PM Shehbaz Sharif says Pakistan’s economy showing signs of recovery at WEF

Prime Minister Shehbaz Sharif on Wednesday said Pakistan’s economy is regaining momentum, with key indicators reflecting renewed confidence and macroeconomic stability following a series of reforms. He made the remarks at the Pakistan Pavilion during the 56th Annual Meetings of the World Economic Forum.

The prime minister said inflation has fallen sharply from 30 percent to 5.5 percent, while the policy rate has been reduced from 22.5 percent to 10.5 percent, underscoring disciplined economic management. He noted that Pakistan’s IT exports now reach around $3 billion annually through offshore channels.

Shehbaz Sharif emphasised that export-led growth remains central to Pakistan’s strategy, with reforms in revenue collection playing a key role. The government has digitised the tax system, raising the tax-to-GDP ratio from 9 percent to 10.5 percent in recent years.

Highlighting sectoral opportunities, the prime minister pointed to strong agricultural exports and new initiatives in mining and minerals. Agreements have been signed with U.S. and Chinese companies to develop untapped resources in Gilgit-Baltistan, Azad Jammu and Kashmir, Khyber Pakhtunkhwa, and Balochistan.

The prime minister also underscored progress in emerging sectors such as information technology, artificial intelligence, and cryptocurrency, noting that Pakistan’s large youth population presents both challenges and opportunities. Federal and provincial programs, implemented through the National Vocational and Technical Training Commission and subject to third-party audits, are equipping youth for employment locally and abroad.

On international partnerships, Shehbaz Sharif said Pakistan maintains strong economic ties with China and is expanding cooperation with the United States in mining, technology, and counterterrorism.

He highlighted transparent privatisation initiatives, including the Pakistan International Airlines transaction, and said further privatisation and outsourcing are planned in airports, power distribution, and transmission lines.

Referring to the IMF programme, the prime minister said Pakistan has fully adhered to the agreed conditions, with the Fund now citing the country as a success story among developing nations.

Shehbaz Sharif also noted the closure of loss-making state entities such as the Utility Stores Corporation, PASSCO, and the Pakistan Public Works Department, resulting in billions of rupees in savings.

Concluding, he said, “We are at a point where Pakistan is about to take off,” adding that unity, transparency, and sustained reforms are crucial for long-term growth and prosperity.