The second day of the 1st International Conference on “Economics and Sustainable Development” by the School of Economics and Social Sciences at the IBA Karachi, in collaboration with the Centre for Business and Economic Research, commenced with an opening address by the Chief Economist at the Asian Development Bank (ADB), Mr. Yasuyuki Sawada.
Speaking about the outbreak of the Covid-19 virus and how it has destabilized the economic outlook and widened existing social inequalities, impacting lives and livelihoods of millions in Asia-Pacific region and beyond, Sawada remarked, “Regional GDP contracted by 0.2% in 2020 with East Asia faring much better. After a sharp contraction last year, growth in South Asia will rebound in 2021. However, the recovery will be uneven”.
Later, a panel discussion on “Sustainable Development: Inequality and Inclusive Growth” took place amongst Mr. Knut Ostby, Resident Representative, UNDP Pakistan, Dr. S Akbar Zaidi, Executive Director, IBA, Dr. Sania Nishtar, Special Assistant to the Prime Minister (SAPM) on Poverty Alleviation and Social Safety, and Dr. Waqar Masood, SAPM on Revenue.
Mr. Knut Ostby said, “As one of the first countries to pledge its commitment to the 2030 Agenda on the SDGs, Pakistan understands the simple truth that equality is the cornerstone of sustainable development”. Mr. Ostby added that the Asia-Pacific region has witnessed the steepest rise globally in human development, but at the same time the region continues to grapple with wide-spread, multi-dimensional poverty.
Dr. Zaidi added that poverty is much easier to address as compared to inequality. “All sets of data prior to Covid-19 shows that poverty rate fell remarkably in South Asia, however, what it does not show is that the inequality rate also increased a great deal. So whenever there has been economic growth, rather than development, there has been a rise in inequality.”
Dr. Waqar Masood said, “Inclusive growth is mainly about reducing poverty. However, growth should also be focused on women, youth and rural population so that they can join the race and benefit from the growth.”
Talking about the contribution of the Ehsaas Programme, Dr. Sania Nishtar remarked that the programme is linked with the theory of change, and not a mere rebranding of BISP. She mentioned that a ministry was created to consolidate all the federal entities, covering the digital infrastructure which helped during the COVID-19 cash roll out.
The day also featured two technical parallel sessions with PhD scholars and leading researchers on a variety of topics ranging from labour markets, tourism, and socio-economic impact of Covid-19 to sustainable energy, poverty, and youth development.
Earlier on Day 1 of the conference, a panel discussion on “Growth and Economic Stability: Challenges and Prospects” featuring renowned speakers including Dr. Miftah Ismail, former Federal Minister for Finance, Dr. Nadeem-ul-Haque, former Deputy Chairman, Planning Commission, Mr. Sakib Sherani, Member of the Economic Advisory Council, and Mr. Asim Bashir Khan, PhD Scholar, IBA took place. The panel was moderated by Dr. Asma Hyder, Dean – School of Economics and Social Sciences, IBA and Dr. Adnan Haider, Chairperson, Department of Economics, IBA.
Dr. Miftah Ismail stated, “The economic growth and stability is not a priority for the Pakistani nation; hence the investment sector is overlooked, and financial environment is not conducive for savings.”
Mr. Sakib Sherani opined that all the Asian developing countries that have progressed economically in the last 40 years is due to focus on exports.
Sharing his thoughts, Dr. Nadeem-ul-Haque said that Pakistan has an inconsistent economic growth pattern and at present the economic growth has come to a grinding halt.
The conference will conclude on April 4, 2021.
