Diversifying exports and increasing investments can help Pakistan achieve higher gross domestic growth, according to the Governor of the State Bank of Pakistan (SBP), Dr. Reza Baqir.
He stated this during his speech at the virtual CFO Conference 2021, which was organized by the Institute of Chartered Accountants of Pakistan (ICAP).
Dr. Baqir said that Pakistan is fully capable of achieving growth in the GDP. “We have been able to increase our gross and net reserves. We need to diversify our export base as other nations have done,” he added.
He said that the challenges that the developing countries have been facing during the pandemic were unprecedented. These challenges have brought economic, social, and sustainable development concerns as the pandemic has pressed the reboot button of economies globally with long-lasting impacts.
Baqir remarked that lower investments, erosion of human capital, lower productivity, limited income growth, and structural transformations all over the world are some of the consequences of the pandemic.