A successful economic development strategy must focus on improving the skills of the area’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today’s global economy- Rod Blagojevich
Pakistan has the third fastest growing economy in Asia. Its economy encompasses textiles, chemicals, food processing, agriculture and other industries. In terms of purchasing power, it is the 26th largest economy in the world while in absolute dollar terms it is the 47th largest.
Substantial macroeconomic reforms since 2000, most notably at privatizing the banking sector have helped the economy. IMF-approved government policies, bolstered by foreign investment and renewed access to global markets, have generated solid macroeconomic recovery the last decade.
GDP growth, spurred by gains in the industrial and service sectors, remained in the 6-8% range in 2004-06. In 2005, the World Bank named Pakistan the top reformer in its region and in the top 10 reformers globally.
According to many sources, the Pakistani government has made substantial economic reforms since 2000, and medium-term prospects for job creation and poverty reduction are the best in nearly a decade.
Government revenues have greatly improved in recent years, as a result of economic growth, tax reforms – with a broadening of the tax base, and more efficient tax collection as a result of self-assessment schemes and corruption controls in the Central Board of Revenue – and the privatization of public utilities and telecommunications. Pakistan is aggressively cutting tariffs and assisting exports by improving ports, roads, electricity supplies and irrigation projects
By October 2007, Pakistan raised back its Foreign Reserves to a handsome $16.4 billion. Exceptional policies kept Pakistan’s trade deficit controlled at $13 billion, exports boomed to $18 billion, revenue generation increased to become $13 billion and attracted foreign investment of $8.4 billion. (Link)
Pakistan’s manufacturing sector has experienced double-digit growth in recent years, from 2000 to 2007, with Large-scale manufacturing growing from a minimal 1.5% in 1999 to a RECORD 19.9% in 2004-05 and averaged 8.8% by end of 2007. (Link)
A research by Standard Chartered Bank which estimates that Pakistan possesses a “a middle class of 30 million people that Standard Chartered estimates now earn an average of about $10,000 a year.”[12] In addition, Pakistan has a growing upper class with relatively high per capita incomes.
On measures of income inequality, the country ranks slightly better than the median.
In late 2006, the Central Board of Revenue estimated that there were almost 2.8 million income-tax payers in the country. (Link)
Poverty levels have decreased by 10% since 2001 (Link)
The Board of Revenue has collected nearly one trillion Rupees ($14.1 billion) in taxes in the 2007-2008 financial year. (Link) and (Link)
| Economy of Pakistan | |
| Currency | 1 Pakistani Rupee (PKR) Rs. = 100 Paisas |
|---|---|
| Fiscal year | July 1–June 30 |
| Trade organisations | ECO, SAFTA, ASEAN, WIPO and WTO |
| Statistics | |
| GDP (PPP) | $504.3 billion (PPP) [2008] |
| GDP growth | 6.9% [2008 est.] |
| GDP per capita | $3320.12 (PPP) [2008] |
| GDP by sector | Agriculture: 19.6%, Industry: 26.8%, Services: 53.7% [2007] |
| Inflation (CPI) | 12.0% [Jul-Jun 2008] |
| Population below poverty line |
23% [2007] |
| Labour force | 49.18 million (2006 est.) |
| Unemployment | 7.5% (2007 est.) |
| Main industries | textiles, chemicals, food processing, steel, transport equipment, automotives, machinery, beverages, construction, materials, clothing, paper products |
| External | |
| Exports | $20.58 billion (2007 est.) (68th) |
| Export goods | textile goods (garments, bed linen, cotton cloths, and yarn), rice, leather goods, sports goods, chemicals manufactures, carpets and rugs |
| Main export partners | United States 22.4%, UAE 8.3%,UK 6%, China 5.4%, Germany 4.7% (2006 est.) |
| Imports | $30.99 billion f.o.b. (2007 est.) |
| Import goods | Petroleum, Petroleum products, Machinery, Plastics, Transportation equipment, Edible oils, Paper and paperboard, Iron and steel, Tea |
| Main import partners | China 14.7%, Saudi Arabia 10.1%, UAE 8.7%, Japan 6.5%, United States 5.3%, Germany 5%, Kuwait 4.9% (2006 est.) |
| Public finances | |
| Public Debt | $45 billion (2007) |
| Revenues | $27.5 billion (2006 est.) |
| Expenses | $35 billion (2006 est.) |
| Main data source: CIA World Fact Book All values in US dollarshttp://en.wikipedia.org/wiki/Economy_of_Pakistan |
|
Telecommunication
Pakistan Telecommunication Company Ltd has emerged as a successful Forbes 2000 conglomerate with over $1 billion in sales in 2005. In addition, there are over 3.5 million landlines in the country. As a result, Pakistan won the prestigious Government Leadership award of GSM Association in 2006. PTCL launched Internet services in 2000 and the company started offering DSL in June 2007.
