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Pakistan succeeded in reviving economy despite Covid pandemic: Forbes

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Pakistan succeeded in reviving economy despite Covid pandemic: Forbes
US magazine lauds govt’s efforts saying even US and India faced difficulties in dealing with the pandemic

News Desk June 07, 2021

tarin added that to lessen severe impact on economy govt introduced the largest ever economic stimulus package for smes to shield them from insolvency photo file

Tarin added that to lessen severe impact on economy, govt introduced the largest-ever economic stimulus package for SMEs to shield them from insolvency. PHOTO: FILE
Leading American business magazine Forbes has lauded the government's efforts to tackle pandemic and to stabilise and grow Pakistan's economy, saying that the government has been successful in reviving its economy through prudent policies which is expected to grow at 4%.
Successful management to tackle the pandemic and the success of IMF programme, as evidenced by the 4% GDP growth, is a testament to Pakistan's growth potential and good investment opportunities, the magazine said.
It said when countries like United States and India have had difficulties in dealing with the coronavirus pandemic. Pakistan has succeeded in reviving its economy, which is expected to grow at a rate of about 4%, exceeding initial estimates in 2021.
The State Bank of Pakistan (SBP) initially forecast a 3% increase in the GDP, while the International Monetary Fund (IMF) and the World Bank forecast an increase of 1.5% and 1.3%, respectively.
According to the report, the services sector, which is projected to grow at a rate of 4.43% in 2020-2021, contributes significantly to the overall growth. This is certainly noteworthy for a country like Pakistan which is succeeding in expanding its services sector. The growth rate of the agricultural sector is estimated at 2.77% while that of the industrial sector is 3.57%.
The situation in India is dire, with an incredible number of 28,441,986 cases of corona and 338,013 deaths.
Due to the increase in awareness on social media in Pakistan, citizens started wearing masks to protect against the novel coronavirus.
Last year, the country witnessed a spike in cases during the Eid festival, but this time the government partially imposed a lockdown, taking steps such as shutting down unnecessary businesses and banning domestic tourism, which helped to contain the spread of infection.
However, the sanctions caused difficulties for the working class. The government hopes that by the end of 2021, last week, on May 26 and 27, the Pakistan Stock Exchange (PSX) had witnessed the highest ever buying and selling of 1.56 billion shares and 2.21 billion shares, respectively.
Pakistani investors and traders are optimistic and enthusiastic about the public budget and proposals for further growth.
According to SBP Governor Reza Baqir, flexible monetary and monetary policy has led to unprecedented growth in Pakistan's gross domestic product (GDP). The SBP hastily reduced the policy rate by 625 basis points to 7%. An aid package equal to 5% of GDP was provided.
The SBP governor said the government also controlled the coronavirus situation as the rate of new coronavirus cases is 12 out of 1 million people in Pakistan while the rate is 62 cases per 1 million people in the rest of the world.
In the IMF's global economic outlook, the ratio of government debt to GDP in 2020 did not change significantly compared to the previous year. Bloomberg also reported the same, while the rate of debt of emerging economies has also increased in terms of GDP by 10%
Raza Baqir said that due to the prudent fiscal and monetary policies of the government, the debt rate in terms of GDP has not increased.
According to the report, inflation is expected to remain between 7% and 9% in Pakistan.
According to SBP Governor Raza Baqir, the recent rise in inflation was mainly due to energy and food items and one-time supply is a major factor, but authorities concerned are ready to respond to the pressure of possible demand in a timely manner.
The report said that the IMF provided Pakistan with an expanded fund of $6 billion. According to Baqir, Pakistan is moving towards stability and growth. The government has managed to turn a $19 billion current account deficit into a $900 million surplus. Foreign exchange reserves increased from $2.7 billion to $16 billion. The report said that the successful management of the pandemic and the success of the IMF programme, as evidenced by the 4% GDP growth, have helped Pakistan to grow and offer good investment opportunities.

