ISLAMABAD
\nThe Federation of Pakistan Chambers of Commerce & Industry\u2019s Businessmen Panel (BMP) has emphasized the need for curbing capital flight and brain drain, calling for measures to retain Pakistan\u2019s financial and human resources within the country.
\nBMP Chairman and FPCCI former president Mian Anjum Nisar underscored the need for urgent reforms to restore investor confidence, address economic hurdles, and prevent further capital outflows.
\nExpressing concern over the growing number of Pakistani businesses relocating abroad, he pointed out that thousands of individuals have transferred their businesses overseas to secure citizenship through investment programs.
\nHe expressed optimism that Pakistan could become a trillion-dollar economy within the next six to seven years if the right economic policies were implemented. He also highlighted the progress in the agriculture sector, noting that rice exports had reached $3.8 billion and total agricultural exports had climbed to $9 billion, shifting Pakistan from an import-driven to an export-driven economy.
\nBMP Chairman urged the government to focus on enhancing economic competitiveness rather than relying on trade concessions such as the European Union\u2019s GSP+ scheme. He pointed to artificial intelligence, cloud computing, and software as key sectors for economic advancement.
\nHe acknowledged improvements in economic indicators, stock market performance, and rising IT exports but noted that a significant trust deficit still hindered business confidence.
\nHe urged the government to address corruption and bureaucratic harassment, which he said were forcing people to leave the country. He emphasized the untapped potential of Pakistan\u2019s IT sector, which he estimated could reach $30 billion in exports.
\nHowever, he warned that excessive regulatory pressure was stifling growth, particularly through changes in tax policies such as the replacement of the Final Tax Regime (FTR) with a standard taxation system.
\nHe highlighted a deteriorating business climate, with many multinational companies exiting Pakistan. Referring to the report, he said that the International Monetary Fund has revised Pakistan\u2019s economic outlook, downgrading its projected Gross Domestic Product (GDP) growth for 2025 to 3%, down from 3.2% forecasted just three months ago.
\nThe adjustment comes amid a broader global economic assessment presented in the IMF\u2019s \u201cWorld Economic Outlook Update: Global Growth \u2013 Divergent and Uncertain.\u201d The IMF\u2019s revised projections also indicate that Pakistan\u2019s GDP growth will remain at 4% in 2026. However, the latest downgrade reflects ongoing economic challenges in the country, although the IMF did not provide specific reasons for the revision.
\nThis latest revision mirrors the forecast made by the Asian Development Bank (ADB) last month, which also adjusted Pakistan\u2019s growth forecast to 3% for the fiscal year 2024-25, up from a previously projected 2.8%.
\nBoth institutions have cited challenges faced by Pakistan\u2019s economy but have maintained a cautiously optimistic outlook for the medium-term.Globally, the IMF forecasts a global growth rate of 3.3% for both 2025 and 2026, slightly below the historical average of 3.7%.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Federation of Pakistan Chambers of Commerce & Industry\u2019s Businessmen Panel (BMP) has emphasized the need for curbing capital flight and brain drain, calling for measures to retain Pakistan\u2019s financial and human resources within the country. BMP Chairman and FPCCI former president Mian Anjum Nisar underscored the need for urgent reforms to restore investor […]<\/p>\n","protected":false},"author":2,"featured_media":316323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-464758","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n