The Planning Commission has begun a comprehensive study on Pakistan's future development scenario, which will identify options for policymakers to accelerate the country's socioeconomic growth. The study, titled "Pakistan Outlook 2035," will also analyse long-term problems in light of the current economic crisis and shifting global dynamics in major areas of the economy. Minister for Planning and Development Ahsan Iqbal, while chairing a meeting of the Planning Commission members, said the research, to be launched in early 2023, will serve as a precursor to the development of Pakistan's Vision 2035 and Vision 2047.

He stated that Pakistan's economy needs major structural adjustments and the establishment of a new export-led growth paradigm, which could only be accomplished by adhering to a consistent policy framework for at least a decade. In 2017-18, Pakistan was on track to enter the top 25 economies in the world by 2025 as outlined in Pakistan's Vision 2025, which was released in 2014 but a change of administration in 2018 created a huge detour, he said. While emphasising the importance of Pakistan Outlook 2035, he stated that from day one, the current government's primary aim has been to bring about an economic turnaround and stability in the country and restart the road to national growth.

"Pakistan Outlook 2035 will help us understand where we are at present and where we are heading if we do business as usual a decade and a half later." The minister authorised the formation of a steering committee to oversee the effort, consisting of leading economists from the country's business sector and research institutions. The initiative will be coordinated by the chief economist. The future requirements assessment and target setting in Pakistan Outlook 2035 will be based on the previous vision's seven pillars, which include developing human and social capital; achieving sustained, indigenous, and inclusive growth, democratic governance, institutional reform and modernization of the public sector; ensuring energy, water, and food security; fostering private sector and entrepreneurship-led growth; developing a competitive knowledge economy through value addition; and modernising transportation infrastructure and fostering greater regional connectivity, according to a document available with WealthPK.

The study will assess growing requirements and describe necessary actions in each domain on an immediate, mid-term, and long-term basis, in order to make gradually perceptible progress in important areas of socioeconomic development. It will also take into account the process's enabling and restricting aspects. The strategy paper Pakistan Outlook 2035 will be integrated with the United Nations' 17 Sustainable Development Goals, which range from poverty alleviation to climate change, and on which the government is committed to making genuine progress by 2030. The study's results and suggestions will be shared with the political leadership in order to build a national consensus on how to steer the country toward long-term economic development while navigating economic and political risks.

Credit: Independent News Pakistan-WealthPk