Balancing stability and sustainable growth

The government is struggling to bring about structural changes in the economy to achieve sustainable and inclusive economic growth with a focus on addressing the external balance of payments crisis. When the economic growth goes up to four per cent, the current account deficit rises, says Finance Minister Muhammad Aurangzeb. The average economic growth rate in three years was 1.7pc, and the current account was surplus in the first four months of FY25. While acknowledging the present signs of economic stability and how tempting it may be to move to the growth stage, Pakistan Business Council Chief Executive Ehsan Malik recalls that every boom after a period of stability in the past has left Pakistan in an external account crisis.