Pakistan's Economy - News and Updates
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Path-Finder
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It's shows Musharraf era, the beginning of his term didn't show much growth, I believe (don't have stats at the moment) that initially mushy did exactly what IK is doing which is fixing the economy and fixing the fundamentals, such as increase the tax (intro of GST) and compliance of tax payments, Inc of fdi, better governance.this is for those ignorant chamcha types, who says one year is not enough for socio economic growth.
Unfortunately this graph is not extended till 2020.
The other thing he did was gradually increasing exports.
That's why late 2000's economy was growing
So what IK is good and better then mushy as he is reducing subsidies, Inc of tax, mom borrowing from state bank, rupee devaluation and hence growth in quantity & dollars terms in exports.
Result will be shown in near future
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S A L M A N.
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I happened to stumble across an archived link to all of the Pakistan's 5-Year Plans from the 1st plan in 1955 to the MTDF for 2005-10. I'm sharing the link here.
The plans are divided into chapters and the link is really slow. It would give interesting insight into past economic policy initiatives if some people can chip in and download them.
I tried to download them one by one but its a painstaking process.
Writing a Python script to download them did not help because it timed out due to the high latency.
https://web.archive.org/web/20101115043441/http://pc.gov.pk/National_Plans.html
The plans are divided into chapters and the link is really slow. It would give interesting insight into past economic policy initiatives if some people can chip in and download them.
I tried to download them one by one but its a painstaking process.
Writing a Python script to download them did not help because it timed out due to the high latency.
https://web.archive.org/web/20101115043441/http://pc.gov.pk/National_Plans.html
ziaulislam
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when mushi took over a broken economy where Pakistan defaulted in 1998..(guess who was the PM)..it was followed 3 years of poor growth (<2) followed by 3 years of moment and than final peak in 2006-2008..this is for those ignorant chamcha types, who says one year is not enough for socio economic growth.
Unfortunately this graph is not extended till 2020.
though global economic crisis caused it to crash along with massive subsidies and state bank lending in year 2008 ..
what this means..is that after 3-4 years growth might happen not before that
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Pakistan records trade surplus with Italy
Despite the Covid-19-fuelled lockdown and supply chain disruption, Pakistan has fared quite well by registering a visible growth in the Italian market in FY20, said Ambassador of Pakistan to Italy Jauhar Saleem.
Speaking to the Pakistani and Italian media, Saleem said Italy was the eighth largest economy of the world with gross domestic product (GDP) of $2 trillion. It is the third largest economy in the European Union (EU) after Germany and France and the ninth top export destination for Pakistan as it hosts the largest Pakistani diaspora in the EU.
Italy is facing tough times due to the widespread impact of the coronavirus pandemic on its economy and the International Monetary Fund (IMF) has projected a 9-11% contraction in the Italian economy whereas the Italian central bank is anticipating a decline of 9-13% in its GDP this year.
The ambassador pointed out that in FY19 Pakistan had a trade deficit of $164 million with Italy. However, in fiscal year 2019-20, despite the coronavirus outbreak and lockdown in the country, Pakistan managed to record a trade surplus of $210 million.
“So, the balance of trade is in Pakistan’s favour now. In FY20, Pakistan’s exports to Italy were $731 million and imports stood at $521 million.”
Pakistan mainly exported textile, leather, rice and ethanol to Italy. “Pakistan is a market leader in rice and it holds 38% share in the Italian market as the country exports rice worth $62 million,” the envoy added.
Thailand has a share of 12% with $19 million worth of export to the Italian market whereas India ranks at number three with a 10% share and $17 million worth of exports. Saleem also shared the strategy to promote Pakistani goods in the Italian market.
Talking about Italian investment in Pakistan during 2020, the ambassador said it had increased by 45% compared to the previous year. The investment jumped to $56.4 million in FY20.
Foreign direct investment from Italy was mostly concentrated in energy, pharma, chemical and IT sectors. A major investment went to the energy sector.
“Italy has planned to invest in renewable energy in Pakistan. Pakistan’s embassy in Rome is facilitating these new investment projects.”
The ambassador said Italy had become the largest contributor from the EU to home remittances to Pakistan. In FY20, the remittances grew 29%, which was far higher than the growth in overall remittances.
The envoy revealed that the embassy had undertaken a number of initiatives so that Pakistani labour force could stay in Italy even during the lockdown instead of returning back to their home country.
“This strategy has delivered and with the improving market conditions, Pakistanis are back to work and worker remittances have registered 77% growth in June 2020.”
Responding to a question, Saleem said the Italian government had decided to temporarily regularise the migrants working in the agriculture sector and as domestic helpers to fill the gap in key jobs, and allow health coverage to the workers.
Pakistan’s undocumented workers are among the main beneficiaries of this scheme.
The ambassador stressed that Pakistan was enhancing areas of cooperation with Italy. Currently, Italy is providing technical assistance in textile, leather and marble sectors. Pakistan is working to expand it to dairy and livestock, olives and olive products, plastics, processed food and construction sector.
https://tribune.com.pk/story/2256381/pakistan-records-trade-surplus-with-italy
Despite the Covid-19-fuelled lockdown and supply chain disruption, Pakistan has fared quite well by registering a visible growth in the Italian market in FY20, said Ambassador of Pakistan to Italy Jauhar Saleem.
