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Pak PM Shehbaz Sharif Revises Goldman Sachs Forecast, Aiming for 6th Largest Economy by 2050
Sentiment: NeutralHigh Priority
What Happened?
Prime Minister Shehbaz Sharif announced that Pakistan could become the sixth-largest economy by 2050, revising a Goldman Sachs projection. He spoke at the Pakistan Minerals Investment Forum in Islamabad.
Key points
- Sharif cited a Goldman Sachs projection from 2022 that initially predicted Pakistan would be sixth by 2075.
- He expects Pakistan to achieve this rank before 2050.
- Pakistan is awaiting IMF approval for $1.2 billion in funding, which could total $5.7 billion under two programs.
- Sharif encouraged investment in local mining and processing industries.
- He highlighted the Reko Diq project, stalled for two decades, with production expected to start in 2028.
- Barrick Mining has slowed work at Reko Diq due to security concerns.
Key insights
- Achieving this economic rank could enhance Pakistan's global economic standing.
- Increased investment in mining could lead to job creation and economic growth.
- The success of the Reko Diq project may depend on improved security and investor trust.
Why it matters
This projection could influence investor confidence and economic planning in Pakistan.
Entities
Shehbaz Sharif· PersonGoldman Sachs· OrganizationPakistan· CountryIMF· OrganizationBalochistan· LocationReko Diq· Location
Source
India Today
