Why Pakistan Keeps Making Budgets But Never Grows | Pasha, Kardar & Haque

Economic research is failing the country, as are economists. Economics should not be mere citing numbers, following government announcements. it is building a better system for people, economy and society to grow and change. Reviewing economic research with eminent economists to discuss these issues Pakistan has presented budget after budget, implemented reform after reform, and entered program after program. Yet one question refuses to go away: Why does Pakistan still struggle to achieve sustainable economic growth? In this powerful episode of SIA Conversations, Dr. Nadeem ul Haque is joined by two of Pakistan's most distinguished economists—Dr. Hafeez A. Pasha and Dr. Shahid Hafeez Kardar—for a candid discussion on the country's economic future. The conversation begins with Pakistan's latest budget but quickly evolves into a broader debate about the deeper structural weaknesses holding back growth, investment, industrialization, and job creation. The panel examines whether the current economic strategy represents genuine reform or simply another attempt at fiscal survival. Key themes include: • Why Pakistan's budgets focus on stabilization rather than growth • The declining role of development spending • Investment collapse and the rise of real estate speculation • Why manufacturing is losing ground • Energy sector failures and the legacy of the 1994 power policy • Circular debt, tariffs, and the future of electricity pricing • The relationship between taxation, regulation, and business growth • Pakistan's low investment-to-GDP ratio • Why entrepreneurs avoid long-term productive investment • Privatization and public sector reform • The state of economic research and higher education in Pakistan • Whether economists have failed to provide practical solutions The discussion raises difficult but necessary questions: Can Pakistan grow without fixing its investment climate? Can industrialization happen without affordable energy? Can economic policy move beyond short-term fiscal targets? And why does growth remain elusive despite decades of reforms? This is an essential conversation for policymakers, entrepreneurs, investors, students, researchers, and anyone interested in understanding Pakistan's economic challenges and opportunities. #PakistanEconomy #EconomicGrowth #Investment #Budget2026 #EnergyCrisis #Industrialization #EconomicReforms #GDP #Policy #Development #NadeemUlHaque #HafeezPasha #ShahidKardar #Debate #Podcast _____________________________________ Host: Dr. Nadeem Ul Haque Dr. Nadeem ul Haque is one of Pakistan's most prominent economists, known for his work on governance reform, urban development, institutional economics, civil service reform, and economic growth. He previously served as Deputy Chairman of the Planning Commission of Pakistan and has been a leading voice advocating structural reforms and market-oriented development. Guest: Dr. Hafeez A. Pasha Dr. Hafeez A. Pasha is among Pakistan's most respected economists. He has served as Federal Minister for Finance, Commerce, Economic Affairs, Education, and Deputy Chairman of the Planning Commission. He also served as Assistant Secretary-General of the United Nations Development Programme (UNDP) and Regional Director for Asia and the Pacific. Guest: Dr. Shahid Hafeez Kardar Dr. Shahid Hafeez Kardar is a renowned economist, former Governor of the State Bank of Pakistan, former Punjab Finance Minister, and public policy expert. He is widely recognized for his work on fiscal policy, governance reforms, education, and Pakistan's political economy.