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    SME Development in Pakistan Analyzing the Constraints to Growth

    Bari, Faisal; Cheema, Ali; Ehsan-ul-Haque | June 2005
    Abstract
    The Government of Pakistan's commitment to liberalization and structural adjustment policies over the last decade and a half is a major policy break in the country's economic evolution. However, evidence suggests that this shift in policy, which produced growth dividends in other South Asian economies, failed to bring with it the expected growth dividend in Pakistan. From being the fastest grower in South Asia, Pakistan became the slowest-growing economy in this region during the last decade (Bari and Cheema 2002). Large-scale manufacturing (LSM) has recovered significantly in the last couple of years, but there are still concerns about its sustainability, spread, and robustness. Small- and medium-scale industry have not made a corresponding recovery yet. The pronounced slowdown in growth in the manufacturing, retail, and wholesale sectors, in particular, is largely explained by the fact that their growth rate of gross fixed capital formation (GFCF) has halved. The trend slowdown in the GFCF growth rate is equally apparent in small- and large- scale enterprises. This suggests that the sustainable, robust, and widespread revival of investment and output growth are policy imperatives that the Government needs to address with great urgency. This study takes up these concerns by providing a broad, strategic direction for a growth and investment revival strategy for the industrial sector, based on a rigorous analysis of the factors constraining firm-level growth and investment in Pakistan. The study places special emphasis on removing the constraints on small and medium enterprise (SME) growth and investment. The Pakistan Economic Survey 2001-02 justifies this emphasis on the following grounds: first, SMEs contribute significantly to Pakistan's economy in terms of both value-added (30%) and employment (80%); second, the growth potential of labor-using SMEs needs to be maximized; they are likely to proliferate in line with comparative advantage in the liberal and open economy the Government is committed to.
    Citation
    Bari, Faisal; Cheema, Ali; Ehsan-ul-Haque. 2005. SME Development in Pakistan Analyzing the Constraints to Growth. © Asian Development Bank. http://hdl.handle.net/11540/6244.
    Keywords
    Aid And Development
    Asian Development Bank
    Comprehensive Development Framework
    Development Cooperation
    Development Management
    Development Planning
    Development Strategies
    Gas Development
    Gas Market Development
    Oil and Gas Industry
    Natural Gas Industry
    Gas Industry
    Rural planning
    Aid coordination
    Industrial projects
    Infrastructure projects
    Natural resources policy
    Educational development
    Gas Reserve
    Gas Distribution
    Oil and Gas Leases
    Natural Gas
    Communication in rural development
    Communication in community development
    Economic development projects
    Development banks
    Economic forecasting
    Environmental auditing
    Cumulative effects assessment
    Human rights and globalization
    Gasoline
    Natural gas supply
    Offshore oil and gas leases
    Gas leases
    Natural gas reserves
    Fertilizers and manures
    Gasoline pump industry
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    Citable URI
    http://hdl.handle.net/11540/6244
    Metadata
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    PDF (1.956Mb)
    Author
    Bari, Faisal
    Cheema, Ali
    Ehsan-ul-Haque
    Theme
    Development
    Industry
    Small Medium Business
     
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise