Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Thursday said that he expects GDP to grow more than the target in fiscal year 2022 (FY22).
He made these remarks while delivering a keynote speech at the “Dialogue on the Economy-2021” organized by Pakistan Business Council, in Islamabad.
The adviser said that the current trend in key economic indicators, as well as recent high-frequency indicators, are giving encouraging signals for growth and envisaged that GDP will likely grow more than the target in FY22 and sustain its momentum in the medium-term.
Highlighting the economic priorities, he said that the government is committed to introducing growth-oriented measures to stimulate economic growth, with a clear roadmap of strategic priorities, business facilitation, investment opportunities, revenue and expenditure plans.
He said that the aspiration was to lay the foundation of higher inclusive and sustainable growth so that the economy withstands any shock. These policies stabilized the economy while simultaneously improving the growth prospects.
He said that prudent fiscal reforms have helped in improving the tax-to-GDP ratio and improving revenue generation. Increasing tax collection and expanding the tax base were key objectives of the government’s financial agenda, he added.
The adviser identified priority sectors such as agriculture, information technology and industry modernization to boost exports and said special economic zones have been set up to attract foreign investment. The government is vigorously pursuing “Make in Pakistan” policy to promote export-oriented industrialization in the country. The government is making efforts to further investment climate and attract foreign direct investment (FDI) in the country, he added.
He also shared the steps taken to help the underprivileged through the social protection programs to improve the living standard of vulnerable segments of the society by empowering them.
The adviser expressed confidence that in the face of various challenges and risks persisting both at external and domestic level, the economy will be self-reliant and capable of competing with its competitors globally.
