KARACHI: Pakistan's ambition to become a US$1 trillion economy faces significant hurdles due to mounting debt and inefficiencies in key sectors, according to Pasban Democratic Party Chairman Altaf Shakoor. He emphasized that the country cannot rely on borrowing to achieve prosperity and highlighted the need for a strategic redirection of national resources to unlock economic potential.

According to the Pasban Democratic Party, Shakoor pointed out that debt servicing consumes a substantial portion of Pakistan's federal budget, limiting investment in essential sectors like education and healthcare. He argued that redirecting resources from debt servicing to productive investments is crucial for economic transformation, emphasizing the need to harness the full potential of Pakistan's agriculture, energy sector, exports, and human capital.

Shakoor stressed the importance of investing in people, noting that public spending on education and healthcare is below that of many rapidly growing economies. He also highlighted inefficiencies in the agricultural sector, which employs a significant portion of the labor force but suffers from low productivity due to outdated practices and inadequate infrastructure.

Energy security was identified as another critical area, with Shakoor advocating for modernization of the oil supply chain and increased adoption of renewable energy to reduce reliance on imported fuels. He also called for a diversified export base beyond textiles, urging investment in high-value industries such as pharmaceuticals and information technology.

In conclusion, Shakoor stated that Pakistan must develop a comprehensive national growth strategy that includes fiscal discipline, tax base expansion, and modernization of key sectors. He emphasized the need to redirect public resources toward sustainable investments to achieve the goal of a US$1 trillion economy, stating, "The choice is clear: continue financing the past-or begin investing in the future."