Country needs 7% economic growth to reduce debt, create jobs.

ISLAMABAD -- The Federation of Pakistan Chambers of Commerce and Industry's Businessmen Panel Chairman Mian Anjum Nisar, appreciating the positive growth in large-scale manufacturing (LSM) in first nine months of current fiscal year, emphasized the need for reforms agenda to achieve 7% economic growth rate annually to create two million jobs per annum and reduce the public debt, which has already become unsustainable.

He said that the low GDP growth in Pakistan may result in pushing 20 million people below the poverty line as with such a growth rate job opportunities are not creating. He added that Pakistan's economy needs up to 7 percent growth rate to avoid falling of more people below the poverty line.

Mian Anjum Nisar observed that the government had expected 2.5% contraction in the LSM sector in the current fiscal year, which will now be positive at the end of the year, also contributing to the overall economic growth that is now projected at around 3%. Big industries posted 9% growth during...