The Impact of Railway Development on Economic Growth through CPEC
Abida Naurin and
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Abida Naurin: Pakistan Institute of Development Economics
Shahbaz Gul: Pakistan Institute of Development Economics
No 2023:5, PIDE-Working Papers from Pakistan Institute of Development Economics
Transportation is one of the key ingredients used to enhance economic development. An effective railway system is essential to enhance trade and rural development and helps reduce transportation costs. One of the main objectives of CPEC (China-Pakistan Economic Corridor) is to improve transportation facilities in Pakistan, with US $8.6 billion allocated for improving Pakistan Railways (PR), indicating that a robust railway network is an essential pillar of CPEC. The current study aims to introduce railways as an industry and highlight the importance of PR in CPEC and the importance of its Gross Earning (GE) and Human Development Index (HDI) impact on economic growth from 1981 to 2019. The study also utilises the World Development Indicator, the Ministry of Railways, and the Economic Survey of Pakistan for time-series data. To make an empirical analysis, the study uses Vector Error Correction Model (VECM) to forecast better-developed railway infrastructure with economic growth.
Keywords: Railway Development; Economic Growth; CPEC (search for similar items in EconPapers)
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