Aurangzeb urges building growth on exports, productivity, private-sector investment
LAHORE: Pakistan must move beyond economic stabilisation and build growth on exports, productivity and private-sector investment if it is to avoid another cycle of crises, Finance Minister Senator Muhammad Aurangzeb said on Saturday. He warned that a return to consumption-led growth could set the recovery back by four to five years. Speaking at a policy dialogue titled “From Stabilisation to…
Finance Minister Senator Muhammad Aurangzeb has urged Pakistan to transition from economic stabilisation to growth driven by exports, productivity, and private-sector investment. Speaking at a policy dialogue, Aurangzeb warned that a return to consumption-led growth could set the recovery back by four to five years. He highlighted the country's progress in macroeconomic stability, noting that twin deficits have fallen from 12.5% of GDP to 2.6%, and the current account deficit has shrunk to 0.1% of GDP.
However, Aurangzeb stressed that stability alone is not enough for sustainable growth, and reforms in taxation, privatization, debt management, and tariffs are needed to make businesses more competitive and encourage investment and job creation.
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