ICCI for adopting inclusive growth strategy to reduce unemployment

  • August 17, 2012
The prevailing growth strategy of the country has failed to absorb teeming millions of unemployed workforce. Therefore Government should adopt an inclusive growth strategy to create new jobs and reducing unemployment. 
This was stated by Yassar Sakhi Butt, President, Islamabad Chamber of Commerce & Industry (ICCI) in a statement. He said the recent Economic Survey of Pakistan shows sluggish growth in all three major sectors of the economy i.e. manufacturing, agriculture and services as current growth rate could not create proper employment opportunities, especially for low-skilled, semi-skilled, illiterate and the poor people. 
ICCI President said that current phenomenon has aggravated the sufferings of the poor segments of society. He said that if growth does not produce jobs, then its main purpose of fostering sustainable development and alleviating poverty would eventually be defeated. 
He was of the view that there is a dire need for a paradigm shift from jobless growth to inclusive growth where everybody should enjoy the fruits of economic progress and income gaps are not widened between different segments of society.
Yassar Sakhi Butt said that growth models of Japan, Korea and China are good examples of inclusive growth where income gap did not widen during the process of their economic development. He said during their initial stages of development, these countries focused on promoting labor-intensive industries, which helped them reduce unemployment and Pakistan could also cope with the rising unemployment by adopting similar growth pattern. 
ICCI President urged upon the economic managers of the country to make job creation a key ingredient of their economic and social policies because Pakistan cannot achieve sustainable growth rates without creating employment opportunities.