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Bourse does not reflect real economy: Ishrat Hussain

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KARACHI: Pakistan’s renowned economist and former Governor of State of Pakistan Dr. Ishrat Hussain was invited as a guest in a program of “Live Rostrum News Agency” hosted by Abid Rao (R) Air Vice Marshal.

Dr. Ishrat Hussain worked for 20 years with the World Bank and then he served two terms as Governor of State of Pakistan. Mr. Irshat has explained the mindset of Pakistanis regarding education and materialism. He said, when I was in Washington, my Indian friends were living in modest houses with old cars but sending their children to the topmost private schools. On the other hand, Pakistani living in palatial houses and driving BMWs and Mercedes Benz and sending their children to public schools. So as priorities as a nation are quite obvious.

In this program, Mr. Rao questioned Dr. Ishrat Hussain that, In the late 90s, World Bank reported Pakistan could produce food for 1.2 billion people, and still, we didn’t tap our all resources on agriculture, manufacturing sites and still we are asking for a loan. He responded that 95% of Pakistan’s financing is done from domestic resources, only 5% we are taking from abroad and this is the model is worked all over the world. We are self-sufficient, we are the 3rd largest rice, and 6th largest milk exporters he mentioned. I don’t understand why beating on our country.

On this question that should be there a link between the health of our economy and the stock exchange? There is no relationship because a stock exchange is a very small portion of people, the real economy has nothing to do with a stock exchange. Trading in the stock exchange has nothing, yes, I look at when companies are been formed and in order to mobilize new resources for expansion or new projects. That’s what I look at not trading.

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