In Pakistan, following are the top mobile phone operators:
- Mobilink (Parent: Orascom, Pakistan/Egypt)
- Ufone (Parent: PTCL, Pakistan/UAE)
- Telenor (Parent: Telenor, Norway)
- Warid (Parent: Dhabi Group, UAE)
- Zong (Parent: China Mobile, China)
- Instaphone
Overall Economy doubled to become $170 billion (Link)
Pakistan’s economy grew by 100% — to become $ 170 billion
Revenue grew by 100% — to become $ 11.4 billion
Per Capita Income grew by 100% — to become $ 1085
Foreign Reserves grew by 500% — to become $ 16.4 billion
Exports grew by 100% — to become $ 18 billion
Textile exports grew by 100% — to become $ 11.2 billion
Karachi Stock Exchange grew by 500% — to become $ 75 billion
Foreign Direct Investment grew by 500% — to become $ 8.4 billion
Annual Debt servicing decreased by 35% — to become 26%
Poverty decreased by 10% — to become 24%
literacy rate grew by 10% — to become 54%
Public development Funds grew by 100% — to become Rs 520 billion
Part of protecting our homeland means being less dependent on foreign countries for our energy – Rod Blagojevich
This website is maintained by: Mirza Rohail B
6 Comments
13 February, 2009 at 8:53 am
This website is very well drafted, concise and to-the-point relevent. It helped me in my assignment. please post on pharma industry as well. Thankxxx
31 March, 2009 at 3:22 pm
Soon we’ll be updating on Pharma industry and CNG sector as well. Looking forward to more suggestions. Thanks & Regards
12 April, 2009 at 8:04 am
Friends! Enough is enough. We remained silent and tolerated all this non sense for long. We suffered the tragic resignation of President Musharraf with heavy hearts, but did not protest. Now they are planning to hang him on the account of treason, and still we are silent! Why? How can allow this to happen? We remained silent, but its time to speak now… Speak and speak with power.
President Musharraf worked all his life for Pakistan. He served Pakistan army for about 45 years. He fought wars for the country. He revived the Economy of Pakistan. He gave Pakistan a dignified place in international community. He safeguarded the interests of Pakistan under the most horrible and nerve stressing environment post 9/11. He protected the nuclear and missile program of Pakistan when every one was blaming Pakistan of the nuclear proliferation. He gave every one full liberty and freedom to express views openly. He always stood for idea of ‘Pakistan First’. Unlike other rotten politicians, he has no palaces or bank accounts etc. abroad. He is a true son of soil of Pakistan. He lived here and would remain in Pakistan forever.
Here we are pleased to announce that under the platform of ‘Pasdar-e-Pakistan’, we can show our loyalty towards Pakistan and we can express our support for President Musharraf. Let us join hands together. Send us your suggestions how to activate this forum. We have few ideas in our minds. We are planning to come into action with great force, before it gets too late. We need your help. Please contact us if you are willing to show your support for a man, who struggled for us, and who needs us in such a crucial time. Please spread this message as chain we need everyone of you to send atleast send us 500 email addresses (like minded appreciated so that we able to accumulate as much supporters as we can under one umbrella of pasdarepakistan@yahoogroups.com)
http://www.pasdarepakistan.org
pasdarepakistan@gmail.com
longlivepervezmusharraf@hotmail.com
21 May, 2009 at 11:28 am
My compliments and congratulations to the administrator of this blog. Facts speak LOUD and CLEAR. The contents of this blog must be circulated and must be published for better awareness of the Pakistani nation. We have potential, we have resources… We are just missing honest and visionary leadership with clear vision and courage. We are missing President Musharraf.
Long Live Pakistan.
Long Live Pervez Musharraf.
27 August, 2009 at 8:33 pm
A book I recently published is available for free download.
The book is here at http://www.scribd.com/doc/18370078/Pakistan-Manifest-Destiny
I hope you will comment and let me know what you think?
10 November, 2009 at 5:10 pm
Great effort, I chanced upon the website rather accidentally and im impressed, being a layman about economics found quite a few entries informative. I have been trying to subscribe to this web journal but was unable to do it. Is the facility available?