The Pakistan Institute of Development Economics (PIDE) on Monday launched what it called ‘a game-changing’ report to transform the economic landscape and societal fabric of the country.
The institute issued the report titled “PIDE Reform Manifesto: Transforming Economy & Society” based on four-year research, various conferences, seminars and consultative meetings.
PIDE believes that the manifesto is not just a document but “a visionary road map poised to revolutionize both the economic landscape and societal fabric of Pakistan,” a news release said.
Minister for Minister for Information, Broadcasting and Parliamentary Affairs Murtaza Solangi was the chief guest at the report launching ceremony.
Delving into the core imperative of implementing substantial reforms, the manifesto is a compelling call to action for a brighter future, shaping a narrative of progress and transformation in the heart of Islamabad.
In his opening remarks, PIDE Vice-Chancellor Dr Nadeem ul Haque expressed serious concerns over the confronted national economic challenges that persisted despite 24 International Monetary Fund (IMF) programmes.
Excessive government regulation, he said, particularly from a bureaucratic system inherited from colonial times, hampered the formal market, with the government’s interference estimated at 64 per cent of the economy.
Additionally, he said a regulatory cost of up to 45 per cent of Gross Domestic Product (GDP) further restricted investment opportunities.
Despite these challenges, he said, “the hope lies in Pakistan’s youthful population, yearning for change.”
Dr Haque’s proposed deep reforms advocated for a complete overhaul of governance structures, including the bureaucracy, judiciary, and democratic systems, to harness the potential of the 21st century. “This transformative vision emphasizes the need for markets to function efficiently, talent to be nurtured, and the country to evolve with the times.”
PIDE Pro Vice-Chancellor Dr Durre Nayab highlighted the critical challenges faced by Pakistan, emphasizing that addressing the changing demography and managing the escalating debt burden requires sustained and elevated economic growth.
According to PIDE estimates, the demographic bulge is projected to persist until 2056, necessitating the addition of over two million new jobs annually for the next thirty years.
Dr Nayab stressed that achieving and maintaining an economic growth rate well above 7 per cent annually was imperative to meet this demand.
PIDE’s research indicates that a comprehensive strategy of deep reforms is essential for fostering the necessary growth.
Dr Nayab also expressed concern over declining productivity, particularly in export and subsidy-seeking sectors, urging concerted efforts to reverse this trend for sustained economic prosperity.
In a candid statement, PIDE Senior Research Economist Dr Ahmed Waqar Qasim highlighted the significant challenges posed by civil bureaucracy, operating within a system devised during colonial times. Emphasizing the outdated nature of bureaucratic structures and policy processes, he expressed concern over their incapacity to effectively address the complexities of the modern world.
Dr Qasim further highlighted the bureaucratic hurdles impeding growth, innovation, and development.
