Opportunities for Firms to Grow (Panel Discussion)

Muhammad Ahmed Zubair, Turab Hussain, Zehra Aslam and Omer Siddique ()
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Muhammad Ahmed Zubair: Chief Economist, Planning Commission of Pakistan.
Turab Hussain: Associate Professor, LUMS.
Zehra Aslam: Economist, World Bank.

The Pakistan Development Review, 2022, vol. 61, issue 1, 130-133

Abstract: There is a strong linkage between total factor productivity (TFP) and economic growth—literature suggests that in G5, G7, and G20 countries, TFP growth has led to income growth rather than factor accumulation. A study suggests that in 60 percent of the cases, 3 percent or higher TFP growth has led to 8 percent or higher GDP growth. However, this does not establish causality, which also has other determinants. TFP-Growth Nexus: TFP growth in Pakistan has remained low since 1972, averaging 1.62 percent, which was low compared to other countries in the region except for India. In the ’80s, the private sector played a huge role and combined with liberalisation and large-scale public-sector investment led to high GDP growth.

Date: 2022
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