The World Bank recommends a “bold economic reform plan” for recovery. What is new?
By
April 3, 2024
The World Bank recently shared a report saying Pakistan needs a big and clear plan to fix its economy. This plan is important to help the country grow stronger and reduce poverty.
According to the report, Pakistan’s economy will only grow by a small amount, 1.8%, this year. This is less than what the government hoped for, which was around 3%.
The slow growth is because the government is being careful with its money and spending. It’s also because people and businesses aren’t feeling very confident about the economy.
Even though some parts of the economy, like farming, have gotten better, it’s not enough to help most people, especially because many Pakistanis still live in poverty.
The World Bank says Pakistan needs to make big changes to make the economy better. They suggest things like spending money wisely, making it easier for businesses to work, and fixing problems in the energy sector.
The report also talks about how some government-owned companies are causing problems because they keep losing money. The World Bank thinks it’s a good idea for the government to sell or change these companies to make the economy better.
The report gives a roadmap for Pakistan to follow, but it also says that putting these ideas into action won’t be easy. It’s up to the government to decide what steps to take next to improve the economy and help the people.
