Economic stability requires 70% increase in GDP growth
LAHORE : Chairman United Business Group (UBG) and Vice President SAARC Chamber of Commerce Iftikhar Ali Malik on Sunday said sustainable national development require 70% growth in GDP rate for the next ten years.
Maintainable growth in GDP is imperative for provision of affordable facilities to masses and settle issue of rampant unemployment for which new investments, savings and increased tax collections are necessary, he said.
The business community has full faith in the leadership of PM Nawaz Sharif and economic vision of Finance Minister Ishaq Dar to steer the country out of problems, he said while speaking to Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Abdul Rauf Alam, Islamabad Chamber of Commerce and industry (ICCI) President Atif Ikram Sheikh and Islamabad Women Chamber of Commerce and Industry (IWCCI) President Samina Fazil.
They said that exports are going down due to global recession while saving are stagnant for which rate of return must be improved.
Iftikhar Ali Malik said that tax net should be broadened and investment should be encouraged to change the situation. Only way to provide relief to majority of the world’s population living in SAARC region is through increased trade and reduced friction.
He said that a study by the Asian Development Bank (ADB) shows that an additional three billion Asians could enjoy living standards similar to those in Europe today for which policies must be revisited. Region could account for over half of global output by the middle of this century but we are not prepared for it.
Curtailing movement of businessmen has been identified as one of the biggest hurdles in progress of region, which is home to 22% of world’s population with 45% of young people, he said.