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Punjab Government Launches its Punjab Economic Report 2017 prepared by PERI, P&D at Local Hotel, Lahore.

18 Dec, 2017

Finance Minister Punjab Dr. Ayesha Ghous Pasha has said that “Punjab needs to harness the opportunities and not shy away from the challenges”.

She said this while addressing the Launching Ceremony of Punjab Economic Report (PER) 2017 hosted by the Punjab Economic Research Institute (PERI), Planning & Development Department, Government of the Punjab at Local Hotel, Lahore.

Minister for P&D Malik Nadeem Kamran, former Federal Finance Minister & Eminent Economist Dr. Hafeez A Pasha, Dr. Ijaz Nabi Country Director IGC, Provincial Minister for Mines & Minerals Shair Ali, Minister for Population Welfare Dr. Mukhtar Berth, Minister for Women Development Zakya Shahnawaz, Capt. (R) Zahid Saeed Chief Secretary Punjab, Chairman P&D Muhammad Jahanzeb Khan, Secretary P&D Iftikhar Ali Sahoo, Director PERI Dr. Mumtaz Anwar, Country Director World Bank Patchamuthu Illangovan, all members P&D Board, Parliamentarians, Senior Government Officials, Economists, Academicians, Journalists and representatives from the Industry, Agriculture, Development organizations and partners also attended the Ceremony.

Addressing the Ceremony, Finance Minister Dr. Ayesha Pasha focused on the importance of the province in playing a crucial role in improving the lives of the citizens. She reiterated the significance of evidence-based policy making and was of the view that this report would be beneficial for devising strategic development goals. She explained how the province was making progress in achieving the targeted growth rate through improving the energy generation, fuel mix, and security situation of the province. She also highlighted that under the Growth Strategy framework, 2-million youth would be provided with adequate education and skills to ensure their employability.

Provincial Minister for P&D Malik Nadeem Kamran, appreciating the efforts of PERI and P&D on the completion of PER, hoped that the report would assess the current economic situation, key performance indicators and the strengths of the province and also assist the government by identifying key areas where the province needs more attention. Highlighting the Punjab government’s commitment to economic prosperity, he stressed that growth must be pro-poor therefore every effort is being made to optimally utilize the limited financial resources purely for the welfare of the underprivileged segment of the society. For this purpose, the province is covering a range of projects including maternal health projects, projects of access to clean water, the availability of infrastructure and environmentally friendly transport facilities for the deprived segment of the society. P&D Minister concluded by assuring the audience that major development projects are underway with the role of P&D being pro-active through appropriate scrutinizing and monitoring of the projects from beginning to the end.

Dr. Hafiz A. Pasha, Former Federal Minister Finance / Eminent Economist, highlighted that Punjab was on track to achieving a growth rate of 6% by the end of the year which would be the highest growth rate in eleven years. He said that Punjab has shown a growth rate of 5% in major crops in 2016-17, which was the highest in the last ten years. He emphasized that Punjab needs to focus on providing employment to the youth of Punjab in order to take advantage of the youth bulge in Punjab. He also highlighted the need to develop secondary cities in Punjab as part of its Urban Development strategy in order to reduce the burden on existing cities.

Earlier, Chairman P&D Punjab Muhammad Jehanzeb Khan, welcoming Cabinet Ministers, Experts, Government Representatives, Business Leaders, Academicians & Researchers to the launch of Punjab Economic Report (PER) 2017, said that the government has achieved the important task of holistically documenting the economy of Punjab. He acknowledged the efforts of the Punjab Economic Research Institute (PERI) that worked closely with the Lahore University of Management Sciences (LUMS) in the preparation of the report. He said the province was focusing not just on accelerating economic growth but on achieving balanced, inclusive and sustainable economic growth which would improve the well-being of the citizens of Punjab. The 7th NFC award has shifted the fiscal balance in favor of the provinces and the 18th Amendment has given constitutional rights to the provinces to focus on human development in the provinces.

Dr. Ijaz Nabi, Country Director IGC, thanked the Chief Minister for providing an opportunity in first preparing the PGS 2018 and then subsequently PER 2017 in order to understand whether the province is on track to achieving the targets it has set for itself in its vision document. In addition to providing an assessment of the PGS 2018, the report also provides an assessment of the opportunities available to the province in terms of CPEC. He thanked Dr. Mumtaz Anwar, Director PERI, for his unrelenting commitments in the preparation of the report.

 

Senior representative of LUMS Dr. Turab Hussain presented the key highlights of PER 2017. He thanked PERI, P&D and the LUMS team for their efforts in the preparation of the report. He highlighted that the report was a compendium of the work done in all sectors over the last ten years. The report presented an overview of the economy on socio-economic profile (poverty, inequality, regional disparities), structure (agriculture, industry, services), social sector (health, education, WASH), Infrastructure and Urban Development, IT, Provincial Investment in Energy, and Public-Sector Resource Management. He highlighted that the most important challenge for the province was its youth bulge. This bulge could be turned into a boon by educating the youth and providing them with adequate healthcare facilities, or it could be a bane if this youth was neglected.

Moreover, allocations to the health and education sector have doubled which are reflective of the focus of the provincial government on the welfare of the people. Governance has improved in the province through stock takes by the Chief Minister, local government empowerment and initiatives like e-governance that have been crucial in improving the monitoring process in the province, he added.

The ceremony concluded with the unveiling of the report by the respected guests.