Pakistan economy to grow by 4% in 2012: UN ESCAP report

[PakiRambo]

ISLAMABAD: The United Nation Economic and Social Survey of Asia and Pacific (ESCAP) projected the economy of Pakistan to grow by 4 percent during the year 2012.
According to a report launched by ESCAP on Thursday, the Gross Domestic Product (GDP) in Pakistan is projected to grow by 4 percent in 2012, which is an improvement from 2.4 percent growth in 2011.
Dr Ashfaq Hassan, an economist said the economic growth of the country has increased mainly due to the enhanced output of agriculture sector.

He said the agriculture sector was improving due to the post-flood recovery in cotton, rice, wheat, sugarcane and other minor crops.

Ashfaq said cut in monitory policy by 200 basis points by the State Bank of Pakistan also supported the economic growth of the country.

The moves were aimed to stimulate private investment and economic growth, Ashfaq said.

The GDP growth in the country slowed considerably to 2.4 percent in fiscal year 2011 from 3.8 percent in the previous year, mainly due to prevailing security concerns, the exogenous shock from elevated oil prices and unprecedented floods in a large part of the country and shortage of electricity and natural gas have also hampered the economic growth, he added.

The Economic Survey of Asia reported to reduce the budget deficit in Pakistan, the government was making efforts to improve tax compliance and broaden the tax base.

The report said current account of balance of payment in the country has registered surplus in 2011.

In Pakistan, the external sector registered a surplus on the current account, making it a bright spot of the economy in 2011, the report added.

According to the report the exports increased by 29.3 percent and workers’ remittances reached an historic level of more than $11.2 billion in 2011.

Rising prices of value-added textiles helped propel the rapid growth of exports. Foreign exchange reserves also increased considerably.

The report further said in order to address energy shortages the government should take various measures including setting up viable new power projects, minimising transmission and distribution losses including theft of electricity, increasing exploration of natural gas, crude oil and coal, tapping of regional markets and setting up infrastructure for energy imports.

Clovis Freire, representative of Asia and the Pacific said another year of slowing growth as demand for its exports falls in developed nations and capital costs rise, but the region will remain the anchor of global economic stability. He said the growth rate of the region’s developing economies is projected to slow down to 6.6 percent in 2012 from 7.0 percent last year compared to a strong 8.9 percent in 2010.

Daily Times - Leading News Resource of Pakistan

 

[Hyde]

yeh Government batain hi karti hai - phir end main keh de gi ke target miss ho gaya

Well I hope that is true but they need to take drastic measure to turn the major industries of our country like Pakistan Steel mill to profitable business, only then I can expect them to produce good consistent results in growth rate for the whole country

 

[King Solomon]

Nice to see the growth higher than previous year.

Pakistan's major problem is it's investment climate... Nobody wants to invest in a country portrayed so negatively in international media. Though more professional investors won't mind that.

 

[Hulk]

All the best to Pakistan, may the nation progress on path.

 

[Pakistanisage]

If this is what Gilani-Zardari can do, just imagine what Imran Khan is going to do.

 

[RayKalm]

If this is what Gilani-Zardari can do, just imagine what Imran Khan is going to do.

They, Gilani and Zardari, are not doing anything.

The people of Pakistan are doing everything. With their courage, bravely, and determination, they won't allow Pakistan to fall into chaos and be declared a failed state (which is what America wants us to become).

 

[Hyde]

If this is what Gilani-Zardari can do, just imagine what Imran Khan is going to do.

Imran Khan is not an angel that you think he will turn the whole condition of the state upside down. I hate to say to my Pakistani friends that don't think there is a short-cut for prosperity of the nations. The maximum it can happen during "Good leader's" era under the present circumstances is that the corruption may slightly be reduced, growth rate can be slightly higher than the present Government, better tax and revenue collection, stronger foreign policy and so on. That will also ensure lesser dependency on foreign nations while preparing your national budget.

These are really good and important steps to justify the worthiness of your vote. But that does not mean electricity crisis will vanish all of a sudden, gas will start coming from the day 2. PIA, Steel mill or other companies will start generating profit all of a sudden, the crime rate will be cut by 50%, The inflation rate will fell to 2% and our GDP per capita will rise to 500% in just 5 years time. The maximum it is going to happen is if our GDP per capita at the moment is around 1050 dollars - it may rise up to 1300 or 1800 dollars after 5 years.

So we will remain poor for the next 20 years or so... but good thing is we will at least move towards the prosperity and foreign investors will start believing in our country's potential.

Sorry for myself being so straight and practical

 

[telephone]

4 percent is not bad considering we are a war-zone

 

[Edevelop]

]Imran Khan is not an angel that you think he will turn the whole condition of the state upside down.[/B] I hate to say to my Pakistani friends that don't think there is a short-cut for prosperity of the nations. The maximum it can happen during "Good leader's" era under the present circumstances is that the corruption may slightly be reduced, growth rate can be slightly higher than the present Government, better tax and revenue collection, stronger foreign policy and so on. That will also ensure lesser dependency on foreign nations while preparing your national budget.

These are really good and important steps to justify the worthiness of your vote. But that does not mean electricity crisis will vanish all of a sudden, gas will start coming from the day 2. PIA, Steel mill or other companies will start generating profit all of a sudden, the crime rate will be cut by 50%, The inflation rate will fell to 2% and our GDP per capita will rise to 500% in just 5 years time. The maximum it is going to happen is if our GDP per capita at the moment is around 1050 dollars - it may rise up to 1300 or 1800 dollars after 5 years.

So we will remain poor for the next 20 years or so... but good thing is we will at least move towards the prosperity and foreign investors will start believing in our country's potential.

Sorry for myself being so straight and practical

Good answer. That should sum up