Pakistan set to become one of world’s biggest economies by 2047: Masood

Pakistan’s Ambassador to the United States Masood Khan says when Pakistan would complete its 100 years in 2047, the World Bank in its report ‘Pakistan at 100’ foresees it as innovation-driven country of multiple trade and investment hubs and centres of excellence.

Addressing an event in Washington D.C, he said that Pakistan has the 23rd largest economy on the basis of Public Private Partnership (PPP) and 42nd in terms of nominal GDP.

The Ambassador said Pakistan is a young country, with abundant labour and growing professional class.

He said hundreds of thousands of students graduating from Pakistan’s universities are ready to be absorbed by national and global markets.

Masood Khan said Pakistan, for decades, was the fastest performing economy in South Asia and one of the fastest in Asia but its growth slowed down because of wars in the neighbourhood and security challenges posed by terrorism.

The Ambassador said now the security situation is improving and there are no wars therefore we will resolutely build our markets.

He said that new and ground-breaking business ecosystems are being unlocked in Pakistan.

He said the tech sector, though nascent at this stage, is witnessing exponential growth with the potential to become an alternative startup hub in the neighbourhood.

Masood Khan also highlighted various efforts being made to address structural issues including liberalization of regulatory regimes, streamlining repatriation of profits, convertible debts, cross-border digital transfers, data protection, tax policy, dispute resolution and intellectual property rights.

He said Pakistan is spearheading the cause of climate change and collective responsibility to save the planet from annihilation.

He said it was under Pakistan’s leadership that COP27 agreed to the principle of ‘loss and damage’, a milestone in climate diplomacy.

Masood Khan appreciated US administration for its generous assistance of 97 million dollars for relief and recovery phase and also ordinary American citizens who have donated 27 million dollars for flood relief efforts.

Source: Radio Pakistan