Stefan Dercon, a visiting professor of Economic Policy at Oxford University, who is currently in the UK, has urged Pakistan’s privileged class to break free from their reliance on foreign loans in order to rejuvenate the struggling economy. He emphasized that the elite in the country is losing credibility and ground.
Speaking at a conference organized by the World Bank and the Pakistan Institute of Development Economics, Dercon stressed that building common ground among various stakeholders, including the military, politicians, bureaucrats, intellectuals, and journalists, is crucial. He pointed out that there are no quick solutions to Pakistan’s economic challenges.
Dercon highlighted that the current elite’s focus on maintaining the status quo is insufficient and that this approach amounts to a zero-sum game. He called for a shift in mindset to address the country’s economic issues effectively.