@muhammadhafeezmalik @FOOLS_NIGHTMARE @Mav3rick @blueazure @Del @Dual Wielder @ziaulislam @waz @Horus @PakSword @Patriot forever @syedtalhamaududi @Indus Pakistan @Imad.Khan @Mrc @Mugen @Zibago @ghazi52 @Jungibaaz
 
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Pakistan succeeded in reviving economy despite Covid pandemic: Forbes
US magazine lauds govt’s efforts saying even US and India faced difficulties in dealing with the pandemic

News Desk June 07, 2021

tarin added that to lessen severe impact on economy govt introduced the largest ever economic stimulus package for smes to shield them from insolvency photo file

Tarin added that to lessen severe impact on economy, govt introduced the largest-ever economic stimulus package for SMEs to shield them from insolvency. PHOTO: FILE
Leading American business magazine Forbes has lauded the government's efforts to tackle pandemic and to stabilise and grow Pakistan's economy, saying that the government has been successful in reviving its economy through prudent policies which is expected to grow at 4%.
Successful management to tackle the pandemic and the success of IMF programme, as evidenced by the 4% GDP growth, is a testament to Pakistan's growth potential and good investment opportunities, the magazine said.
It said when countries like United States and India have had difficulties in dealing with the coronavirus pandemic. Pakistan has succeeded in reviving its economy, which is expected to grow at a rate of about 4%, exceeding initial estimates in 2021.
The State Bank of Pakistan (SBP) initially forecast a 3% increase in the GDP, while the International Monetary Fund (IMF) and the World Bank forecast an increase of 1.5% and 1.3%, respectively.
According to the report, the services sector, which is projected to grow at a rate of 4.43% in 2020-2021, contributes significantly to the overall growth. This is certainly noteworthy for a country like Pakistan which is succeeding in expanding its services sector. The growth rate of the agricultural sector is estimated at 2.77% while that of the industrial sector is 3.57%.
The situation in India is dire, with an incredible number of 28,441,986 cases of corona and 338,013 deaths.
Due to the increase in awareness on social media in Pakistan, citizens started wearing masks to protect against the novel coronavirus.
Last year, the country witnessed a spike in cases during the Eid festival, but this time the government partially imposed a lockdown, taking steps such as shutting down unnecessary businesses and banning domestic tourism, which helped to contain the spread of infection.
However, the sanctions caused difficulties for the working class. The government hopes that by the end of 2021, last week, on May 26 and 27, the Pakistan Stock Exchange (PSX) had witnessed the highest ever buying and selling of 1.56 billion shares and 2.21 billion shares, respectively.
Pakistani investors and traders are optimistic and enthusiastic about the public budget and proposals for further growth.
According to SBP Governor Reza Baqir, flexible monetary and monetary policy has led to unprecedented growth in Pakistan's gross domestic product (GDP). The SBP hastily reduced the policy rate by 625 basis points to 7%. An aid package equal to 5% of GDP was provided.
The SBP governor said the government also controlled the coronavirus situation as the rate of new coronavirus cases is 12 out of 1 million people in Pakistan while the rate is 62 cases per 1 million people in the rest of the world.
In the IMF's global economic outlook, the ratio of government debt to GDP in 2020 did not change significantly compared to the previous year. Bloomberg also reported the same, while the rate of debt of emerging economies has also increased in terms of GDP by 10%
Raza Baqir said that due to the prudent fiscal and monetary policies of the government, the debt rate in terms of GDP has not increased.
According to the report, inflation is expected to remain between 7% and 9% in Pakistan.
According to SBP Governor Raza Baqir, the recent rise in inflation was mainly due to energy and food items and one-time supply is a major factor, but authorities concerned are ready to respond to the pressure of possible demand in a timely manner.
The report said that the IMF provided Pakistan with an expanded fund of $6 billion. According to Baqir, Pakistan is moving towards stability and growth. The government has managed to turn a $19 billion current account deficit into a $900 million surplus. Foreign exchange reserves increased from $2.7 billion to $16 billion. The report said that the successful management of the pandemic and the success of the IMF programme, as evidenced by the 4% GDP growth, have helped Pakistan to grow and offer good investment opportunities.

@muhammadhafeezmalik @FOOLS_NIGHTMARE @Mav3rick @blueazure @Del @Dual Wielder @ziaulislam @waz @Horus @PakSword @Patriot forever @syedtalhamaududi @Indus Pakistan @Imad.Khan @Mrc @Mugen @Zibago @ghazi52 @Jungibaaz

Good read, many thanks for tagging me and sharing details (very informative).
 
