Citing the World Bank report, the Finance Minister says that Pakistan’s economy can reach $ 2 trillion by 2047.
Acting Finance Minister Dr. Shamshad Akhtar has said that Pakistan has the potential to become a major economic player and its economy can reach $2 trillion by 2047.
“According to a World Bank report, Pakistan’s economy could grow from $350 billion today to $2 trillion by 2047,” he said while addressing The Future Summit (TFS) in Karachi on Thursday.
The Finance Minister said that Pakistan needs formulation and implementation of sound economic and sector policy and determination to pursue challenging structural reforms.
“Pakistan needs more innovation and diversity in its economic structure for sustainable development,” he said.
Last week, Akhtar had said that development finance institutions (DFIs) with the requisite expertise, efficiency and flexibility could be potential drivers of capital market growth and development.
He said this while chairing a meeting with the Chairman of Securities and Exchange Commission of Pakistan (SECP) and heads of DFIs to review the progress made by DFIs on setting up private equity and venture capital (PE and VC) funds.
Reaffirming its commitment, the DFI also informed the Finance Minister about the progress and obstacles in the process.
Pakistan on Wednesday reached a staff-level agreement with the International Monetary Fund on the first review of its short-term bailout programme, clearing the way for $700 million.
The state, which is currently under a caretaker government, has taken several fiscal measures to stem the looming economic crisis, including increasing petrol levies, imposing higher taxes and making major changes in the power sector.