Revisiting the Constraints to Pakistan's Growth

Lopez-Calix, José; Touqeer, Irum

Revisiting the Constraints to Pakistan's Growth

2013

Lopez-Calix, José | Touqeer, Irum

This paper revisits the identification of the binding constraints to investment and growth in Pakistan by rigorously applying the growth diagnostic framework. It has a central finding: Pakistan's economy faces two major groups of constraints emerging and structural. The emerging constraints include infrastructure (energy) deficit, high macro-fiscal risks, and inadequate international financing (high country risks and low FDI inflows). The structural binding constraints that persistently affect prospects of sustainable growth in Pakistan are low access to domestic finance, high anti-export bias, bad taxation system, micro risks (bad governance, excess business regulations, and poor civil service) and slow productive diversification.

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accounting balance of payments capital formation capital market commercial banks corruption developing countries diversification economic development economic growth entrepreneurs exchange rate expenditure farmers financial institutions financial market foreign investment gender households human capital human resources income tax inflation information technology insurance interest rates international bank market structure microfinance natural disasters operating costs private enterprises private investment property rights public debt public investment remittances returns rule of law trade liberalization transaction costs unemployment

Información bibliográfica

Editorial

World Bank, Washington, DC

Otras materias

Trade regime; Financial system; Current account deficits; International finance; Financial intermediation; Savings rate; Regulatory barriers; Export growth; Gender issues; Loan sizes; Portfolio investment; Political stability; Deposits; National savings; Income level; Government securities; Cash payments; Access to finance; Borrowings; Compliance cost; Employment growth; Rate of returns; Fiscal deficit; Country risks; Capital market regulations; Rate of return; Mobile phone; Investment projects; Low interest rates; Government revenues; Income levels; Contract enforcement; Financial depth; Collateral requirements; Foreign investments; International standards; Availability of credit; Commercial bank lending; Remittance services; Trading; Reserves; Financial crisis; Central bank; Economic agents; Tax; Economic activity; Commercial bank; Rates of return; Basis points; Availability of finance; Purchasing power parity; National investment; Opportunity cost; Personal savings; Human development; Portfolio; Public policy; Tax system; Macroeconomic management; Collateral laws; Money transfers; Market price; Moneylenders; Macroeconomic risks; Physical capital; Exporters; Land titles; Transaction; Currency; Small businesses; Entrepreneurial activity; Real exchange rate; Oil price; Supply of credit; Export share; International finances; Credit histories; Transition economies; Infrastructure investment; Enabling environment; Return; Monetary policy; Women entrepreneurs; Administrative capacity; Tax rates; Foreign exchange; Monetary fund; Fixed investment; Binding constraint; Export shares; Real interest rates; Coordination failures; Domestic interest rates; Credit market; Expenditures; Investment climate; Macroeconomic policies; Access to credit; Current account; Informational asymmetries; Prejudice; Investment rates; Deposit; Current account deficit; Sovereign bond; Investment rate; Domestic credit; Transparency; Financial needs; Financial exclusion; Export competitiveness; Governance issues; Remittance; International investment; Macroeconomic instability; Credit risk; Tax rate; Commercial bank loans; Credit availability; Foreign funds; International markets; Emerging markets; International financial institutions; Demand for credit; High interest rates; Internal funds; Bank financing; Foreign exchange market; Budgeting; Capital flows; Exchange rates; Financial illiteracy; Macroeconomic environment; Fiscal deficits; Financial markets; Price stability; Financing costs; Real interest; Collateral; Corporate debt; Personal income; Bond index; Structural problems; Capital investment; Financial outreach; Personal lending; Emerging economies; Labor market; Country risk; Foreign direct investment; Loan; Market failures; Bond; Labor markets; State bank; Risk of expropriation; Government bonds; Import costs; Job creation; Women borrowers; Economic efficiency; Credit constraints; Solvency; Balance of payment; Public spending; Earnings; Holding; National saving; Investing; Borrowing; Capital accumulation; Reserve; Financial products; Purchasing power; Terms of loans

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application/pdf, text/plain

Licencia

CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo/

En AGRIS desde: 2024-10-18

Fecha de modificación: 2025-10-25

Formato: Dublin Core

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Este registro bibliográfico ha sido proporcionado por World Bank

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Enlaces

DOI http://documents.worldbank.org/curated/en/2013/06/19354766/revisiting-constraints-pakistans-growth https://hdl.handle.net/10986/17858

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Revisiting the Constraints to Pakistan's Growth

2013

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