Pakistan’s Economic Revival: Ishaq Dar Highlights Country’s Progress
Pakistan Climbs to 24th Largest Economy Despite Challenges
Deputy Prime Minister and Foreign Minister Ishaq Dar addressed the Pakistan Business Council’s economic diplomacy event, shedding light on Pakistan’s economic recovery. Despite facing severe setbacks, he reaffirmed that Pakistan is back on track toward sustainable growth.
2013: A Turning Point for Pakistan’s Economy
Dar highlighted the critical economic turnaround in 2013, when the nation was struggling with:
- Power shortages
- Terrorism threats
- Economic instability
Under the ruling party’s “Three Es” policy—Economy, Extremism, and Electricity, Pakistan swiftly regained stability. As a result, by 2016, Pakistan ranked as the world’s 24th largest economy, enjoyed record-high foreign reserves, and successfully controlled inflation.
Economic Downturn & Path to Recovery
However, Dar pointed out that post-2018 policies led to a decline:
- Pakistan dropped to 47th in global economic rankings
- Inflation surged into double digits
- External debt climbed to $130 billion by 2023
Despite these challenges, Pakistan’s natural wealth, including mineral and hydrocarbon reserves, holds the key to future prosperity.
Privatization & Economic Reforms
To revive financial stability, the government is implementing privatization strategies, including:
✅ 24 state-owned enterprises (SOEs) listed for privatization
✅ Privatization of major airports
✅ Potential corporate takeover of Pakistan International Airlines (PIA)
Urging Pakistan’s business sector to play an active role, Dar expressed confidence that strategic reforms will help Pakistan regain its economic standing on the global stage.