Fixing private sector’s issues to make economy competitive

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Islamabad

Pakistan can foster a more innovative, competitive and entrepreneurial economy and reinvigorate growth by addressing critical constraints that are limiting private sector investment.

According to a new report from the International Finance Corporation (IFC) and the World Bank (WB), titled ‘Pakistan Country Private Sector Diagnostic (CPSD),’ Pakistan has tremendous untapped economic potential that may be realised through key policy actions to help create new market opportunities, mobilise private investments to create more jobs and help the country in coping with the impact of Covid-19 on its economy.

The report says while Pakistan has made impressive strides in reducing poverty, many people remain economically vulnerable and will struggle due to the COVID-19 crisis.

While the need for reforms extends across the economic system, the report outlines three broad policy objectives to support private sector development.—TLTP