Staff Reporter Islamabad
President, Islamabad Chamber of Commerce & Industry (ICCI), Sardar Yasir Ilyas Khan has called upon the government to take new policy measures aimed at promoting the documented economy that would help in improving the tax revenue collection and achieving sustainable growth.
In a statement issued here on Friday, he said that the IMF has projected Pakistan’s GDP growth rate at 1.5 percent for the current fiscal year 2020-21, but this forecast was based on the formal economy, which was almost half of the total economy.
He said that according to various surveys and reports, the informal economy in Pakistan accounted for 35-50 percent of the total economy, therefore, the real GDP growth of the country could be enhanced significantly by bringing informal sectors in the formal economy.
Sardar Yasir Ilyas said that IMF’s World Economic Outlook 2021 has projected the global economy to grow at 5.5 percent, emerging economies 8.3 percent, India 11.5 percent, China 8.1 percent, Malaysia 7 percent, Turkey 6 percent, France 5.5 percent, USA 5.1 percent, Mexico 4.3 percent. However, Pakistan’s growth projection was quite low than its actual potential and its main reason was that undocumented economy was not being considered.