interesting trend is remittances from settled countries like UK, EU and USA where people traditionally wont send remittances back ....is at 50% increase rateNews, analysis and opinions about India, Pakistan, US, Canada, Europe, Mid East, South Asia, Silicon Valley, High Technology, Economy, Politics, Worldwww.riazhaq.com
Pakistani diaspora sent home $14.2 billion in remittances in July-December 2020, up 25% from the same period in 2019. Pakistanis settled in the United States and the United Kingdom increased their remittances by 52% and 47% respectively in this period, helping Pakistan achieve a record $1.8 billion current account surplus in the first 6 months of the ongoing fiscal year 2020-21.
While Pakistan's exports increased a modest 5.1%, the remittances from overseas Pakistanis jumped a hefty 25% in response to an appeal by Prime Minister Imran Khan who remains very popular among them. He drew nearly 30,000 Pakistani-Americans to a rally during his Washington D.C. visit in 2019.
Pakistan's imports increased 5.5%, more than the 5.1% increase in exports, during the first half of the current fiscal year 2020-21. This resulted in $12.4 billion trade deficit, a 5.9% increase. Without the 25% jump in remittances, Pakistan would most likely have a current account deficit rather than a surplus in this period.
The modest 5.1% increase in Pakistan's exports is still commendable in the midst of the global economic devastation caused by COVID19 pandemic. What is even more commendable is the 19% jump in exports in December 2020 over the same month in 2019, indicating a strong upward trend.
Pakistani diaspora is the world's 5th largest with more than half a million Pakistanis migrating every year to work overseas. Over 11 million Pakistanis have left home for employment in Europe, America, Middle East and elsewhere since 1971, according to Pakistan Bureau of Emigration. The pace has particularly picked up over the last 10 years. This phenomenon has helped reduce unemployment in a country where about 2 million young people are entering the job market each year. It has also helped remittances soar nearly 28X since the year 2000Related Links:
South Asia Investor Review
Pakistan is the 7th Largest Source of Migrants in OECD Nations
Pakistanis Mini-Invasion of China
Inspirational Story of Karachi Rickshaw Driver's Daughters
Pakistan Remittance Soar 21X
Pakistan's Growing Human Capital
Two Million Pakistanis Entering Job Market Every Year
Pakistan Most Urbanized in South Asia
Hindu Population Growth Rate in Pakistan
Do South Asian Slums Offer Hope?
How "Illiterate" Are Pakistan's "Illiterate" Cell Phone Users?
Riaz Haq's Youtube Channel
PakAlumni Social Network
News, analysis and opinions about India, Pakistan, US, Canada, Europe, Mid East, South Asia, Silicon Valley, High Technology, Economy, Politics, Worldwww.riazhaq.com
I agree, i would love to buy stuff from Pakistan online but there is hardly much on.I haven’t commented on this forum for 6 months or so but I still come on here once a week or so.
I was born in the UK but have lived in Pakistan twice approximately 7 years, between the ages of 5-8 with my parents and siblings and then recently when I was age 34-38 with my wife and children. So me and my siblings and wider family have roots there and go back and forth regularly.
I think people like myself and others - the 3rd / 4th generation, are those who have chosen to ignore Pakistan as a place to invest. Some may disagree but really that is the case with 95% of us who have Pakistani heritage.
We’v recently invested and rolled out a franchise in Dubai and have found business culture there to be easier than Pakistan. While I was in Pakistan for 4 years I also sold and bought plots / properties and sold automobiles etc etc but there’s so much corruption involved it’s just unbelievable.
When I moved to Pakistan in 2015 I was shocked and angry to see how business is done there, however a year later I was one of them. However now I’v returned to the UK, I now appreciate the ease and fairness here. I look back and think what the hell was that.
Therefore I decided to invest in Dubai as it is a growing market and it is rishwat free. I will still visit Pakistan but will not invest there unless the ‘nizam’ changes....and there’s many like me who have good jobs / businesses and would like to invest but they see the business environment and walk away....not everyone has political access/ a strong sifarish and nor do they want to wait/be involved in our bureaucratic nightmare.
At the same time for many muslims who are inclined towards the deen are thinking of and moving to Turkey which is moving towards the right direction and offers great opportunities.
May Allah ta’ala give hidayat to us all. May Pakistan prosper and may we the people change our ways.