ISLAMABAD (APP) -- Prime Minister Shaukat Aziz Wednesday highlighting the economic achievements of the government said there is need to check population growth rate, improve infrastructure, better security and continuity of policies to maintain 7 to 8 per cent growth rate in the economic sector

Addressing a seminar on “the economic growth potential for the emerging economics in 21st century and Pakistan’s position in the emerging economies” organized by Ministry of Finance here at Prime Minister Secretariat, Shaukat Aziz said due to structural reforms and macro-economic policies, Pakistan would sustain the 7 per cent growth rate in economy. The Prime Minister said, “Pakistan required macro-economic stability, financial discipline, and consistent and transparent policies to bring the country back to the path of high and sustained growth.”

He said due to prudent macro-economic policies and structural reforms pursued by the government have transformed a fragile economy into a stable and resurgent one.

The Prime Minister said Pakistan’s economy continues to maintain a solid pace of expansion over the last four years.

He said the economic recovery has been strong, rapid, sustained and broad-based.

The Prime Minister said with economic growth averaging almost 7.0 percent per annum during the last four years, Pakistan has positioned itself as one of the fastest growing economies in the Asian region.

He said this strong growth has been achieved in spite of several exogenous negative shocks, including October 2005 earthquake thereby clearly reflecting the resilience of Pakistan’s economy and its capacity to absorb shocks.

The growth momentum that Pakistan has sustained for the last several years is underpinned by dynamism in industry, agriculture and services and the emergence of new investment cycle with investment rate reaching new height at 20% of GDP, he said. The Prime Minister said, “We believe that the pre-requisites for sustained economic growth appear to have gained a firm footing during the last four years.”

He said besides improved governance, human capital and physical infrastructure were needed to encourage the private sector to play a leading role in promoting investment and growth.

The Prime Minister said the government on its part needed to redefine its role in the economy and encourage the private sector to improve its role.

Prime Minister Aziz said that Pakistan’s economic recovery has been strong, rapid, sustained and broad-based and a growth rate of 6 to 8 percent per annum is the target in the next five years.

He said the per capita income in Pakistan has reached to dollars 850.

The Prime Minister said the country has lived through difficult and testing times in the not too distant past.

He said seven years ago, the economy was fragile, debt had stockpiled to unsustainable levels, fiscal and external imbalances led to macroeconomic instability, foreign exchange reserves were not sufficient to finance even a few weeks of imports.

He said downgrading by international rating agencies made access to international capital markets almost impossible in the past.

Referring to the measures taken by the government, the Prime Minister said institutional strengthening includes improved governance and removal of irritants.

He said the government has improved tax administration.

The Prime Minister said the government has been taking keen interest in streamlining regulations and procedures as part of its exercise in removing irritants.