Pakistan struggling to achieve export-led economic growth

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Pakistan has long been struggling to achieve export-led economic growth, but with little success.

This challenge can be overcome by employing modern technology, diversifying products and seeking new export destinations.

Talking on the matter, Dr Uzma Zia, a senior research economist at the Pakistan Institute of Development Economics (PIDE), Islamabad, told WealthPK that exports’ share in Pakistan’s economy has been traditionally low. “A strong focus on boosting exports can really put the country’s economy on a sustainable growth trajectory.”

She noted that efforts were needed to ensure export diversification and explore new markets for Pakistani products.

Uzma Zia said: “We are producing less diversified and less sophisticated products. Exports are concentrated in a few product ranges. Due to dependency on a few sectors, there is uncertainty and instability in export earnings.”

The PIDE economist pointed out that almost 75% of Pakistan’s total exports are concentrated in textiles (40%), apparel (23%), and rice and leather.

She maintained that there were sectors having the potential to push up total exports, which was possible through policy support.

 

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