on education has increased from 1.8% of GDP to 2.5% and on health to 0.9% in last one decade.
We also expanded the scope of cooperation with China by including socio- economic development under CPEC and are in process of remodeling poverty alleviation program to enable the recipients graduate by self-employment through skill development.
