Pakistan’s economy

Pakistan’s economy

The economy of Pakistan is the 26th largest in terms of purchasing power parity (PPP), and 46th largest in terms of nominal gross domestic product. Pakistan has a population of over 220 million people (the world's 5th-largest), giving it a GDP per capita(nominal) of $1,260 which ranks 181st, and giving it a GDP per capita(PPP) of $5,224, which ranks 174th in the world.

Pakistan is a developing country,[33][34][35] with a semi-industrial economy.[36][37][38] Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.[39][40]

The growth poles of Pakistan's economy are situated along the Indus River;[37][41] the diversified economies of Karachi and major urban centers in the Punjab, coexisting with lesser developed areas in other parts of the country.[37] The economy has suffered in the past from internal political disputes, a fast-growing population, and mixed levels of foreign investment.[42] Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit – driven by a widening trade gap as import growth outstrips export expansion – could draw down reserves and dampen GDP growth in the medium term.[43][44] Pakistan is currently undergoing a process of economic liberalization, including privatization of all government corporations, aimed to attract foreign investment and decrease budget deficits.[45]

Pakistan is a developing country, with a semi-industrial economy. Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.The growth poles of Pakistan's economy are situated along the Indus River; the diversified economies of Karachi and major urban centers in the Punjab, coexisting with lesser developed areas in other parts of the country. The economy has suffered in the past from internal political disputes, a fast-growing population, and mixed levels of foreign investment. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit – driven by a widening trade gap as import growth outstrips export expansion – could draw down reserves and dampen GDP growth in the medium term. Pakistan is currently undergoing a process of economic liberalization, including privatization of all government corporations, aimed to attract foreign investment and decrease budget deficits.

As of May 2021, the Pakistani government has predicted that future growth rates will be 5%, one of the highest in South Asia].According to the World Bank, poverty in Pakistan fell from 64.3% in 2002 to 2.3% in 2018. The country's improving macroeconomic position has led the Moody's Investors Service to upgrade Pakistan's debt outlook to "stable".In 2017, Pakistan's GDP in terms of purchasing power parity crossed $1 trillion. By May 2019, the Pakistani rupee had undergone a year-on-year depreciation of 30% vis-a-vis the US dollar. In 2020, CPEC Phase 2 has been started, with new billion dollar agreements.

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Statistics

Population  207.68 million (5th) (2017 GDP  $263 billion (nominal; Jun

national census) 2021) $1.36 trillion (PPP; Jun 2021

GDPgrowth 5.5% (17/18) 1.9% (18/19)

−0.4% (19/20) 3.9% (20/21e) GDP per capita

 $1,260 (nominal; Jun 2021) GDP by sector Agriculture:  19.19%

$5,224 (PPP; Jun 2021)

Inflation (CPI)

8.4% (July 2021

Base borrowing rate

7.00% (September 2020) Population below poverty line

35.1% on less than

$3.20/day (2015) 0.5%

 

Human Development Index

Labour force 0.557 medium (2019)[(154nd)

75,862,533 (2020) 0.384 low IHDI (2019)

48.9% employment rate (2018)

   

Industry:  19.12%

Services:  61.68%

(2021 est)

Labour force Agriculture 37.4% Unemoployment 4.5% (2020) by occupation Industry 24.0% Services 38.6% Main industries Textile, apparel, food processing, pharmaseuticals, surgical instruments, constructor materials, fertilizer, shrimpt, paper products,

EXTERNAL Experts $25.630 billion (2020), Main import partners: China:24.7% UAE:12.9% Export goods Textiles: $14,409million Singapure: 5.8% Food: $4,503 million USA:4.5% chemical and pharma SA:4.4% seutical prodocts: $1.146millon Japan:2.8% Leather manufactures: Indonesia:2.4% $559millon Sports good: $470 million Petroleum: $235million Export partners: USA 19.6%, China 8 %, UK 8%, Germany 5,9%, UAE 5,8%, Netherlands 4,4%, Afganistan 3,8%. (2020) Import: $53.785 billion (2020) Import goods: Petroleum:9.747 million, Agriculture and other chemicals: $8.409 million, Machinery: $8.322million, Food:$7,244m, Textile:$4.756mMetal:$4.583m. Transport:$2,745m, Plastic material:$2.459 m.

Public finance Public debt: 83.5%of GDP (2020) Byudget balance: -7.1% of GDP

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