Experts Call for Transitional Shift in Economic System

Thu Dec 07 2023
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ISLAMABAD: The experts at the working session of the second day of the Islamabad Conclave on Thursday, stressed upon the need for a major structural transitional shift in the economic system of Pakistan and deregulation of the professional entities.

The two-day event titled ‘Pakistan in a Changing World’ was organized by the Institute of Strategic Studies Islamabad at its premises.

Dr. Neelum Nigar, Director CSP, moderated the fourth working session, titled, Comprehensive Security in a World in a Flux.

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Former Minister of State for Finance and Revenue, Dr Ayesha Ghaus Pasha delivered a keynote address. The other speakers in the event were former Chairman, Board of Investment, Haroon Sharif, Country Director, World Bank, Najy Benhassine, Country Head, Population Council, Dr. Zeba Sattar, and Chairman Economic Security, IPRI, Dr. Aneel Salman.

In her keynote address, Dr. Pasha highlighted the current global economic challenges that have persisted over the past few years, particularly in the post-Covid era. She said the world has witnessed a series of stages marked by recession, coinciding with shifts in the global power dynamics, particularly between the United States and China, leading to heightened polarization.

Former minister added that countries like Pakistan find themselves grappling with the repercussions of this evolving power structure, placing them at the forefront of challenges.

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Global conflicts impacting international political landscape

She noted that global conflicts such as the Russia-Ukraine war and the Gaza conflict, further impacted the international political landscape and socio-political dynamics.

Dr. Pasha underlined the imperative for Pakistan to address these challenges by implementing substantial institutional and policy changes in both domestic and foreign spheres, with a primary focus on economic development.

She added that Pakistan must proactively restructure its policies at various levels to ensure adaptability and resilience in these challenging times.

Former Chairman Board of Investment, Haroon Sharif said the economic system transition is a matter of grave concern as Pakistan has been included among the debt stressed countries.

He said that Pakistan can come out of its troubles through strategic investments and a dedicated focus on transitioning the economy.

Experts Call for Transitional Shift in Economic System 1

Sharif called for replacing debts with investments, harnessing technology and innovation, and actively engage with youth on different fronts.

Highlighting the importance of prioritizing the export base and bridging the investment gap, he viewed that Pakistan should move beyond a mindset of geopolitical bargains at the national level.

He recommended serious economic propositions to the global community and fostering regional engagement by instigating policy, mindset, and capability changes at the practitioner level.

Country Head, Population Council, Pakistan, Dr. Zeba Sattar in her remarks said the current census was more a political census. She noted that there is a huge imbalance and policy failure in terms of population boom.

Pakistan moves from economic growth to economic development

Dr Aneeq Salman said that Pakistan has moved from economic growth to economic development. He highlighted four main threats and challenges including ecological degradation, social polarization, economic crisis and fundamental terrorism.

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Najy Benhassine pointing out Pakistan’s confronting crises, highlighted three significant challenges: a human capital crisis, economic instability and climate change concerns. He further underscored that the primary worry lies in the collective will to address the foundational causes of these crises.

Dr Neelum Nigar in her remarks stated that in an ever-evolving global landscape, the need for a comprehensive and adaptable security policy is paramount.



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