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Stabilisation Policy vs. Growth-oriented Policy: Implication for the Pakistan Economy [with Comments]

Kaiser Bengali, Qazi Masood Ahmed and Syed Tahir Hijazi
The Pakistan Development Review
Vol. 40, No. 4, Papers and Proceedings PART II Seventeenth Annual General Meeting and Conference of the Pakistan Society of Development Economists Islamabad, January 14-16, 2002 (Winter 2001), pp. 453-466
Stable URL: http://www.jstor.org/stable/41260346
Page Count: 14
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Stabilisation Policy vs. Growth-oriented Policy: Implication for the Pakistan Economy [with Comments]
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Abstract

Pakistan has initiated a comprehensive reforms effort aiming at tracking the economy on a higher and sustainable economic growth to reduce the level of poverty and unemployment and to raise the standard of living. These objectives are to be achieved through a programme that would build on macroeconomic stability which encompasses structural reforms, trade liberalisation, privatisation, and fiscal reforms in the financial sector. The paper reveals that the stabilisation targets have been achieved in a way in which they should not be achieved. This paper proposes a fundamental shift in policy. The principal objective should be growth, stabilisation being a secondary objective. The contractory fiscal policy regime needs to be relaxed, with a shift from revenue mobilisation to current expenditure reduction. Development expenditure however needs to be enhanced even further, in order to create the crowding-in effect for investment, for growth in employment, income, and purchasing power and for poverty to be reduced in absolute terms.

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