Meher views Pakistan’s economic outlook as optimistic
In Lahore, the Coordinator to the Minister of State and Federal Tax Ombudsman, Meher Kashif Younis, expressed optimism about Pakistan’s economic future in a recent workshop titled “Impact of Tripartite Collaboration for Economic Growth”. He emphasized, however, that the realization of this potential is contingent upon several key factors, including successful global integration, effective macro-economic strategies, and synergistic collaboration among academia, industrialists, and policy-makers, coupled with political stability and good governance.
During the workshop, Meher Kashif Younis highlighted that under favorable conditions, Pakistan’s economy could accelerate, potentially increasing the current growth rate by 2 to 2.5 percentage points. This boost could potentially lead to a doubling of per-capita income in the next decade. He underscored the importance of a multi-faceted approach that involves integrating government policy, industrial development, and academic research to address socio-economic challenges and capitalize on industrial growth for national development.
Meher pointed out that Pakistan’s strategic geographic location has yet to be fully leveraged for boosting intra-regional trade and investment. To harness its future potential, he advocated for Pakistan to strategically position itself for better integration into regional and global economies. This strategy would also involve capitalizing on the nation’s youthful population and advancing technological capabilities.
He referenced studies suggesting that collaborations between universities and industries, supported politically, can promote long-term growth. This approach is essential to counteract political pressures that may hinder state-led development efforts.
Meher Kashif Younis also touched upon the impact of global hyper-connectivity and technological innovation, which he believes are integral to socio-economic systems. He stressed that innovation results from the evolutionary synthesis of strategy, technology, and management, which organizations can develop and utilize effectively.
Policy-making, according to Meher, is complex and involves numerous variables. Effective policy implementation requires mobilizing people, procedures, and resources to achieve desired outcomes. He noted that governments globally are implementing policies to stimulate innovation, foster new technologies, and develop advanced industries. These interventions, while generally positive, can have varying impacts in the context of the global economy.
In light of recent crises and the ongoing restructuring of globalization, he observed a shift in socio-economic disciplines. There is a move from traditional focuses on economic geography and regional development to an emphasis on understanding local dynamics within a global context.
Finally, Meher Kashif Younis highlighted the significance of the “Fourth Industrial Revolution” thematic, a concept rapidly gaining traction in international forums like the World Economic Forum. This paradigm shift, he concluded, is crucial for understanding and navigating the complexities of the current global economic landscape.
