Too many regulations, not much competitiveness
Recently, Pakistan Institute of Development Economics (PIDE) has published a comprehensive reform agenda elaborating on all the necessary steps and processes that are deemed as essentials for accelerated and sustained growth of the domestic economy. The 8th pillar of the agenda titled as openness, competitiveness, and comparative advantage accentuates on market regulations that ensure healthy competition for economic efficiency and protection to consumers from anti-competitive practices. There is no disagreement on these regulations as far as their role in economic growth, poverty reduction or reducing inequalities is concerned. However, their success is highly dependent upon their effectiveness in terms of creating competition in the market as well as boosting a vibrant private sector. We could not achieve these twin objectives despite the fact that we are pursuing the policies of deregulation and liberalisation since the last four decades.
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