Pak per capita income drops thanks to Imported mismanagement

[Olympus81]

When you Dar, the economic hitman as a Finance Minister, you’d fumble in the best of times.

Now you have a difficult situation, so imagine.

 

[Indos]

"imported" ??

The problem is indeed imported, any huge economic fall down is usually started from the outside like Asian Financial crisis 1997-1998 started in Thailand where Indonesia is the biggest victim, 2008 Financial Meltdown in USA, 2013 The Fed Policy started in US to slow its quantitative easing policy, 2022 is combination of supply problem within Western economies due to previous Covid year, Russian invasion economic impact, The Fed tightening policy started in the end of 2021 and keep going on even until now.

It is necessary to make preparation for such case by doing prudent economic policy. Indonesia has already been preparing for this since early 2000 as we know understand the need to do so after getting hit by Asian Financial Crisis in 1997-1998.

 

[maithil]

Reality seems to be worse... Even Govt aligned journalists are raising questions on these figures...

https://twitter.com/x/status/1661950208970825729

 

[Skull and Bones]

In financial year 2024, Pakistani GDP per capita will be in between $1150-1250, given that there is no resolution of IMF payment, and subsequent debt payment of another $30 billion.

 

[SoulSpokesman]

@Skull and Bones

Khopdi bhai,

But as Brofessor sb says that is only accounted GDP. There is a lot of hidden/black money GDP which will keep the average awaam going.

Regards

 

[Skull and Bones]

@Skull and Bones

Khopdi bhai,

But as Brofessor sb says that is only accounted GDP. There is a lot of hidden/black money GDP which will keep the average awaam going.

Regards

The hidden money will not play its part in running government schools, hospitals, power lines, subsidized foods for the impoverished or security.

The first thing people with hidden money will do is to run away, as you can see from the sentiment of many pakistani posters here.

 

[maithil]

0.3% economic growth rate debunked​

The size of Pakistan’s economy has shrunk to $341.5 billion and its per capita income has slipped to just $1,568 in the outgoing fiscal year due to almost flat economic growth and currency devaluation. Against this backdrop, a dispute has arisen about the official GDP growth figure.

The economy shrank by $34 billion or 9% whereas per capita income also decreased by $198 or 11.2%, according to the provisional estimates that the National Accounts Committee (NAC) approved a day earlier.

But according to some government sources and fresh details, the management of the Pakistan Bureau of Statistics (PBS) faced immense pressure to change the economic growth rate which was initially estimated at a negative 0.5% for the outgoing fiscal year, ending on June 30.

The sources said that the PBS management succumbed to the pressure and agreed to show a nominally positive growth rate of 0.3%. Subsequently NAC stamped the figure.

In the Post-Disaster Needs Assessment (PDNA) report on the 2022 floods, the government had told the world that “around one million livestock are estimated to have perished”.

But the PBS counted that only around 200,000 animals had perished during the last summer floods, calling into question the credibility of both the government and the PBS.

The NAC approved that the livestock grew 3.8%, a number that surprised many as the rate of growth was even higher than 2.3% during the pre-flood period. The glaring contradiction has also put a question mark over the credibility of the official economic growth rate of 0.29%, which the NAC approved on Wednesday.

The change from a negative to a positive growth rate was apparently made in haste and the PBS -- the country’s national data collecting agency -- for the first time could not even present a proper “working paper” for the approval of the NAC, said the sources.

The NAC approved the provisional economic growth rate on the basis of mere one presentation and that, too, without having the working paper on the table.

Despite this, the size of the economy and the per capita income shrank in dollar terms during the outgoing fiscal year. The economy’s size slipped to $341.5 billion, 9% or $33.9 billion less than last year.

In rupee terms, the size of the economy reached nearly Rs85 trillion in 2022-23 -- about Rs18 trillion higher than the last fiscal year -- thanks to a record inflation rate in the country.

