Professor Stefan Dercon engaged in an interactive session with industry leaders in Karachi hosted by the Bank of Punjab this week. As a distinguished Professor of Economic Policy at the University of Oxford’s Blavatnik School of Government, Professor Dercon combines his academic prowess with extensive experience advising governments worldwide on economic development.
His latest book, ‘Gambling on Development: Why some countries win and others lose’, published in May 2022, synthesizes insights from over three decades of research across more than 40 countries. It explores why certain nations succeed in fostering growth and development while others falter.
Professor Dercon currently leads Pakistan’s ‘Committee on the Home-Grown Economic Plan’, where he plays a pivotal role in shaping strategic economic reforms. These reforms aim to bolster economic stability and growth by enhancing international trade and fostering a conducive environment for private sector engagement.
During the session, Professor Dercon underscored critical reforms necessary for Pakistan’s economy. He highlighted the inefficiencies in resource allocation and advocated for shifting from import substitution policies to a more export-oriented growth strategy. Emphasizing the need for an improved investment climate, he stressed the importance of attracting both domestic and foreign investments to spur job creation and alleviate poverty.
Drawing on successful policy implementations in other developing nations, Professor Dercon offered actionable insights tailored to Pakistan’s context. He emphasized the imperative for policymakers to consider the distributional impacts of economic measures and navigate implementation challenges amidst political and economic complexities.
Mr. Zafar Masud, CEO of the Bank of Punjab, extended a warm welcome to Professor Dercon and the assembled business community. He highlighted the collaborative efforts underway with Professor Dercon to advance Pakistan’s economic agenda through the ‘Committee on the Homegrown Plan’. The session concluded with a spirited Q&A session where industry leaders exchanged perspectives with Professor Dercon on the intersection of public policy and business dynamics.
The event, attended by senior executives across diverse industries in Karachi, served as a platform to catalyze informed dialogue and strategic partnerships aimed at steering Pakistan towards sustained economic prosperity