Amidst distinguished economists, academicians and policymakers from both the national and international platform, the Lahore School of Economics hosted its eighth annual conference on ‘Management of the Pakistan Economy’ at its main Burki campus. The theme of this conference was ‘Towards Accelerated Economic Growth: Its Need and Feasibility’, with the first day of the conference being devoted to discussions on the challenges and constraints faced in accelerating economic growth in Pakistan.
LSE Rector Dr Shahid Amjad Chaudhry inaugurated the conference and remarked that this year’s conference addressed issues relevant to the Pakistani economy.
The opening session of the conference focused on ‘A Heterodox Strategy for Stabilisation and Economic Growth’. The first speaker, Financing for Development Special Advisor
Dr Irfan-ul-Haq remarked that a strategy for accelerated growth for Pakistan is both necessary and feasible as Pakistan’s macroeconomic conditions are broadly similar to some of its neighbours.
He stressed that for accelerated growth to materialise, determined steps are needed to overcome the energy crisis, sharply raise the investment rate and strengthen Pakistan’s competitiveness in the world market.
Columbia University School of International Public Affairs Visiting Professor Dr Akbar Zaidi presented a critical analysis of the Planning Commission’s Framework for Economic Growth . According to him, the framework avoids tackling core issues of taxation, distribution and equity, and privileges the market and free enterprise over the role of the state and was a ‘technicist script with little value’.
Former World Bank Principal Economist Sikander Rahim pointed out that there has been a fair amount of industrial development in Pakistan but it has given rise to disappointingly little increase of income.
Analysing factors that hinder export competitiveness of manufacturers in Pakistan, PIDE Faculty of Economics Dean and Research Chief Dr Ejaz Ghani said at the macro level, GDP growth, level of industrialisation, real effective exchange rate and physical infrastructure are the key drivers of export performance. Dr Azam Chaudhry looked at local and international factors that affect firm entry and survival in Pakistan. Oxford University Wolfson College Lecturer Dr Matthew McCartney stated that competitiveness has become a mantra and organising a framework for government policymaking in Pakistan and beyond.
