PIDE seminar: Overregulation termed one of major concerns holding back economy

ISLAMABAD: Speakers at a seminar Wednesday while underlining Pakistan’s economic problems have said that overregulation was one of the major concerns holding back Pakistan’s economy.

While speaking at a seminar titled, “Reason, Rigor and Research” organised by the staff of Pakistan Institute of Development Economics (PIDE) to pay homage to retiring Vice Chancellor Dr Nadeemul Haque, they said that in the past five years, research by PIDE shows excessive rules stifle businesses, innovation and entrepreneurship.

They stressed the need for change, saying, “Let’s cut red tape and unleash economic growth”.

Dr Nisar Iqbal, while highlighting the urgent need for simplification and digitization, informed that Pakistan was ranking at 108th in the Ease of Doing Business and had highest regulatory compliance costs in South Asia. The researcher of PIDE recommended, regulatory guillotine (sunset laws), regulatory impact assessments and simplification/digitisation to boost economic growth, enhance business confidence and create jobs.

The event was further informed that the absence of economic water pricing means that there is no financial penalty for excessive water usage, allowing unsustainable practices to continue unchecked. Farmers often resort to water-intensive cropping patterns and inefficient irrigation methods. This strains the country’s water resources and contributes to long-term environmental degradation. Therefore, without addressing this issue, the wasteful consumption cycle will likely continue.

Earlier, senior professors and staff member of PIDE, while paying tributes to the services of Dr Haque, said that under his leadership as Vice Chancellor, since October 2019, PIDE spearheaded innovative reforms in economic policy research and public policy discourse, positioning PIDE as a leading public sector think tank in Pakistan and globally.

Over the past five years, Dr Haque’s leadership has revitalised PIDE, aligning its research with pressing macroeconomic and governance challenges. His dynamic approach reshaped the institute’s research agenda, focusing on crucial areas such as economic growth, urban development, regulatory reform, energy policy, education, healthcare, and public sector management.

His groundbreaking work on the cost of bureaucracy and regulatory burdens has been widely recognised by policy circles and academics worldwide, fostering greater dialogue between policymakers, scholars, and international institutions.

These contributions have played a pivotal role in shaping Pakistan’s policy landscape.

Under Dr Haque’s stewardship, PIDE expanded its platforms for knowledge dissemination, including books, the renowned Pakistan Development Review journal, policy briefs, and academic conferences. Initiatives such as the EconFest and PIDE’s YouTube channel have extended the institute’s outreach, engaging a diverse audience beyond academia, including policymakers and the general public.

Dr Haque’s tenure also saw the launch of the Research for Social Transformation and Advancement (RASTA), the largest public policy research grant programme in Pakistan. This initiative, aimed at fostering local research and solutions, has connected over 65 universities and 3,200 researchers, creating a robust knowledge network. This programme is pivotal in generating high-quality, evidence-based research that informs policy decisions across the country.

Dr Durre Nayab, former Director of Research and Pro Vice-Chancellor of PIDE, presented a comprehensive research showcase, highlighting the institution’s achievements over the past five years.

She said that since 2019, PIDE has significantly diversified its research output, introducing a variety of publications including monographs, policy viewpoints, knowledge briefs, PIDE Analytics, and webinar briefs. The institute’s innovative approach has also led to the launch of discourse magazines, animated videos, and documentaries, making research more accessible and impactful for a wider audience.

PIDE’s research spans crucial areas of Pakistan’s socio-economic development, focusing on cities and urban development, public sector management, agriculture and real estate markets, power sector reform, fiscal policy, youth opportunities, housing, and foreign aid. By addressing these diverse themes, PIDE remains dedicated to generating evidence-based policy research that influences sustainable solutions to national and global challenges.

The institute’s digital presence has grown significantly, with over 540 webinars featuring 32 Nobel Laureates and international academicians. PIDE’s YouTube platform has produced 1,091 videos, attracting 2.2 million views and over 215,000 hours of watch time, cementing its role as a leader in digital engagement and knowledge dissemination.

Nobel Laureate in economics Dr Michael Spence, speaking on the occasion, offered valuable insights on development strategies in a more complex and difficult global economy. He emphasised the importance of strategic reforms in emerging markets like Pakistan.

His discussion provided global context to Pakistan’s challenges, offering a roadmap for navigating a complex global economic environment.

Professor Spenser greatly appreciated the work PIDE has produced during Dr Haque’s tenure and wished that the successor would keep this momentum going for larger impact on policy decisions.

Copyright Business Recorder, 2024