ISLAMABAD : The IMF has warned that without sound institutions, it's very hard to achieve sustainable economic growth. IMF says the quality of these institutions hinges on the quality of the people running them their educational background and training, and the prevailing business culture and approach to policymaking. "Economic and political institutions are central in nations' efforts to avoid stagnation and ensure sustained prosperity' it said, adding this is because sustained prosperity is a dynamic process of constant innovation and a never-ending cycle of Schumpeterian creative destruction.

, which can only be supported by open, inclusive institutions.