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 Pakistan
is a rapidly
developing country
which has faced a
number of challenges
on both political
and economic fronts.
Despite being a very
poor country in
1947, Pakistan's
economic growth rate
was better than the
global average
during the
subsequent four
decades, but
imprudent policies
led to a slowdown in
the late 1990s.
Recently,
wide-ranging
economic reforms
have resulted in a
stronger economic
outlook and
accelerated growth
especially in the
manufacturing and
financial services
sectors. There has
been great
improvement in the
foreign exchange
position and rapid
growth in hard
currency reserves in
recent years. The
2005 estimate of
foreign debt was
close to US$40
billion. However,
this has decreased
in recent years with
assistance from the
International
Monetary Fund (IMF)
and significant
debt-relief from the
United States.
Pakistan's gross
domestic product, as
measured by
purchasing power
parity (PPP), is
estimated to be
US$439.7 billion
while its per capita
income (PCI) stands
at $2,803. Despite
clear progress, one
quarter of the
Pakistani population
is described as poor
as per the Asian
Development Bank,
World Bank and UN
Development Program
reports which place
the poverty rate
between 23-28
percent. Pakistan's
GDP growth rates
have seen a steady
increase over the
last 5 years.
However,
inflationary
pressures and a
below par savings
rate, among other
economic factors,
would make it
difficult to sustain
a high growth rate.
The growth of
non-agricultural
sectors has changed
the structure of the
economy, and
agriculture now only
accounts for roughly
20% of the GDP. The
service sector
accounts for 53% of
the country's GDP
with wholesale and
retail trade forming
30% of this sector.
In recent times, the
Karachi Stock
Exchange has soared,
along with most of
the world's emerging
markets. Large
amounts of foreign
investments have
been made into
several industries.
The top industries
in Pakistan are
telecom, software,
automotives,
textiles, cement,
fertilizer, steel,
ship building, and
more recently,
aerospace.
Pakistan has
accomplished many
engineering feats
such as construction
of the worlds
largest earth filled
dam Tarbela, the
world's twelfth
largest dam Mangla,
as well as the
highest
international road
on earth: the
Karakorum Highway.
There are also half
a dozen additional
dams planned such as
Kalabagh Dam,
Diamer-Bhasha Dam,
Munda, Akhori and
Sakurdu Katzara. If
built these new dams
will also be amongst
the worlds largest
and most technically
challenging and will
help cement
Pakistan's position
as becoming the
World Leader in
water management and
hydroelectric power. |
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