STAFF REPORT
ISLAMABAD: Pakistan has finalized its 5Es National Economic Transformation Plan (2024-29) to expand the economy to $1 trillion by 2035. Developed by the Ministry of Planning, the plan will be unveiled by Prime Minister Shehbaz Sharif. It replaces UK-based economist Stefan Dercon’s earlier fiscal strategy, which failed to gain traction.
Key targets include increasing the literacy rate to 70%, cutting poverty by 13%, and boosting IT-related exports by $5 billion by 2029. The plan envisions producing 75,000 IT graduates annually, creating over 100 software technology parks, and establishing a $1 billion-valued Pakistani unicorn company.
However, progress hinges on dismantling the recently installed social media firewall, which hampers IT development and digital exports. Experts warn that restrictions on internet freedom could stifle growth and innovation.
The plan also aims to tackle climate change, expand renewable energy to 10%, and position Pakistan among the top 10 global economies by 2047. It emphasizes sustainable growth through exports, digital transformation, and infrastructure development.
Promising to create 1.5 million jobs annually, the blueprint sets bold goals, including increasing rail freight to 25% and cutting greenhouse gas emissions by 50%. Critics argue success depends on policy consistency and overcoming challenges like stagnant productivity and technological lag.
