Mr Stern warned, however, there was a danger of overcrowding with such a comprehensive reform package.
A senior World Bank official has said the next few months will be vital in placing Pakistan's economy on a sound footing.
He said the Pakistan Government had come up with a reform plan which was radical in some areas, but it needed to be implemented soon.
Mr Stern also called for education to be given priority, especially for girls.
Vital months ahead
The World Bank's chief economist said if the government moved forward and brought in its promised reforms, Pakistan could witness the start of a long period of sustained growth.
The reforms cover a wide area, including taxation, privatisation and documentation of the economy.
Mr Stern warned, however, there was a danger of overcrowding with such a comprehensive reform package.
The chief economist, who spent four days in Pakistan, said the 1990s had been a decade of economic disappointments and the next few months were vital to revive growth.
"Pakistan, as we all know, has gone through a very difficult period in the 1990s, and I think it has been one of disappointment, of slowing growth and rising poverty," Mr Stern said.
But, he said, the World Bank had respect and support for the programme of reconstruction and revival that was under way.
"It's very comprehensive and there's a real challenge on implementation... but the path that's being set is a good one," he said.
Education
Mr Stern said it was crucial that poor people also had the chance to participate, and that the whole community, particularly women, were involved.
He emphasised the importance of education, saying the best thing he could with Pakistan would be schooling for every child.
The chief economist said education was the highest investment return of all, particularly for girls, and was a readily available source of growth that no country could afford to deny itself.
Pakistan lags behind India, Sri Lanka and Bangladesh in primary education, and the situation is particularly serious in rural areas.
A recent report by the Human Rights Commission of Pakistan said it was among the 20 least educated nations, and blamed this on a lack of commitment rather than a lack of resources.