Pakistan now-a-days is confronted with numerous big problems and government should establish a national think tank comprising leading economists, business leaders, politicians, strategists, intellectuals etc. who could work out concrete proposals to steer the country out of current troubles.

This was suggested by Zahid Maqbool, President, Islamabad Chamber of Commerce & Industry (ICCI) while talking to a group of traders and industrialists who called on him at ICCI.

He said the severe power and gas shortages, rising incidents of bomb blasts causing death and destruction almost on a daily basis, poor governance, the perception of increasing corruption, deteriorating law and order situation and uncertainty on the political front have combined to give severe blows to the national economy.

He said these conditions are very discouraging, especially to our youth who is the most valuable asset of the country. He said every year, thousands of young graduates are entering the job market, but finding no jobs due to closure of business and industrial units. He said it would be a great injustice to our generations if we failed to carve out a better future for them.

He was of the view that country needs to re-visit its priorities. He said in the last 30 years our spending on education averaged below 3 percent. Though the size of our GDP has risen to 166 billion dollars from 65 billion dollars in the last 10-years, but our spending on education, health and social sectors has been dismally low, which is depriving millions of people of a decent living.

He said a boost in foreign investment is considered highly beneficial for a country as it spurs economic growth and reduces unemployment. But he lamented that due to unfavorable conditions, country has witnessed a steep decline of over 52 percent in FDI which has come down to US$774-million during July-Nov: 09 from $1.62-billion in the corresponding period of last year.

Zahid Maqbool said Pakistan mostly depends on agriculture for economic growth due to which we are still a sustenance economy while the developed countries have made big strides by promoting industrial and service economies. He urged the government to improve poor infrastructure of the country to create better prospects for the economy.

He said all these challenges call for developing a national consensus on priority involving all key stakeholders to arrest the further downward slide of the economy and to create new hopes for our youth.