Essay: Pakistan: An Emerging Economy
An emerging economy
Outlines:
1. Introduction.
2. Latest facts and figures.
3: Increasing per capita income.
4. China-Pakistan agreement. .
5. Conclusion.
Pakistan has been suffering worst kind of terrorism and extremism for decades. In the war against terrorism, Pakistan has suffered loss of fifty thousand precious lives Including the loss of almost 80 billion dollars In terms of economy.
Government of Pakistan started massive operations against all anti-state elements last year Instead of small ongoing operations. In the one year of large-scale operations, most of the terrorist were killed or caught by security forces, In the effect of progressive military operations, Incidents of terrorism sharply decreased which also has bean admitted by a recent US state department report.. In this year, Pakistani people enjoyed first military parade after Its closure of several years. It was observed that military parade with its full roar was a dear sign of victory against war on terror.
In the outcome of successful operations against terrorists, country got and getting its economical boom again. Surprisingly, the economical indicators of Pakistan sharply increased and it could be observed in all national and international reports..
Interestingly, Pakistan got rank of third in calendar year 2014 amongst the top ten best performing markets in the world. In 2014, the KSE-100 Index gained 6,870 points from 25,261 to 32,131 level, generating a handsome return of 27 percent.
Karachi Stock Exchange (KSE) showed a growth of 13.75% in 2014 whereas, India's Sensex increased only by 6.3 percent, US S&P by 6.4 percent and UK FTSE by 3.2 percent during July-April 2014-15.
The stability and rapidly growing economy attracted national and foreign investors. Foreign private investment has reached to 1,666.2 million dollars during July-April 2015 as -compared to 1,050.3 million dollars showing 58.6 percent higher as compared to last year.
The remittances sending by overseas Pakistanis have touched its new peak with the increase of 15.25 %. The figure of remittances crossed first time 15 billion dollars in 2015.
The total revenue.of Pakistan increased by 8.3 percent during July-March, 2014-15 and stood at Rs. 2,682.6 billion as compared to Rs. 2,477.4 billion in the same period of 2013-14. Revenue collection is still not up to the required level but sign of increasing is satisfactory but it needs more work.
The GDP arowth accelerates to 4.24 percent In 2014-15 against the growth of 4.03 percent recorded in the same period last year. The inflation rate measured by the changes in CPI, averaged at 4.8 percent during July-April, 2014-15 against 8.7 percent in the comparable periqd last year, which is lowest since 2003. The inflation rate of Pakistan is comparatively lower than other region's countries as India and Bangladesh, 5% and 6.8%. respectively.
Per capita income in dollar terms recorded a significant ’ J growth of 9.25 percent in 2014-15.
The per capita income in dollar terms has reached.to 1,512 dollars in 2014-15.
In the top of that, China and Pakistan have made y agreements to establish China-Pakistan Economic Corridor ’ between the two countries with the investment of US 46 billion dollars. According to the agreements, China will also help Pakistan in building its infrastructure, especially in energy sector. The corridor will connect China to Arabian Sea through' Gawadar Port. In further extension, -this route will lead to connect Central Asian States through Afghanistan with Gawadar Port. After the completion of this project, Pakistan’s ' International trade would be dramatically increased and through International seaport (Gawadar) government could get huge money in terms of revenue.
Due to the poor management of previous governments, Pakistan has been facing worst kind of energy shortfall from last many years.
This issue badly effect. overall growth of the country. Current government has put the issue on high ground and with the help of China and other countries, a number gf massive energy project .are under construction. Hopefully in next three years, the shortfall could be defeated. It is interesting that despite the worst kind of energy shortfall, the industries are still showing growth and its obvious that once this crucial shortfall of energy solved the overall growth rate of the country <; would be increased with more high-speed.
The growth rate of Pakistan is still Jow but it is increasing day by day. It is rarely seen that a country which was badly . affected by terrorism and facing severe problems, but after all these issues, it shows growth and in such level like Pakistan showing nowadays.
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