. . .
Pakistan succeeded in reviving economy despite Covid pandemic: Forbes
US magazine lauds govt’s efforts saying even US and India faced difficulties in dealing with the pandemic

News Desk June 07, 2021

tarin added that to lessen severe impact on economy govt introduced the largest ever economic stimulus package for smes to shield them from insolvency photo file

Tarin added that to lessen severe impact on economy, govt introduced the largest-ever economic stimulus package for SMEs to shield them from insolvency. PHOTO: FILE
Leading American business magazine Forbes has lauded the government's efforts to tackle pandemic and to stabilise and grow Pakistan's economy, saying that the government has been successful in reviving its economy through prudent policies which is expected to grow at 4%.
Successful management to tackle the pandemic and the success of IMF programme, as evidenced by the 4% GDP growth, is a testament to Pakistan's growth potential and good investment opportunities, the magazine said.
It said when countries like United States and India have had difficulties in dealing with the coronavirus pandemic. Pakistan has succeeded in reviving its economy, which is expected to grow at a rate of about 4%, exceeding initial estimates in 2021.
The State Bank of Pakistan (SBP) initially forecast a 3% increase in the GDP, while the International Monetary Fund (IMF) and the World Bank forecast an increase of 1.5% and 1.3%, respectively.
According to the report, the services sector, which is projected to grow at a rate of 4.43% in 2020-2021, contributes significantly to the overall growth. This is certainly noteworthy for a country like Pakistan which is succeeding in expanding its services sector. The growth rate of the agricultural sector is estimated at 2.77% while that of the industrial sector is 3.57%.
The situation in India is dire, with an incredible number of 28,441,986 cases of corona and 338,013 deaths.
Due to the increase in awareness on social media in Pakistan, citizens started wearing masks to protect against the novel coronavirus.
Last year, the country witnessed a spike in cases during the Eid festival, but this time the government partially imposed a lockdown, taking steps such as shutting down unnecessary businesses and banning domestic tourism, which helped to contain the spread of infection.
However, the sanctions caused difficulties for the working class. The government hopes that by the end of 2021, last week, on May 26 and 27, the Pakistan Stock Exchange (PSX) had witnessed the highest ever buying and selling of 1.56 billion shares and 2.21 billion shares, respectively.
Pakistani investors and traders are optimistic and enthusiastic about the public budget and proposals for further growth.
According to SBP Governor Reza Baqir, flexible monetary and monetary policy has led to unprecedented growth in Pakistan's gross domestic product (GDP). The SBP hastily reduced the policy rate by 625 basis points to 7%. An aid package equal to 5% of GDP was provided.
The SBP governor said the government also controlled the coronavirus situation as the rate of new coronavirus cases is 12 out of 1 million people in Pakistan while the rate is 62 cases per 1 million people in the rest of the world.
In the IMF's global economic outlook, the ratio of government debt to GDP in 2020 did not change significantly compared to the previous year. Bloomberg also reported the same, while the rate of debt of emerging economies has also increased in terms of GDP by 10%
Raza Baqir said that due to the prudent fiscal and monetary policies of the government, the debt rate in terms of GDP has not increased.
According to the report, inflation is expected to remain between 7% and 9% in Pakistan.
According to SBP Governor Raza Baqir, the recent rise in inflation was mainly due to energy and food items and one-time supply is a major factor, but authorities concerned are ready to respond to the pressure of possible demand in a timely manner.
The report said that the IMF provided Pakistan with an expanded fund of $6 billion. According to Baqir, Pakistan is moving towards stability and growth. The government has managed to turn a $19 billion current account deficit into a $900 million surplus. Foreign exchange reserves increased from $2.7 billion to $16 billion. The report said that the successful management of the pandemic and the success of the IMF programme, as evidenced by the 4% GDP growth, have helped Pakistan to grow and offer good investment opportunities.

@muhammadhafeezmalik @FOOLS_NIGHTMARE @Mav3rick @blueazure @Del @Dual Wielder @ziaulislam @waz @Horus @PakSword @Patriot forever @syedtalhamaududi @Indus Pakistan @Imad.Khan @Mrc @Mugen @Zibago @ghazi52 @Jungibaaz
Great news. Congratulations.
 
