Owing to industries’ nationalization: Pakistan not even in first 25 Asian economies, says Tarin

LAHORE: Federal Minister for Finance Shaukat Tarin Saturday said Pakistan was the fourth biggest economy in 1968 but today it was not even in the first 25 economies of Asia. Speaking at a dinner hosted by the IBA-Punjab University Alumni Association here, he said Pakistan was ready for an industrial takeoff in 1970s but a political step in shape of nationalization of industries diverted the direction from industrialization to a trading country. He said in 1972/73 the Planning Commission was almost closed down and no long-term planning could take place since then.

The minister said South Korea learnt from Pakistan and implemented the model the country was following in late 1960 and today South Korea was over a trillion dollars economy with per capita income of 27,000 dollars against Pakistan’s mere 1,400/1,500 dollars.

Tarin further said the strategy of the incumbent government was inclusive sustainable growth and Kamyab Pakistan Programme was part of the same.

He said under this programme almost 4 million families would be provided with soft loans so that when growth rate touched 5 or 7 percent the economy remained sustainable unlike the past when economy used to nose dive with no trickledown effect.