Prime Minister Shehbaz Sharif’s government has unveiled the Uraan Pakistan National Economic Transformation Plan (NETP) 2024-29, targeting robust economic growth, increased investments, and significant improvements in key social indicators.
As per the documents, as seen by Samaa TV, the plan targets an increase in the economic growth rate from the current 2.5% to 6% by 2028-29, alongside a rise in per capita income to $2,405. Inflation is expected to drop from 23.4% to 6.2% over the next five years, while investments are projected to grow from 13.1% to 17% of GDP.
Exports, considered pivotal for economic stability, are expected to surge from $39 billion to $63 billion, and remittances are forecasted to rise from $30.2 billion to $39.8 billion. The current account deficit is projected to increase from -0.2% to -1.2%.
The tax-to-GDP ratio is set to climb from 9.5% to 13.5%, while the debt-to-GDP ratio will be reduced from 67% to 60%.
Under the NETP, significant strides are planned in education, health, and social welfare:
- Education: The literacy rate is targeted to increase by 10%, from 60% to 70%, and education spending will double from 2.1% to 4% of GDP. School enrollment rates for young children will be boosted by 24%.
- Health: Maternal mortality rates will be reduced by 35%, while the under-five child mortality rate will decrease by 18%. The Universal Health Coverage Index will improve by 12%.
- Nutrition: The stunting rate in children is expected to decline by 18%.
The plan envisions creating 1.5 million jobs annually, focusing on youth and women’s participation in the workforce. Investments of $29 billion from friendly countries are expected under the Special Investment Facilitation Council (SIFC):
- UAE and Kuwait: $10 billion each
- Saudi Arabia: $5 billion
- Qatar and Azerbaijan: $2 billion each
The plan aims to halve the poverty rate from the current 41.6% to 21% by 2028-29. Food insecurity is also expected to decrease from 16% to 8%.
The government also plans to grow the number of startups from 300 annually to a staggering 10,000, fostering innovation and entrepreneurship across the nation. This initiative is expected to create jobs, attract investments, and position Pakistan as a hub for technological innovation.
Public health improvements
In health, the plan envisions reducing the mortality rate among children under five from 51 per 1,000 live births to 40%. Vaccine coverage will be boosted from 70% to 80%, enhancing immunity against preventable diseases. Additionally, universal access to sanitation and hygiene facilities will be prioritized, with plans to:
- Increase toilet coverage from 68% to 80%.
- Improve access to handwashing facilities at specific locations from 54% to 70%.
The government has set ambitious sustainability goals, including an increase in the share of electric vehicles (EVs) from 0.3% to 25% over the next five years. Water storage capacity will also see a significant boost, rising from 13.54 million acre-feet to 23.54 million acre-feet.
Vision for a Prosperous Future
The NETP lays the foundation for sustainable development, with the government emphasizing the importance of collective efforts. Prime Minister Shehbaz Sharif, while unveiling the plan, reiterated that the focus is on inclusivity and self-reliance. “These goals are more than numbers—they represent a roadmap for a prosperous Pakistan,” he stated.
The plan aims to increase female workforce participation to 17%. Additionally, the youth unemployment rate is targeted to drop by 6%.
In the energy sector, the share of renewable energy is set to rise to 10%, alongside efforts to reduce circular debt and enhance the energy system's efficiency. Rail transportation will also see a significant boost, with passenger train usage projected to grow from 5% to 15%. Freight operations will increase from 8% to 25%, improving logistics and trade capabilities across the country.
The government has outlined a robust strategy to combat climate change and enhance environmental resilience. Key targets include:
- A 50% reduction in greenhouse gas emissions.
- An increase in water reserves to 10 million acre-feet.
- Expansion of cultivable land by 20.3 million acres to boost agricultural productivity.
- Restoration of forests and the development of disaster-resilient infrastructure to mitigate environmental hazards.
Long-term vision
In addition to its five-year goals, the plan lays the groundwork for long-term economic growth. By 2035, Pakistan’s economy is expected to reach $1 trillion, and by 2047, its size is projected to expand to $3 trillion.
The government emphasized the need for unity and collective effort to achieve these goals. “This plan is not just about numbers; it is a vision for a prosperous and self-reliant Pakistan,” said Finance Minister Muhammad Aurangzeb during the announcement.
