BoP problems: Competitive, export-driven economy constitutes the solution: Ahsan

Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal told a conference on Wednesday that Pakistan needs a competitive, export-driven economy to resolve its recurring balance of payments problems. According to Business Recorder, he said reaching a USD100 billion export goal by 2035 is vital for breaking the cycle of economic dependence. The remarks were delivered at the opening sitting of the 39th International Conference and yearly general assembly of the Pakistan Society of Development Economists.

Ahsan Iqbal put Pakistan's goods exports at roughly USD32 billion in calendar year 2024. Bangladesh was listed at USD47 billion, Malaysia at USD330 billion and Vietnam at USD404 billion in the comparison. In 1990, Pakistan's goods exports came to roughly USD6 billion, while Vietnam's were USD2.5 billion. Looking back at 2022, he linked 6 per cent growth to USD80 billion of record imports and a USD50 billion trade deficit.

PIDE Vice Chancellor and PSDE President Dr Nadeem Javaid said exports of goods and services fell from about 16 per cent of GDP in the late 1990s to roughly 10.4 per cent in 2024. He blamed high energy costs, tariffs, financing limits, logistics and regulatory uncertainty for weak competitiveness. He also argued that the USD100 billion goal is a scoreboard rather than a strategy, with success judged by jobs and living standards.