Ayesha Saba

 The Planning Commission has initiated a comprehensive study titled "Pakistan Outlook 2035" to identify policy options for rapid socioeconomic development of the country in the light of prevailing economic crisis and changing global dynamics, reports WealthPK.

Prof Dr. Fakhr-ul-Islam, Director of Pakistan Study Centre, University of Peshawar, told WealthPK, “The coalition government faces mountainous issues like a spiralling inflation, massive devaluation of rupee against major world currencies, increasing fuel prices and drying up of the foreign currency reserves.”

“Extensive research is needed on the topic to explore how the development of a knowledge-based economy is going to affect Pakistan’s trade balance, job structure, lifestyles, emerging businesses, and especially the new competitive advantage in global business.”

“In order to achieve sustainable development, policy persuasion and collective action are essential. As of today, there is no formal platform in Pakistan where development partners, government organizations, and other stakeholders can interact frequently, share information, float innovative development ideas, and learn the best practices so that they can contribute to the development process more productively. As a consequence of the current situation, this outlook is an excellent initiative if properly implemented.”

Dr Fakhr said the new roadmap needs a careful planning in order to be worthwhile for implementation and drive the nation towards quick and sustainable development. Sharing his concerns, he said, “In the past, we have seen a number of these initiatives with lofty and exalted titles begin and then end. Continuity of policies is vital for the development of the country.”

“Pakistan Outlook 2035 is the dire need of the hour because the nation’s economy currently requires structural improvements.’’ He also praised the initiative of youth development programs which have been started by the government to empower the youth so they could learn about the public sector closely by equipping themselves with education, training, and experience to meet the future needs.

According to Minister for Planning and Development Ahsan Iqbal, Pakistan’s economy requires fundamental structural changes and development of a new export-led growth paradigm. So, the study would be launched at the start of 2023, and it would act as a prelude to developing Pakistan’s Vision 2035 and Vision 2047.

“The country's top priority has been to realize economic turnaround, stabilize the economy, and resume the path toward progress. ‘Pakistan Outlook 2035’ will help us understand where we are at present and where we are headed if we do the business as usual a decade and a half later,” said the minister.

The Outlook 2035 will be aligned with 17 Sustainable Development Goals of the United Nations done on the basis of seven pillars, which include developing human and social capital; achieving sustained, indigenous and inclusive growth, democratic governance, institutional reform and modernization of the public sector; energy, water, and food security; private sector and entrepreneurship-led growth; developing a competitive knowledge economy through value addition; and modernizing transportation infrastructure and greater regional connectivity.

Credit : Independent News Pakistan-WealthPk