About

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:

1. Mobilink (Parent: Orascom, Pakistan/Egypt)
2. Ufone (Parent: PTCL, Pakistan/UAE)
3. Telenor (Parent: Telenor, Norway)
4. Warid (Parent: Dhabi Group, UAE)
5. Zong (Parent: China Mobile, China)
6. 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