High Growth Brings Economic Deceleration in Pakistan: Ahsan Iqbal

Federal Minister for Planning, Development Ahsan Iqbal on Thursday said that more than six percent of economic growth leads to a dollar crunch in the country, compelling government to decelerate an overheated economy. While speaking at the “Global Development Initiative to Global Security” Dialogue, he highlighted that Pakistan direly needs increased export volume to get rid of the boom-bust cycles of the economy. However, he maintained that economic development also requires stability and continuity of policies. An improved agricultural sector has the potential to generate additional revenue of $10 to $12 billion, he said. Shedding a light on China Pakistan Economic Corridor (CPEC), the minister remarked that CPEC brought in investments worth $29 billion to Pakistan; however, Pakistan remained unfortunate to capitalize on this enormous opportunity to improve its infrastructural and energy sectors, he said. Ahsan Iqbal, while highlighting the devastation brought about by the flood, mentioned that those belonging to underprivileged communities have suffered the price of climate change the most. Pakistan has become a victim of climate change, which is still considered a myth by developed countries, said the minister.