The Planning Commission has initiated the “Pakistan Outlook 2035” for a comprehensive study on the future development scenario building for Pakistan.
The initiative will assess long-term challenges in the light of prevailing economic crisis and changing global dynamics in key sectors of the economy and identify policy choices for the policy makers for rapid socioeconomic development of the country.
While chairing a meeting of the Planning Commission Members, Minister Planning and Development Ahsan Iqbal said that the study would be launched at the start of 2023 and that it would act as a prelude to developing Pakistan’s Vision 2035 and Vision 2047.
He emphasized that Pakistan’s economy required fundamental structural changes and development of new export led growth paradigm. This could only be achieved by following a consistent policy framework for at least a decade, he added.
“The country in 2017-18 was well on its way to realize the target of joining the top 25 economies of the world by 2025 as set in Pakistan’s Vision 2025 launched in 2014 under the PML-N government, but the change of government in 2018 caused a major diversion,” he claimed.
He said the previous government discarded the continuity of policies and path of confrontation and reversals was adopted which destroyed investor confidence and progress. “Nearly four years later, we inherited a country close to economic bankruptcy,” said the minister.
While underscoring the significance of Pakistan Outlook 2025, he said it has been the topmost priority to bring economic turnaround and stabilization in the country and resume the journey to national progress.
“Pakistan Outlook 2035 will help us understand where we are at present and where are we headed if we do business as usual a decade and a half later,” he added.
The Members of the Commission were assigned to complete the study through engagement with the relevant stakeholders.
The minister directed to establish a Steering Committee for supervising the initiative, comprising of the country’s top economists, private sector and research institutions in the country. Chief Economist Dr Nadeem Javed will coordinate the effort.
The future needs assessment and target setting will be done on the basis of seven pillars including; developing human and social capital; achieving sustained, indigenous and inclusive growth; democratic governance, institutional reform and modernization of the public sector; energy, water and food security; private sector and entrepreneurship-led growth; developing a competitive knowledge economy through value addition; and modernizing transportation infrastructure and greater regional connectivity.
In each case, the needs assessment and target setting will be done on the basis of two scenarios including business-as-usual scenario and the aspirational/transformational scenario.
In order to achieve tangible progress in key spheres of socioeconomic development, the study will assess the evolving needs and specify requisite interventions in each sphere on immediate, mid-term and long-term basis. It will also take into consideration the enabling and constraining factors in the process.
Pakistan Outlook 2035 strategic document will be aligned with the 17 UN Sustainable Development Goals. The findings and recommendations of the study will be shared with the political leadership to build a national consensus on steering the country toward sustainable economic prosperity.