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Turnaround Pakistan: A Revolution for Pakistan’s Socio-Economic Landscape

By 28/06/2022 0 Comments

Turnaround Pakistan: A path to revive Pakistan's Economy

Pakistan currently faces several domestic and foreign issues, which have been made even more difficult by the geopolitical climate and current commodity super cycle.

Ahsan Iqbal, the Federal Minister for Planning, Development, and Special Initiatives worked towards the initiation of holding a first-of-its-kind conference, Turnaround Pakistan (TAP). This conference was held in order to address the main issues facing the nation and identify solutions through short- and medium-term actions.

To resolve the difficulties Pakistan is currently facing in its socio-economic landscape, the country needs innovative solutions to revive its economy. Moreover, a brief round of more extensive talks with professionals from respective sectors directly involved in this change is necessary.

A Vision to Transform Pakistan

The government has already started its efforts to take immediate steps needed to stabilise the economy and address the impending balance of payments problem.

However, the need to focus on medium- to long-term remedies for the economic crisis is much needed to restore Pakistan’s economy.

Turnaround Pakistan is a step towards promoting Pakistan’s Vision 2025 and was a conference that paid particular attention to in-depth discussions with a broad spectrum of stakeholders.

Political parties, federal ministries, provincial governments, business people from the national and international private sector, financial institutions, academics, think tanks, independent experts, NGOs, lawmakers, members of the nation’s civil society, and Pakistan’s 1st online real estate marketplace — were invited to add their two cents and make this vision into reality.

The conference was organised by splitting the attendees into seven main thematic groups, each of which had several subgroups. Later, all of the consultative workshops were organised accordingly, thus diversifying the ideas, personalities, and aims of different people and focusing on Pakistan.

Impact of the Conference on Pakistan’s Goals

Without a clear understanding of how and where a country wants to progress, there cannot be a proper plan and strategy to implement the policies necessary to get there.

The conference’s results offered a short-to-medium term framework that will assist the nation in developing a coherent set of policies.

These policies will address Pakistan’s economic difficulties and enhance many essential objectives. Additionally, to make the framework effective, performance indicators will be created, and a procedure for periodically evaluating results against those indicators will be in place.

Critical Drivers for Country’s Growth

Pakistan’s growth has been strategised in line with the seven key drivers that are the pillars of Vision 2025.

These key drivers have been identified as the main forces of growth that would make Pakistan a dynamic and affluent country. These are important for short-term repairs or rapid cures for current socio-economic issues.

However, for the success of these pillars, specific conditions or critical enablers like political stability, world peace and security, the rule of law, and social fairness are to be met. These seven elements are mentioned as follows:

  1. Developing Human and Social Capital

  2. Sustained, Indigenous and Inclusive Growth

  3. Institutional Reform and Democratic Governance

  4. Energy, Water & Food Security

  5. Private sector-led Growth

  6. Improving National Competitiveness

  7. Modernization of Transportation Infrastructure & Greater Regional Connectivity

Expected Outcomes from the Conference

The government will begin clearing the threat of inter-corporate circular debt, enhancing the national security framework, accelerating work on the China-Pakistan Economic Corridor (CPEC), reforming the budgetary framework, including tax administration reforms, and engaging the business community, etc.

These initiatives could not diminish the significance of a comprehensive strategy for socioeconomic transformation based on a national consensus.

Efforts will be made to get the economy back to its sustained short-term potential GDP growth rate of around 5–6% per year. This might be accomplished quickly if problems with energy and governance are fixed, and some macro stability is attained.

To accelerate growth to above 7%, the government is attempting to support it with extensive and ongoing reforms in areas including public sector management, competitive marketplaces, and urban planning.

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