Pakistan is the third largest rice exporter and fifth largest textile producer of the world yet it has lost the pace of development which it had up to 1991, said the former governor of the State Bank of Pakistan, Dr. Ishrat Husain, while addressing students at a seminar on ‘Pakistan’s economy and strategies to improve it’.
The seminar was organised on Friday by FAST University in which speakers dwelled on social, economic and technical dimensions of the issue. During his address, Dr. Ishrat Husain said that lack of political continuity has not allowed Pakistan’s economy to flourish at a pace, which was required. “Every new government discontinues even useful policies of the previous government due to their own priorities,” he said.
He said that India and China have attained present economic strength due to the continuity of policies. “Economic progress is a slow and steady progress like a marathon race which requires continuity in order to give fruitful results,” he said.
He advised students to participate vigorously in the glowing global need of the economy, which is required by the world. “A skilled manpower can contribute a lot in the development of an economy. Reduction of fiscal deficit and strict monetary policy to minimise inflation is the need of the hour,” he added.
Dr Ishrat stressed on the need for female education while referring to an example of Vietnam where initially female population did not contribute much in the development of the country, but later on proved to be an important segment contributing towards the overall development of the country. “Nowadays Pakistan’s exports range is approximately round 19 to 20 billion dollars and Vietnam’s exports have reached up to 46 billion dollars,” he added.
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