LAHORE: Martin Raiser, the World Bank’s VP for South Asia, suggests that Pakistan’s GDP could reach $1 trillion by 2035, provided it maintains a consistent growth rate of 7% annually.
The World Bank has pledged to provide $20 billion to Pakistan over the next decade, according to Raiser.
In a recent interview, the individual described this ambitious goal as “absolutely feasible,” provided the country implements necessary economic reforms.
Raiser pointed out that the World Bank discussed people from different political backgrounds to make sure everyone can be involved in decision-making. “As part of our preparation process, we consult the right groups within civil society,” he stated. He continued: “We have talked to the opposition as well.”
Regarding the trade relationship between Pakistan and India, Raiser urged Pakistan to seek investment by concentrating on its own sphere of influence. He stressed that Pakistan has plenty of chances to propel prosperity on its own, even though external factors like economic relations with India are important.
Using a mix of concessional and non-concessional funding, Raiser explained that the $20 billion commitment is indicative lending. Based on Pakistan’s economic capacity and ability to repay, the allocation will be made.
The World Bank’s help shows that making important changes is key for Pakistan to achieve lasting economic growth in the future.