KARACHI - The State Bank of Pakistan (SBP) and the Competiveness Support Fund (CSF) have agreed to cooperate on macro-economic policies to improve the involvement conducive for business in Pakistan. This was decided at a meeting between Salim Raza, Governor State Bank of Pakistan, and Arthur Bayhan, Chief Executive Officer of the Competiveness Support Fund on Friday. The State Bank of Pakistan and CSF will be collaborating on a study with an aim to identify and understand some of the key factors contributing to the key drivers of future economic growth on consistent and sustainable basis. Salim Raza said he was pleased that CSF in partnership with SBP is making such an undertaking as it would set a precedent for similar endeavours in the future and would help in understanding those factors contributing to the future economic growth of Pakistan. Bayhan noted that clear-cut and well-defined macro-economic policies enabled and bolstered the economic growth of a country and this was now more than ever the need of the hour in Pakistan. Currently, there is no comprehensive and definitive study available that clearly identifies the key factors that will really drive economic growth in Pakistan on consistent and sustainable growth basis amidst an increasingly challenging internal and external environment. Drivers of growth as are often confused with sectors of economy as defined under the prevalent GDP accounting system. Therefore, the study will contribute to the debate on drivers as well as on sectors that have the clear potential to contribute to the future growth prospects in Pakistan. This study will review the recent performance of Pakistan's economy against selected indicators. This analysis will identify key stumbling blocks that continue to dampen growth prospects in the country. The research will then highlight key drivers for sustaining consistently high growth. This will be based on international best practice in targeting some of the key drivers of economic growth that have also contributed to the success of industrialised and miracle economies of Southeast Asia as well as to the recent experience of BRIC (Brazil, Russia, India and China). Some of the key drivers of growth would include: public sector reforms, enterprise development, innovation support, education and skill development and modern infrastructure for competitive city-regions. Although it is never easy to capture and explain economic growth through a few factors, it nevertheless helps to design a framework for strategic intervention and targeting policies to meet the needs of a particular economy and society. Growth oscillations in Pakistan can also be explained by a number of factors including external shocks, deep-seated and long-standing macroeconomic vulnerabilities as well as by policy, planning and implementations constraints. A clearer understanding of these impediments to growth in Pakistan is essential for harnessing a set of clearly identified key factors that can drive growth going forward amidst fierce global competition. The report would be structured around the current economic scenario; key drivers of growth in Pakistan; local and global challenges; objectives; pattern of sectoral growth; implication for social development; future growth model for Pakistan agriculture; manufacturing; mining and quarrying; wholesale and retail trade; movement of people and goods; tourism and the hospitality network; local constraints; global competition; public sector reforms; enterprise development; innovation support; education and skill development and modern infrastructure and competitive city-regions.