.
Pakistan succeeded in reviving economy despite Covid pandemic: Forbes
US magazine lauds govt’s efforts saying even US and India faced difficulties in dealing with the pandemic

News Desk June 07, 2021

tarin added that to lessen severe impact on economy govt introduced the largest ever economic stimulus package for smes to shield them from insolvency photo file

Tarin added that to lessen severe impact on economy, govt introduced the largest-ever economic stimulus package for SMEs to shield them from insolvency. PHOTO: FILE
Leading American business magazine Forbes has lauded the government's efforts to tackle pandemic and to stabilise and grow Pakistan's economy, saying that the government has been successful in reviving its economy through prudent policies which is expected to grow at 4%.
Successful management to tackle the pandemic and the success of IMF programme, as evidenced by the 4% GDP growth, is a testament to Pakistan's growth potential and good investment opportunities, the magazine said.
It said when countries like United States and India have had difficulties in dealing with the coronavirus pandemic. Pakistan has succeeded in reviving its economy, which is expected to grow at a rate of about 4%, exceeding initial estimates in 2021.
The State Bank of Pakistan (SBP) initially forecast a 3% increase in the GDP, while the International Monetary Fund (IMF) and the World Bank forecast an increase of 1.5% and 1.3%, respectively.
According to the report, the services sector, which is projected to grow at a rate of 4.43% in 2020-2021, contributes significantly to the overall growth. This is certainly noteworthy for a country like Pakistan which is succeeding in expanding its services sector. The growth rate of the agricultural sector is estimated at 2.77% while that of the industrial sector is 3.57%.
The situation in India is dire, with an incredible number of 28,441,986 cases of corona and 338,013 deaths.
Due to the increase in awareness on social media in Pakistan, citizens started wearing masks to protect against the novel coronavirus.
Last year, the country witnessed a spike in cases during the Eid festival, but this time the government partially imposed a lockdown, taking steps such as shutting down unnecessary businesses and banning domestic tourism, which helped to contain the spread of infection.
However, the sanctions caused difficulties for the working class. The government hopes that by the end of 2021, last week, on May 26 and 27, the Pakistan Stock Exchange (PSX) had witnessed the highest ever buying and selling of 1.56 billion shares and 2.21 billion shares, respectively.
Pakistani investors and traders are optimistic and enthusiastic about the public budget and proposals for further growth.
According to SBP Governor Reza Baqir, flexible monetary and monetary policy has led to unprecedented growth in Pakistan's gross domestic product (GDP). The SBP hastily reduced the policy rate by 625 basis points to 7%. An aid package equal to 5% of GDP was provided.
The SBP governor said the government also controlled the coronavirus situation as the rate of new coronavirus cases is 12 out of 1 million people in Pakistan while the rate is 62 cases per 1 million people in the rest of the world.
In the IMF's global economic outlook, the ratio of government debt to GDP in 2020 did not change significantly compared to the previous year. Bloomberg also reported the same, while the rate of debt of emerging economies has also increased in terms of GDP by 10%
Raza Baqir said that due to the prudent fiscal and monetary policies of the government, the debt rate in terms of GDP has not increased.
According to the report, inflation is expected to remain between 7% and 9% in Pakistan.
According to SBP Governor Raza Baqir, the recent rise in inflation was mainly due to energy and food items and one-time supply is a major factor, but authorities concerned are ready to respond to the pressure of possible demand in a timely manner.
The report said that the IMF provided Pakistan with an expanded fund of $6 billion. According to Baqir, Pakistan is moving towards stability and growth. The government has managed to turn a $19 billion current account deficit into a $900 million surplus. Foreign exchange reserves increased from $2.7 billion to $16 billion. The report said that the successful management of the pandemic and the success of the IMF programme, as evidenced by the 4% GDP growth, have helped Pakistan to grow and offer good investment opportunities.

@muhammadhafeezmalik @FOOLS_NIGHTMARE @Mav3rick @blueazure @Del @Dual Wielder @ziaulislam @waz @Horus @PakSword @Patriot forever @syedtalhamaududi @Indus Pakistan @Imad.Khan @Mrc @Mugen @Zibago @ghazi52 @Jungibaaz

Just to be clear, Forbes did not say anything of the sort. Tribune is quoting an opinion piece by Naeem Aslam.

