Pakistan needs its economic growth rate 7 to 9% for next 30 years to create jobs opportunities and control govt debts.
The Pakistan Institute of Development Economics (PIDE) disclosed this in its most recent report, Reforms for Accelerated Prosperity and Inclusive Development (RAPID).
“The 7-9 percent growth rate is not the expected rate; it is the rate needed to remain out of the woods,” the report stated. “Two, shifting to a fast and sustainable growth trajectory requires breaking away from the past, which is only feasible if we pursue deep-seated structural changes in almost all areas affecting growth,” the report stated.
According to the report’s findings, the condition of a country’s institutions is a key determinant of its development. Recognizing the country’s resource constraints, the reform agenda focuses on reforming institutions (laws, regulations, procedures, and processes) in order to increase efficiency and investment.