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Pakistan Can Become a $1 Trillion Economy by 2035, Says World Bank VP

ISLAMABAD: World Bank Vice President Martin Raiser expressed optimism about Pakistan’s economic potential, stating that the country could achieve a $1 trillion economy by 2035 if it sustains a 7% annual growth rate. Speaking on The Review talk show, Raiser outlined the conditions necessary for such growth and highlighted the World Bank’s commitment to supporting Pakistan.

Key Highlights from Martin Raiser’s Remarks:

  1. Economic Potential:
    • Raiser described the $1 trillion milestone as “absolutely feasible” if Pakistan implements critical economic reforms and sustains high growth.
    • He acknowledged the difficulties of long-term projections but highlighted that a homegrown economic revival plan could unlock Pakistan’s true potential.
  2. World Bank Support:
    • The World Bank has pledged $20 billion in funding over the next decade to help Pakistan implement reforms and bolster development projects.
    • Raiser emphasized that this commitment would focus on driving structural changes and enhancing productivity.
  3. Reforms and Challenges:
    • The path to achieving a trillion-dollar economy requires Pakistan to:
      • Attract investment by ensuring political and economic stability.
      • Strengthen governance and tackle corruption.
      • Enhance infrastructure development and human capital.
      • Promote export-driven growth and reduce reliance on imports.
  4. Political Engagement:
    • Raiser stressed the importance of bipartisan collaboration across Pakistan’s political spectrum to ensure consistency in economic policies.
    • He emphasized that political stability and continuity are crucial for investor confidence and long-term growth.
  5. Investment Focus:
    • Pakistan needs to focus on attracting foreign and domestic investments in energy, technology, and agriculture to spur growth.
    • Internal reforms, including tax system modernization and energy sector overhauls, are vital to creating a conducive environment for economic expansion.

Economic Outlook

While Pakistan faces significant challenges, including external debt, inflation, and political uncertainty, Raiser’s comments highlight a positive outlook for the country’s future, provided it commits to sustained reform efforts. His optimism aligns with the World Bank’s long-term vision for Pakistan’s economic transformation.

This ambitious goal underscores the critical need for policy consistency and collaboration to unlock Pakistan’s potential as a regional economic powerhouse.

 

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