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Economy of Pakistan
Pakistan's economy ranks 24th globally by purchasing power parity and includes key industries such as textiles, food processing, and pharmaceuticals. The GDP growth was estimated at 5.28% in 2017, with key trade partners being the United States and China. Despite challenges like inflation and political instability, positive assessments suggest economic improvement and growth potential driven by foreign investment.
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Economy of Pakistan
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- 2. Economy Economics is thestudy of how a society uses scarce resources to produce and distribute goods and services
- 3. Economic System An economicsystem is the method used by a society to produce and distribute goods and services by utilizing factors of production
- 4. Economy of Pakistan Theeconomy of Pakistan is the 24th largest in the world in terms of purchasing power parity, and 42nd largest in terms of nominal gross domestic product
- 5. Currency 1 USD =105.31 PKR (November 2017)
- 7. Trade organisations WTO (WorldTrade Organization) SAARC(South Asian Association for Regional Corporation) ECO (Economic Cooperation Organisation) SAFTA (South Asian Free Trade Area) WIPO (World Intellectual Property Organization) IMF (International Monetary Fund) Commonwealth of Nations World Bank
- 8. Statistics GDP : 31862.2Billion Rupees (2017) GDP growth : 5.28% GDP Agriculture 19.53% Industry 20.88% Service 59.59% (2017est.) Overall ranking of GDP is 25th in 2017
- 9. Statistics(cont) Population below povertyline 21% (2016) Labour force 61.04 million (15–16) Labour force by occupation agriculture: 42.3% services: 35.1% industry: 22.6% Unemployment 5.9% (2015)
- 10. Statistics (cont) Main industries textilesand apparel, food processing, pharmaceuticals, construction materials ,chemicals, cement, mining, machinery, steel, engineering, software and hardware, automobiles, motorcycle and auto parts, electronics, paper products, fertiliser, defence products, shipbuilding
- 11. LAHORE Lahore is thecapital city of Pakistani province of Punjab. It is the 2nd largest metropolitan civic in Pakistan with an estimated population of 10,100,000,making it the 27th largest urban city in the world. It is one of Pakistan’s wealthiest cities with an estimated total nominal GDP of $64.04 billion
- 12. Inflation Inflation Rate inPakistan increased 5.30 percent in October of 2017. Inflation Rate in Pakistan averaged 7.57 percent from 2010 until 2017, reaching an all time high of 11.40 percent in June of 2012 and a record low of 3.40 percent in September of 2015.
- 13. Import goods Total Import$48.506 billion (2016–2017) Including Food $5.419 billion Machinery $7.875 billion Transport $2.643 billion Textile $3.884 billion Agriculture & other chemicals $7.124 billion Metal $3.786 billion
- 14. Import Partners China 28% UAE 14% Kuwait3% Saudi Arabia 4% Indonesia 4% (2017 est.) China UAE Kuwait Saudi Arabia Indonesia
- 15. Export Total Export $21.938billion (2016–2017) Including Textiles $12.454 billion Food $3.610 billion Petroleum $0.413 billion other manufacture $3.651 billion All others $1.219 billion Other Exports $0.760 billion
- 16. Export Partners United States 17% China8% United Kingdom 8% Afghanistan 6% Germany 6% UAE 4% (2017 est.) Export Parties United States China United kingdom Afghanistan Germany UAE
- 17. Public Finances Public debt61.7% of GDP (June 2017) Revenues 15.4% of GDP, Pkr 4936.7 Billion or $47 billion(2017) Expenses 21.3% of GDP, Pkr 6800.5 Billion or $65 billion (2017)
- 18. Fiscal Position Pakistan's fiscalposition continues to improve as the budget deficit has fallen from 6.4% in 2013 to 4.3% in 2016 In 2017, Pakistan's GDP in terms of purchasing power parity crossed $1 trillion
- 19. Fiscal Position (cont) In1947, Pakistan is in very poor condition w.r.t Agriculture. Average annual real growth rate were • 6.8% in 1960’s • 4.8% in 1970’s • 6.5% in 1980’s • 4.6% in 1990’s
- 20. Crisis In Economy •The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, ongoing confrontation with neighboring India • Inflation remains the biggest threat to the economy, jumping to more than 9% in 2005 before easing to 7.9% in 2006. • In recent few years, load-shedding has destroyed industrial growth in Pakistan.
- 21. Foreign Exchange Reserves • ByOctober 2007, at the end of Prime Minister Shaukat Aziz’s tenure, Pakistan raised back its Foreign Reserves to $16.4 billion. • But On October 11, 2008 State Bank of Pakistan reported that country's foreign exchange reserves had gone down by $571.9 Million to $7749.7 Million. The foreign exchange reserves had declined more by $10 billion to an alarming rate of $6.59 billion.
- 22. cont Due to inflationand economic crisis worldwide, Pakistan's economy reached a state of Balance of Payment crisis. "The International Monetary Fund bailed out Pakistan in November 2008 to avert a balance of payments crisis and in July last year increased the loan to $11.3 billion from an initial $7.6 billion
- 23. Positive Aspects In October2016, the IMF chief Christine confirmed her economic assessment in Islamabad that Pakistan's economy was 'out of crisis' The World Bank predicts that by 2018, Pakistan's economic growth will increase 5.4% due to greater foreign investment, namely from the China-Pakistan