In rupee terms, the size of the economy reached nearly Rs85 trillion in 2022-23 -- about Rs18 trillion higher than the last fiscal year -- thanks to a record inflation rate in the country.



Similarly, the per capita income that had been estimated at $1,766 in the last fiscal year slipped to $1,568 -- a reduction of $198 or 11.2% per person. In rupee terms, per capita income jumped from Rs313,337 in 2021-22 to Rs388,755 in 2022-23 -- one-fourth increase on back of inflation.

According to the PDNA report, agriculture, food, livestock, and fisheries sectors sustained losses of $3.7 billion. It added because of these losses, the local food processing and slaughtering industries will be negatively impacted by the expected reduction in food harvests and reduced supply of livestock.

As a result, industry sector value added is expected to shrink by 0.7% of FY22 GDP, according to the report. But NAC on Wednesday approved that the fishery sector grew by 1.44% compared to only 0.4% growth in the previous year when the floods had not damaged this sector.

Despite slump in the industrial sector, over 6% growth has been shown in the electricity, gas and water supply sectors. The contraction in the construction sector is shown at 5.5%, which the sources said is less than what the PBS had initially estimated.

The government has reported that the education sector grew at 10.4%, which was the highest ever as the previous highest was 3.5% in 2017-18.

Likewise, health services are claimed to have grown by 8.5% which is even higher than the 6.2% growth rate during Covid-19 when funds were diverted towards this sector. The growth in the other services is shown higher than last year which is anomalous as most of it has a fixed growth rate of base year.

Overall, the agriculture sector has been estimated to grow at 1.6% despite the fact that cotton production decreased by 41.1%, cotton ginning reduced by 23%, sugarcane grew only by 2.8% and rice output decreased by 21.5%.

Industrial sector contraction is shown at 2.94%, which the sources said is less than the initially estimated negative output. The imports, important crops and manufacturing sectors significantly contracted but the government has shown only 4.5% negative growth in the wholesale and retail sectors.

0.3% economic growth rate debunked | The Express Tribune

PBS buckles under govt pressure to fudge data

tribune.com.pk

 

[CallSignMaverick]

The economy size in dollar terms declined to $341.554 billion in the outgoing FY23

The per capita income in dollar terms fell to $1,568 in FY23

That means the government of pakistan assumes the population of Pakistan in 2022 was just 217 million and not the 255 million as per recent census to show higher figures.

0.3% economic growth rate debunked​

The size of Pakistan’s economy has shrunk to $341.5 billion and its per capita income has slipped to just $1,568 in the outgoing fiscal year due to almost flat economic growth and currency devaluation. Against this backdrop, a dispute has arisen about the official GDP growth figure.

The economy shrank by $34 billion or 9% whereas per capita income also decreased by $198 or 11.2%, according to the provisional estimates that the National Accounts Committee (NAC) approved a day earlier.

But according to some government sources and fresh details, the management of the Pakistan Bureau of Statistics (PBS) faced immense pressure to change the economic growth rate which was initially estimated at a negative 0.5% for the outgoing fiscal year, ending on June 30.

The sources said that the PBS management succumbed to the pressure and agreed to show a nominally positive growth rate of 0.3%. Subsequently NAC stamped the figure.

In the Post-Disaster Needs Assessment (PDNA) report on the 2022 floods, the government had told the world that “around one million livestock are estimated to have perished”.

But the PBS counted that only around 200,000 animals had perished during the last summer floods, calling into question the credibility of both the government and the PBS.

The NAC approved that the livestock grew 3.8%, a number that surprised many as the rate of growth was even higher than 2.3% during the pre-flood period. The glaring contradiction has also put a question mark over the credibility of the official economic growth rate of 0.29%, which the NAC approved on Wednesday.

The change from a negative to a positive growth rate was apparently made in haste and the PBS -- the country’s national data collecting agency -- for the first time could not even present a proper “working paper” for the approval of the NAC, said the sources.

The NAC approved the provisional economic growth rate on the basis of mere one presentation and that, too, without having the working paper on the table.

