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BEIJING, Dec 24 (APP): Under the wise leadership of Prime Minister Muhammad Shehbaz Sharif, Pakistan’s economic trajectory has undergone a striking turnaround. This impressive transformation, driven by bold reforms and backed by tangible results, truly deserves the highest recognition.
This was stated by Prof. Cheng Xizhong, Senior Research Fellow at the Charhar Institute, a non-governmental Chinese think-tank on diplomacy and international studies based in Beijing.
In a statement, he said that the statistics tell a compelling story: macroeconomic stability has been firmly established. Inflation has plummeted from 38% to single digits, while foreign exchange reserves have risen to over 14.5 billion dollars. These are more than mere numbers—they are tangible testament to a nation reclaiming its economic sovereignty and forging a new path toward prosperity.
What makes this transformation particularly impressive is the government’s strategic pivot from a consumption-driven growth model to an export-led paradigm. By dismantling protectionist barriers, implementing comprehensive tax reforms, and restructuring state-owned enterprises, Pakistan is laying the groundwork for sustainable, productivity-based expansion. The IT sector’s remarkable success—with exports crossing the $4 billion mark—exemplifies the potential of this new approach. Concurrently, the government’s focus on agriculture, minerals and digital services is opening multiple pathways to diversified prosperity, he added.
Prof Cheng said that equally commendable is the government’s recognition that sustainable economic progress hinges on addressing broader societal imperatives. By prioritizing climate resilience initiatives, women’s economic empowerment and educational reform, Pakistan is investing in its most precious asset—its people. This holistic vision underscores that authentic development transcends mere fiscal metrics, embracing human capital cultivation and environmental sustainability to ensure that economic gains are widely shared and pursued in an environmentally accountable manner.
In the face of prominent geopolitical constraints and domestic predicaments, the government’s unflagging dedication to maintaining the impetus of reform reflects the advent of a more sophisticated economic paradigm in Pakistan. By actively soliciting the engagement of global investors in the country’s development and transformation process, the authorities are strategically anchoring Pakistan’s status as an emerging market with substantial latent growth capacity. This orientation toward international collaboration, in conjunction with a persistent emphasis on policy consistency, is gradually consolidating confidence in the sustainability of Pakistan’s long-term economic development path, he added.
Pakistan’s economic renaissance is more than a regional triumph—it stands as a compelling testament to how bold reforms, consistent policy frameworks, and a commitment to long-term sustainability can revitalize even the most beleaguered economic landscapes. The path to full-fledged prosperity remains arduous, yet a solid foundation has been laid for a more thriving and resilient Pakistan, one that is primed to assume an increasingly pivotal role in the global economic arena, he concluded.