Pakistan has witnessed significant macroeconomic imbalances in recent years due to a combination of factors like rising international commodity prices, global financial crisis and domestic supply constraints, said Minister for Economic Affairs Omar Ayub Khan.

Addressing an online session of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) on Wednesday, he stated that the government was aiming to consolidate the emerging macroeconomic stability through appropriate monetary and fiscal measures.

According to him, this step will steer private investment, mobilise domestic savings and increase economic growth.

“Services sector contributes more than 58% to GDP and it has emerged as a major driver of economic growth in the recent past,” the minister said.

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He highlighted the unexplored potential in key services industries such as transport, finance and insurance, communication, housing, tourism, and social and community services.

Khan assured session participants of introducing appropriate measures to effectively harness the potential of services sector.

Asad Umar directed K-P government to resolve the operational issues faced by the project on priority.

Published in The Express Tribune, October 21st, 2021.

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