Despite this, the size of the economy and the per capita income shrank in dollar terms during the outgoing fiscal year. The economy’s size slipped to $341.5 billion, 9% or $33.9 billion less than last year.

In rupee terms, the size of the economy reached nearly Rs85 trillion in 2022-23 -- about Rs18 trillion higher than the last fiscal year -- thanks to a record inflation rate in the country.

In rupee terms, the size of the economy reached nearly Rs85 trillion in 2022-23 -- about Rs18 trillion higher than the last fiscal year -- thanks to a record inflation rate in the country.



Similarly, the per capita income that had been estimated at $1,766 in the last fiscal year slipped to $1,568 -- a reduction of $198 or 11.2% per person. In rupee terms, per capita income jumped from Rs313,337 in 2021-22 to Rs388,755 in 2022-23 -- one-fourth increase on back of inflation.

According to the PDNA report, agriculture, food, livestock, and fisheries sectors sustained losses of $3.7 billion. It added because of these losses, the local food processing and slaughtering industries will be negatively impacted by the expected reduction in food harvests and reduced supply of livestock.

As a result, industry sector value added is expected to shrink by 0.7% of FY22 GDP, according to the report. But NAC on Wednesday approved that the fishery sector grew by 1.44% compared to only 0.4% growth in the previous year when the floods had not damaged this sector.

Despite slump in the industrial sector, over 6% growth has been shown in the electricity, gas and water supply sectors. The contraction in the construction sector is shown at 5.5%, which the sources said is less than what the PBS had initially estimated.

The government has reported that the education sector grew at 10.4%, which was the highest ever as the previous highest was 3.5% in 2017-18.

Likewise, health services are claimed to have grown by 8.5% which is even higher than the 6.2% growth rate during Covid-19 when funds were diverted towards this sector. The growth in the other services is shown higher than last year which is anomalous as most of it has a fixed growth rate of base year.

Overall, the agriculture sector has been estimated to grow at 1.6% despite the fact that cotton production decreased by 41.1%, cotton ginning reduced by 23%, sugarcane grew only by 2.8% and rice output decreased by 21.5%.

Industrial sector contraction is shown at 2.94%, which the sources said is less than the initially estimated negative output. The imports, important crops and manufacturing sectors significantly contracted but the government has shown only 4.5% negative growth in the wholesale and retail sectors.

0.3% economic growth rate debunked | The Express Tribune

PBS buckles under govt pressure to fudge data

tribune.com.pk

Arey its pure fudging, when your factories have stopped production and closing up one by one, electricity demand is going down, cement and steel consumption is down, exports and imports have crashed, FDI and remittances have decreased, floods destroyed agriculture and animal husbandry yet a "positive growth rate".

 

[SoulSpokesman]

@maithil bro @CallSignMaverick

Very disturbing.

Regards

 

[Imran Khan]

In financial year 2024, Pakistani GDP per capita will be in between $1150-1250, given that there is no resolution of IMF payment, and subsequent debt payment of another $30 billion.

tell me its 0

 

[Skull and Bones]

tell me its 0

Sell us your side of Kashmir and get rid of your loans.

 

[Imran Khan]

In financial year 2024, Pakistani GDP per capita will be in between $1150-1250, given that there is no resolution of IMF payment, and subsequent debt payment of another $30 billion.

tell me its 0

Sell us your side of Kashmir and get rid of your loans.

i will offer whole pakistan for sale but not to bhikaris like indians but to EU USA or china. ager sale ho ker bhi rail per beth ker hagna hai to kya faida ?

 

[Skull and Bones]

i will offer whole pakistan for sale but not to bhikaris like indians but to EU USA or china.

They don't buy damaged stuffs.

 

[Imran Khan]

They don't buy damaged stuffs.

aik gawadar ke liye mar rahy thy wo log

 

[Skull and Bones]

aik gawadar ke liye mar rahy thy wo log

Fir kya hua?