CEO of WEF lauds Pak­istan’s eco­nomic turn­around

The Pak Banker - - NATIONAL -

Pro­fes­sor Klaus Sch­wab, Chair­man of the World Eco­nomic Fo­rum on Fri­day lauded the eco­nomic turn­around of Pak­istan and said the coun­try un­der­went a ma­jor pos­i­tive change since 2013. Sch­wab made the com­ments here at the WEF Congress Cen­tre in his meet­ing with Prime Min­is­ter Muham­mad Nawaz Sharif. Pro­fes­sor Sch­wab said it was part of his job here to look at the world how it was do­ing and "I must say Mr Prime Min­is­ter that your coun­try is do­ing a won­der­ful job." "There was no hope in 2013, but we now hear from the

busi­ness com­mu­nity and the world that there is a lot of change in Pak­istan," Pro­fes­sor Sch­wab said. The Prime Min­is­ter ap­pre­ci­ated the hold­ing of the an­nual fo­rum and the role it was play­ing in in­te­grat­ing the world. He gave an overview of the pos­i­tive in­di­ca­tors of Pak­istan's econ­omy and how it was be­ing per­ceived by top in­ter­na­tional fi­nan­cial in­sti­tu­tions.

He said coun­try's GDP has grown by 4.24 % in 2015; high­est in last seven years, in­fla­tion was 4.6% in the same year, and in the first half of the cur­rent fis­cal year, it is at a his­toric low of around 2%.He also men­tioned the rise in the per capita in­come by 12.91% in the first two years since his govern­ment came into power. He said coun­try's bud­get deficit has been brought down from the pro­jected 8.8% for fis­cal year 2013 to 5.3% in fis­cal year 2015, and is pro­jected to be fur­ther brought down to 4.3% in cur­rent fis­cal year 2016. He said in the first two fis­cal years, tax rev­enues have

in­creased by over 33%, due to tax-net broad­en­ing and re­moval of spe­cial ex­emp­tions. He said with a down­ward trend in acts of ter­ror­ism and

suc­cess against the ter­ror­ist out­fits, Pak­istan was fast turn­ing into a favoured desti­na­tion for busi­ness, trade and in­vest­ment. He men­tioned the grow­ing in­ter­est of for­eign in­vestors in coun­try's en­ergy, tele­com, in­fra­struc­ture, ur­ban de­vel­op­ment, agro-in­dus­try and tex­tiles sec­tors.

Pro­fes­sor Sch­wab is the Founder and Ex­ec­u­tive Chair­man of the World Eco­nomic Fo­rum, the in­ter­na­tional or­ga­ni­za­tion for pub­lic-pri­vate co­op­er­a­tion.

He founded the Fo­rum in 1971 and be­lieves that the man­age­ment of a mod­ern en­ter­prise must serve not only share­hold­ers but all stake­hold­ers to achieve longterm growth and pros­per­ity. The Fo­rum has been a driver for rec­on­cil­i­a­tion ef­forts in dif­fer­ent parts of the world, act­ing as a cat­a­lyst of nu­mer­ous col­lab­o­ra­tions and in­ter­na­tional ini­tia­tives.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.