Pak economic growth to reach 6-7 per cent soon, says Ishaq Dar

MULTAN: Federal Finance Minister Ishaq Dar Wednesday said the national economic growth had jumped up to above five per cent this year from last year's 4.24% and healthy economic indicators suggested it would soon reach 6-7 per cent mark.

He said this while addressing a gathering of industrialists and traders at the Multan Chamber of Commerce and Industry (MCCI).

Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan, Special Assistant to Prime Minister on Law Ashtar Ausaf, chairman Federal Board of Revenue (FBR) Nisar Muhammad Khan, president MCCI Fareed Mughees Sheikh and other prominent industrialists and officials were also present.

Ishaq Dar announced that the refund cases below or up to Rs 5 million would be resolved by March 15 and their refund payment orders (RPOs) would be issued shortly.

The finance minister recalled that there was a time in past when economists were apprehending economic instability before the PML-N government due to poor macro economic indicators in the country. And, they had assessed that any new elected government would require at least four years to avert the default and bring economic stability back.

However, Dar added, the PML-N government took only two years to improve economic indicators to a status that triggered commendations and acknowledgement from world's 22 economic institutions.

World's economists applauded Pakistan's economic performance and British economist Jim O'Neill said in his report that Pakistan had potential to become the 18th largest economy by 2050, Ishaq Dar said adding that today Pakistan's economy was ranked at 44th in the world.

Dar said the report was encouraging and acknowledged the economic achievement of the country, adding that it should inspire all to achieve the projected target much earlier than 2050.

Why not achieve it in 2035, the finance minister said and asked the opposition and all political parties and stakeholders to give suggestions how to reach a goal of becoming the world's 18th largest economy through combined efforts.