The director of the World Bank in Pakistan has highlighted the urgent need for an overhaul of the country’s economic model, labeling it as dysfunctional. In recent publications from UNDP, Naji bin Hussain emphasized that Pakistan’s economic development has primarily benefited the elite, resulting in a resurgence of poverty despite earlier reductions. He stressed the necessity for policy changes to address this disparity.
Bin Hussain pointed out that Pakistan is grappling with environmental shifts and identified flaws in the agricultural and energy sectors that require immediate rectification. He advocated for energy reforms aimed at ensuring financial stability, equitable distribution, and a shift towards more cost-effective alternative sources. Despite a perceived consensus on the need for change, historical barriers have hindered reform efforts.
Furthermore, the World Bank representative highlighted Pakistan’s potential for a brighter future if systemic issues, unsustainable debt, and limited investment in people and infrastructure are addressed. Emphasizing the importance of a free economy and sustainable growth, he underscored the necessity for improving the business environment, particularly for small enterprises, to enhance overall quality of life.
