Institutional reforms must for economic growth: Dr Nadeem
“Quality education plays a vital role in a country’s economic growth and our country desperately needs quality education and research”, Dr. Nadeem said while addressing a seminar organized by the Pakistan Institute of Development Economics (PIDE) here.
Dr Naddem, in his lecture titled “can Pakistan grow faster”, said the government’s role was to make policies for economic growth and the educational sector, based on its research work, could guide the government in making better policies for sustainable growth. He said that cities were the engine of growth which are backbone of any country’s economy. “Cities create entrepreneurship, creativity, innovation and productivity”.
He said,” in Pakistan cities have huge capacity but we are not exploring the potential”. He cited the example of the federal capital saying that the city has over 17,235 government owned houses comprising 864 acre of land in different sectors. He said that the total value of this land is estimated at about Rs. 233.3 billion.
He stressed the need to provide maximum facilities to the citizens of big cities. Dr. Nadeem suggested that vertical houses should be incentivized, a separate lane for bicycles in the city should be developed and underground pedestrian way should also be constructed in order to ensure smooth flow of traffic.
Dr Akmal Hussain, an economist, also stressed the need for maintaining sustainable growth rate in the country. He said that the main difference between developed and underdeveloped countries is that the underdeveloped countries usually fail to sustain the economic growth and they grow in perks. “But on the other hand the developed countries keep their growth rate sustained”, he added.