World Bank Vice President for South Asia Martin Raiser on Saturday said Pakistan could become a $1 trillion economy by 2035 with an annual growth rate of 7%, saying that Achieving this goal was “absolutely” achievable.
During an exclusive interview for Express News’ talk show, The Review, the World Bank representative said long-term projections are always a bit tricky, but Pakistan’s economic recovery plan has the potential to make the country a trillion dollar economy in the next. decade.
Raiser spoke to The Review team following the World Bank’s pledge to provide $20 billion to Pakistan over the next 10 years.
The WB vice president said Pakistan would need an annual growth rate of seven percent to achieve the target. “Is it feasible,” Raiser asked before answering “absolutely.” Is this currently being projected, he further asked, adding that it was probably not. However, he stressed the need to examine key reforms that will make this possible.
Asked whether the WB had contacted other political actors, Raiser responded in the affirmative, saying that the WB had consulted the entire political spectrum. This is part of our preparation process and we are carrying out these consultations with the appropriate civil society group, he said, adding “we have also spoken to the opposition”.
Commenting on trade relations and foreign investments between Pakistan and India, Raiser said Pakistan should focus on what it has under its own control, emphasizing that it can do many things to attract more investments.
Asked whether the $20 billion loan to Pakistan was a guaranteed or indicated loan, Raiser said it was indicative. Under the WB’s lending instruments, he explained, Pakistan has access to both concession funds from the International Development Agency and official non-concessional loans from the International Bank for Reconstruction and development.
He said Pakistan has an exposure allocation that matches the size of its economy and its repayment capacity.
