Bank of Punjab Hosts Interactive Session with Professor Stefan Dercon in Karachi
Karachi, Pakistan – The Bank of Punjab organized an interactive session featuring Professor Stefan Dercon with local industry leaders in Karachi this week. Professor Dercon, a distinguished academic and policy advisor, currently serves as a Professor of Economic Policy at the Blavatnik School of Government and the Economics Department at the University of Oxford. His latest book, Gambling on Development: Why Some Countries Win and Others Lose, published in May 2022, leverages three decades of research and policy experience across over 40 countries to explore the dynamics of successful economic growth and development.
During the session, Professor Dercon engaged with key stakeholders in Pakistan’s economic sector, reviewing strategic plans and incorporating international best practices. He currently chairs the ‘Committee on the Home-Grown Economic Plan’ for the Government of Pakistan and provides strategic advice on developing and implementing a medium-term reform agenda. This agenda aims to support economic growth through higher international trade and increased private sector participation, contributing to job creation and poverty alleviation. These reforms are designed to complement the economic stabilization policies outlined in the government’s IMF Extended Fund Facility (EFF) agreement.
In his address, Professor Dercon underscored the need for critical economic reforms in Pakistan. He highlighted how the current economic structure distorts resource allocation, hampering productivity growth. He pointed out the anti-export bias in existing policies and advocated for a shift from import substitution to export-led growth. Professor Dercon stressed the importance of improving the investment climate to attract both private and foreign investments, which are vital for economic growth.
Drawing from his extensive experience in policy implementation across developing countries, Professor Dercon shared valuable lessons and successful examples. He emphasized that government policies must consider the distributional consequences of economic measures and include risk mitigation strategies to address implementation constraints and political economy challenges.
Mr. Zafar Masud, CEO of the Bank of Punjab, welcomed Professor Dercon and the business community to the event. He provided insights into the collaborative efforts between Professor Dercon and the Government of Pakistan under the ‘Committee on the Home-Grown Plan,’ detailing the implementation strategies and economic impact assessments being conducted.
The event, attended by senior business and private sector leaders from various industries in Karachi, concluded with a Q&A session. Business leaders shared their insights and discussed how public policy impacts their operations with Professor Dercon.
This interactive session marks a significant step in fostering dialogue between policymakers and the private sector, aiming to drive economic reforms and growth in Pakistan.
