CEO of WEF lauds Pakistan’s economic turnaround

DAVOS, Switzerland: Professor Klaus Schwab, Chairman of the World Economic Forum on Friday lauded the economic turnaround of Pakistan and said the country underwent a major positive change since 2013.

Schwab made the comments here at the WEF Congress Centre in his meeting with Prime Minister Muhammad Nawaz Sharif.

Professor Schwab said it was part of his job here to look at the world how it was doing and “I must say Mr Prime Minister that your country is doing a wonderful job.”

“There was no hope in 2013, but we now hear from the business community and the world that there is a lot of change in Pakistan,” Professor Schwab said.

The Prime Minister appreciated the holding of the annual forum and the role it was playing in integrating the world.

He gave an overview of the positive indicators of Pakistan’s economy and how it was being perceived by top international financial institutions.

He said country’s GDP has grown by 4.24 % in 2015; highest in last seven years, inflation was 4.6% in the same year, and in the first half of the current fiscal year, it is at a historic low of around 2%.

He also mentioned the rise in the per capita income by 12.91% in the first two years since his government came into power.

He said country’s budget deficit has been brought down from the projected 8.8% for fiscal year 2013 to 5.3% in fiscal year 2015, and is projected to be further brought down to 4.3% in current fiscal year 2016.

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He said in the first two fiscal years, tax revenues have increased by over 33%, due to tax-net broadening and removal of special exemptions.

He said with a downward trend in acts of terrorism and success against the terrorist outfits, Pakistan was fast turning into a favoured destination for business, trade and investment.

He mentioned the growing interest of foreign investors in country’s energy, telecom, infrastructure, urban development, agro-industry and textiles sectors.

Professor Schwab is the Founder and Executive Chairman of the World Economic Forum, the international organization for public-private cooperation.

He founded the Forum in 1971 and believes that the management of a modern enterprise must serve not only shareholders but all stakeholders to achieve long-term growth and prosperity.

The Forum has been a driver for reconciliation efforts in different parts of the world, acting as a catalyst of numerous collaborations and international initiatives.

Source: APP

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