"Opinions expressed by Forbes Contributors are their own".
 
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Great news. Congratulations.

PDF have more anti-PK sentiment then pro.. It confused me at first when I came to this forum and disappointed to say the least.. I thought this place suffered from cancer example that negative PLMN article got alot of traffic it is not a coincidence they wait for negativity and storm it... Pk folks function in mysterious ways..

It is not like India where everyone supports the Government it is to complex and complicated here due to many beef against the gov't majority of the time over nonsensical stuff like this is not the right party or that village didn't got a package yada yada.. There is alot of fitna and passive aggressive comments against the gov't and pk interests
 
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PDF have more anti-PK sentiment then pro.. It confused me at first when I came to this forum and disappointed to say the least.. I thought this place suffered from cancer example that negative PLMN article got alot of traffic it is not a coincidence they wait for negativity and storm it... Pk folks function in mysterious ways..

It is not like India where everyone supports the Government it is to complex and complicated here due to many beef against the gov't majority of the time over nonsensical stuff like this is not the right party or that village didn't got a package yada yada.. They is alot of fitna and passive aggressive comments against the gov't and pk interests

Many have this disease that having opposing views on everything will make them look COOL. Impressionable fools will side with them out of the fear of being ridiculed/marginalized. Instead of discourse you only hear arguing for the sake of arguing.
 
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@Norwegian

I am not a great fan of PM IK but I have to admit that he has done an exemplary job in this crisis. Without imposing a draconian lockdown like India (which didn't even work) he has contained Covid (both waves); and at the same time ensured that the economy didnt go into a tailspin.

There is much that the GoI can learn from Pakistan's example.

Regards
 
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This was a news year ago.
The question is how we reached the point where we are now?
What went wrong. What mistake did we made.
 
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This is one distinguished achievement of Imran Khan and PTI. Pakistan dealt with Covid much better than other countries in South Asia. Lesson for all :cheers:
 
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This was a news year ago.
The question is how we reached the point where we are now?
What went wrong. What mistake did we made.
Pakistan heavily depends on oil for energy production due to ignorance of previous regimes about renewable energy. They purposely installed oil dependent power generation units in a hope that oil would never reach this point. The dams PTI government started in the last three years will show effect only after 5-7 years.. for now, Pakistanis will have to bear the consequences of their poor choices.

This was bound to happen..
 
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Pakistan heavily depends on oil for energy production due to ignorance of previous regimes about renewable energy. They purposely installed oil dependent power generation units in a hope that oil would never reach this point. The dams PTI government started in the last three years will show effect only after 5-7 years.. for now, Pakistanis will have to bear the consequences of their poor choices.

This was bound to happen..
Okay agreed but we were doing good just 3 months back and over night country has been pushed into energy crisis and no one is discussing that how it happened?
Secondly we need an immediate short term solution to get out of this energy crisis or many people will suffer cause of it. There are only options that will happen if there is no solution found and things are allowed to rolls as IMF wants. 1. either we will go into hyper inflation or our economy will shrink.
There are solutions which we can implement.
 
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Mis management, political chaos, fragmented leadership, greed, lots of corruption, the list go's on. If Pak could have a stable people & economy focused government for 2-3 decades the country will be transformed.
 
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Okay agreed but we were doing good just 3 months back and over night country has been pushed into energy crisis and no one is discussing that how it happened?
Secondly we need an immediate short term solution to get out of this energy crisis or many people will suffer cause of it. There are only options that will happen if there is no solution found and things are allowed to rolls as IMF wants. 1. either we will go into hyper inflation or our economy will shrink.
There are solutions which we can implement.
Investor confidence shattered. Overseas Pakistanis started withdrawing money by selling their assets (including stocks).

That put a lot of pressure on Pakistani Rupee that was already under pressure due to rising import bill of oil.

Result is in front of us.

Now they are doing load shedding just to save some foreign exchange.. however little they know that the textile industry that was revived by the previous government and other energy dependent industries will stop production.. and may go out of business again.. That will then bring joblessness and result in chaos..
 
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