Speaking to the Pakistani and Italian media, Saleem said Italy was the eighth largest economy of the world with gross domestic product (GDP) of $2 trillion. It is the third largest economy in the European Union (EU) after Germany and France and the ninth top export destination for Pakistan as it hosts the largest Pakistani diaspora in the EU.
Italy is facing tough times due to the widespread impact of the coronavirus pandemic on its economy and the International Monetary Fund (IMF) has projected a 9-11% contraction in the Italian economy whereas the Italian central bank is anticipating a decline of 9-13% in its GDP this year.
The ambassador pointed out that in FY19 Pakistan had a trade deficit of $164 million with Italy. However, in fiscal year 2019-20, despite the coronavirus outbreak and lockdown in the country, Pakistan managed to record a trade surplus of $210 million.
“So, the balance of trade is in Pakistan’s favour now. In FY20, Pakistan’s exports to Italy were $731 million and imports stood at $521 million.”
Pakistan mainly exported textile, leather, rice and ethanol to Italy. “Pakistan is a market leader in rice and it holds 38% share in the Italian market as the country exports rice worth $62 million,” the envoy added.
Thailand has a share of 12% with $19 million worth of export to the Italian market whereas India ranks at number three with a 10% share and $17 million worth of exports. Saleem also shared the strategy to promote Pakistani goods in the Italian market.
Talking about Italian investment in Pakistan during 2020, the ambassador said it had increased by 45% compared to the previous year. The investment jumped to $56.4 million in FY20.
Foreign direct investment from Italy was mostly concentrated in energy, pharma, chemical and IT sectors. A major investment went to the energy sector.
“Italy has planned to invest in renewable energy in Pakistan. Pakistan’s embassy in Rome is facilitating these new investment projects.”
The ambassador said Italy had become the largest contributor from the EU to home remittances to Pakistan. In FY20, the remittances grew 29%, which was far higher than the growth in overall remittances.
The envoy revealed that the embassy had undertaken a number of initiatives so that Pakistani labour force could stay in Italy even during the lockdown instead of returning back to their home country.
“This strategy has delivered and with the improving market conditions, Pakistanis are back to work and worker remittances have registered 77% growth in June 2020.”
Responding to a question, Saleem said the Italian government had decided to temporarily regularise the migrants working in the agriculture sector and as domestic helpers to fill the gap in key jobs, and allow health coverage to the workers.
Pakistan’s undocumented workers are among the main beneficiaries of this scheme.
The ambassador stressed that Pakistan was enhancing areas of cooperation with Italy. Currently, Italy is providing technical assistance in textile, leather and marble sectors. Pakistan is working to expand it to dairy and livestock, olives and olive products, plastics, processed food and construction sector.
https://tribune.com.pk/story/2256381/pakistan-records-trade-surplus-with-italy
PradoTLC
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Ok noonies Here is truth from World bank country director
- the 5% growth rate was largely consumption NOT based investment based which contributes to boom and bust cycles ..
- keeping the rupee artificially high hurt exports
watch and weep..
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Pakistan’s debt, liabilities sour past the size of its economy
SAMAA | Samaa Money - Posted: Aug 29, 2020 | Last Updated: 8 hours ago
SAMAA | Samaa Money - Posted: Aug 29, 2020 | Last Updated: 8 hours ago
Pakistan’s outstanding debt and liabilities reached Rs44.6 trillion as of June 30, 2020 going past the size of its economy, according to the statistics the State Bank of Pakistan published on Thursday.
The total debt and liabilities increased by more than a tenth in the latest fiscal year and now stand at 107% of its GDP, which stands at Rs41.7 trillion, according to the central bank’s data.
This is much higher than the 60% limit as described under Pakistan Fiscal Responsibility and Debt Limitation Act 2005 and it has been above this line since the time of PML-N government. In fiscal year 2018, the last year of the PML-N government, the total debt and liabilities were Rs29.8 trillion or 86.3% of the GDP, therefore, the present set-up has added another Rs14.8 trillion to the national debt since then.
This mountain of debt leaves Pakistan with no money to spend on its people. This is because more than 40% of its budget is spent on repaying the previous loan. Successive governments have failed to meet tax collection target, which results in lower revenue. On the other hand, they end up spending more than what’s allocated in the budget. Higher spending and lower revenue creates large budget deficit, which is then plugged through more borrowing and the cycle goes on.
The total debt and liabilities increased by more than a tenth in the latest fiscal year and now stand at 107% of its GDP, which stands at Rs41.7 trillion, according to the central bank’s data.
This is much higher than the 60% limit as described under Pakistan Fiscal Responsibility and Debt Limitation Act 2005 and it has been above this line since the time of PML-N government. In fiscal year 2018, the last year of the PML-N government, the total debt and liabilities were Rs29.8 trillion or 86.3% of the GDP, therefore, the present set-up has added another Rs14.8 trillion to the national debt since then.
This mountain of debt leaves Pakistan with no money to spend on its people. This is because more than 40% of its budget is spent on repaying the previous loan. Successive governments have failed to meet tax collection target, which results in lower revenue. On the other hand, they end up spending more than what’s allocated in the budget. Higher spending and lower revenue creates large budget deficit, which is then plugged through more borrowing and the cycle goes on.
Pakistan's debt, liabilities sour past the size of its economy
The country now owes Rs44.6 tn
www.samaa.tv
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