World Bank to Pakistan: Shift From Stability to Growth - Incomes Could Triple by 2050 With Faster Reforms

World Bank headquarters building (AFP file photo)

Pakistan has restored economic stability but must now shift gear toward faster growth, the World Bank says in its latest Pakistan Development Update, 'Attaining Escape Velocity', released on October 22. The report argues that with ambitious reforms, Pakistanis' incomes could triple by 2050.

The numbers show real progress. GDP growth reached 3.7 percent in fiscal year 2026, up from 3.2 percent the year before, and the Bank forecasts 3.8 percent in fiscal 2027 and 4.2 percent in fiscal 2028. A record primary surplus of 2.9 percent of GDP, strong remittances that rebuilt foreign exchange reserves, credit-rating upgrades from S&P and Moody's, and a $3 billion Eurobond issue in September all signal returning market confidence. But the Bank warns that stability alone is not enough. Real income per person is still growing at only around 1.6 percent a year, poverty has risen from 22 percent in 2018-19 to 29 percent in 2024-25, and some 3.5 million people enter the labour market every year. World Bank country director Bolormaa Amgaabazar said reforms to drive faster growth are now urgently needed. If Pakistan lifts its policies and institutions to the standard of an average middle-income country, the Bank says, sustained growth of 6.2 to 6.9 percent a year could take incomes to Vietnam's current level by 2050.

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