Corruption, weak governance constraints to Pak growth: WB


Terming corruption and weak economic governance the main constraints to growth, the World Bank said in a report on Saturday that Pakistan had failed to bring improvements in governance. According to the report, a range of governance, corruption and business environment indicators suggested that these areas remained a challenge. Current Freedom of Information (FOI) legislation of Pakistan remained weak, though new legislation had been introduced in the National Assembly, which, with suitable amendments, had the potential to raise transparency and improve accountability. The World Bank said in its report that the New Framework for Growth Strategy (NFGS) launched in June 2011 set out priorities to revive the economy in the medium term. “The Government has outlined a comprehensive plan to accelerate economic recovery under the NFGS, which identifies low productivity associated with weak economic governance as the main constraint to growth,” the report said. It sets out an ambitious agenda under six thematic areas to address this constraint: competitive markets, openness, cities, connectivity, youth development and governance. Successful implementation of the strategy could help the country improve its stabilisation and growth prospects in the coming few years, reduce poverty and provide jobs for some 8,000 people that come to the labor market every day.


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