Federal Minister of Finance Miftah Ismail expects the economy to grow more than 3.5% for the fiscal year that started in July, Bloomberg News reported on Saturday.
Ismail predicted inflation, running at the highest in 47 years and the second-highest in Asia, was close to its peak and would average 15% for the year, the report said.
Curbs on luxury items may remain in place for longer than currently anticipated, Ismail was quoted as saying.
‘Export promotion a pre-requisite for progress’
Ismail, last week, highlighted that self-reliance, export promotion, farm productivity enhancement and education of children are the four basic principles to lead the country towards growth and development while addressing the ‘Leaders in Islamabad Business Summit’.
Miftah said, “Pakistan is not where it should have been, according to the vision of Quaid-e-Azam Muhammad Ali Jinnah”.
“There is a dire need to identify the mistakes that affected Pakistan’s progress as compared to the other countries,” added Miftah.
He also identified key principles to lead the country towards progress which include ‘living within means’ highlighting that “unless the income matches the expenditures, the country cannot progress”.
“There’s an extreme need to focus on enhancing exports from the country by diversifying the field. No heed was paid to this sector as the exports from the country did not witness any substantial growth during past eleven years, it only receded in terms of quantity. The government has introduced an import substitution initiative besides taking measures to encourage companies to export 10% of their production,” he added.