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Pakistan's Fiscal Year 2022 GDP Reaches $1.62 Trillion in Purchasing Power Parity (PPP) Terms

RiazHaq

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Economic Survey of Pakistan 2021-22 confirms that the nation's GDP grew nearly 6% in the current fiscal year, reaching $1.62 Trillion in terms of purchasing power parity (PPP). In nominal US$ terms, the size of Pakistan's economy is $383 billion. In terms of the impact of economic growth on average Pakistanis, the per capita average daily calorie intake jumped to 2,735 calories in FY 2021-22 from 2,457 calories in 2019-20. Pakistan experienced broad-based economic growth across all key sectors in FY 21-22; manufacturing posted 9.8% growth, services 6.2% and agriculture 4.4%. The 4.4% growth in agriculture is particularly welcome; it helps reduce rural poverty. The country's per capita income is $1,798 in nominal terms and $7,551 in PPP dollars. These figures do not yet show up in Google searches. Under former Prime Minister Imran Khan's leadership, Pakistan succeeded in achieving outstanding economic growth and nutritional improvements in spite of surging global food prices amid the Covid19 pandemic. Increasing energy consumption and soaring global energy prices have rapidly depleted Pakistan's forex reserves, forcing the country to seek yet another IMF bailout. History tells us that these bailouts have been forced whenever Pakistan's GDP growth has exceeded 5%.



The IMF (International Monetary Fund) has updated its website in April, 2022 with data reported for FY 2020-21. It's not unusual for the IMF data reporting to lag by a year or more. Pakistan's Economic Survey 2021-22 was published in June, 2022.



Pakistan experienced broad-based economic growth across all key sectors in FY 21-22; manufacturing posted 9.8% growth, services 6.2% and agriculture 4.4%. The 4.4% growth in agriculture is particularly welcome; it helps reduce rural poverty.

In terms of the impact of economic growth on average Pakistanis, the per capita average daily calorie intake jumped to 2,735 calories in FY 2021-22 from 2,457 calories in 2019-20. The biggest contributor to it is the per capita consumption of fresh fruits and vegetables which soared from 53.6 Kg to 68.3 Kg, less than half of the 144 Kg (400 grams/day) recommended by the World Health Organization. Healthy food helps cut disease burdens and reduces demand on the healthcare system. Under former Prime Minister Imran Khan's leadership, Pakistan succeeded in achieving these nutritional improvements in spite of surging global food prices amid the Covid19 pandemic.

Pakistan Per Capita Daily Calorie Consumption. Source: Economic Surveys of Pakistan


The trend of higher per capita daily calorie consumption has continued since the 1950s. It has risen from about 2,078 in 1949-50 to 2,400 in 2001-02 and 2735 in 2021-22. The per capita per day protein intake in grams increased from 63 to 67 to about 75 during these years. Health experts recommend that women consume at least 1,200 calories a day, and men consume at least 1,500 calories a day, says Harvard Health Publishing. The global average has increased from 2360 kcal/person/day in the mid-1960s to 2900 kcal/person/day currently, according to the Food and Agricultural Organization (FAO). The USDA (United States Department of Agriculture) estimates that most women need 1,600 to 2,400 calories, while the majority of men need 2,000 to 3,000 calories each day to maintain a healthy weight. Global Hunger Index defines food deprivation, or undernourishment, as consumption of fewer than 1,800 calories per day.



The share of overweight or obese adults in Pakistan's population is estimated by the World Health Organization at 28.4%. It is 20% in Bangladesh, 19.7% in India, 32.3% in China, 61.6% in Iran and 68% in the United States.

The latest edition of the Economic Survey of Pakistan estimates that per capita calories come from the annual per capita consumption of 164.7 Kg of cereals, 7.3 Kg of pulses (daal), 28.3 Kg of sugar, 168.8 liters of milk, 22.5 Kg of meat, 2.9 Kg of fish, 8.1 dozen eggs, 14.5 Kg of ghee (cooking oil) and 68.3 Kg of fruits and vegetables. Pakistan's economy grew 5.97% and agriculture outputs increased a record 4.4% in FY 2021-22, according to the Economic Survey. The 4.4% growth in agriculture has boosted consumption and supported Pakistan's rural economy.

The minimum recommended food basket in Pakistan is made up of basic food items (cereals, pulses, fruits, vegetables, meat, milk, edible oils and sugar) to provide 2150 kcal and 60gram protein/day per capita.

The state of Pakistan's social sector is not as dire as the headlines suggest. There are good reasons for optimism. Key indicators show that nutrition and health in Pakistan are improving but such improvements need to be accelerated.

Related Links:

Haq's Musings

South Asia Investor Review

Pakistan's Expected Demographic Dividend

Pakistan's Social Sector

World Bank: Pakistan Reduced Poverty, Grew Economy During Covid19 Pandemic

Surging Global Food Prices Amid Covid Pandemic

Pakistan's Balance of Payments Crisis

Panama Leaks in Pakistan

Olive Revolution in Pakistan"

Nay Pakistan Sehat Card: A Giant Step Toward Universal Healthcare

Prime Minister Imran Khan's Effectiveness as Crisis Leader

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Riaz Haq's Youtube Channel

PakAlumni Social Network


 

KaiserX

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Our nominal GDP at a minimum should be 1.5-2 Trillion and GDP PPP should be at minimum 5-7 trillion. We have the potential to reach that goal in the next 20 years with strong sincere leadership
 

Crimson Blue

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SoulSpokesman

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Brof sb

History tells us that these bailouts have been forced whenever Pakistan's GDP growth has exceeded 5%.

What do we about this?

1. Do we restrict Pakistan's growth to less than 5%?
2. Do we pray that IMF/West keep bailing out everytime Pakistan crosses 5% GDP growth?

Regards
 

RiazHaq

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Brof sb

History tells us that these bailouts have been forced whenever Pakistan's GDP growth has exceeded 5%.

What do we about this?

1. Do we restrict Pakistan's growth to less than 5%?
2. Do we pray that IMF/West keep bailing out everytime Pakistan crosses 5% GDP growth?

Regards

The best way for Pakistan to accelerate its growth beyond 5% in a sustainable manner is to boost its exports by investing in export-oriented industries, and by incentivizing higher savings and investments.

 

Enigma SIG

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The best way for Pakistan to accelerate its growth beyond 5% in a sustainable manner is to boost its exports by investing in export-oriented industries, and by incentivizing higher savings and investments.

Pakistan needs to invest in IT more. It has generated a lot of growth in just a small amount of time. But education budget of Pakistan makes sure we're stuck in this mode forever:

1656591917007.png
 

KaiserX

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Pakistan needs to invest in IT more. It has generated a lot of growth in just a small amount of time. But education budget of Pakistan makes sure we're stuck in this mode forever:

View attachment 858063

Exactly what ive been saying. Pakistani IT exports have the potential to pass all other exports combined in a decade, with far more profit and value added services. Pakistani govt should implement israeli model from the 1980s.

I REQUEST ALL MEMBERS TO PLEASE WATCH THIS VIDEO AND REACH OUT TO THE GOP TO PLEASE IMPLEMENT THIS POLICY. FOR EXAMPLE FROM IMPORTING COAL FROM AFGHANISTAN WE WILL SAVE 2 BILLION USD ANNUALLY. LETS START OFF THE FIRST YEAR WITH MIMUM 1 BN USD INVESTMENT INTO VARIOUS SMALL SCALE STARTUP THROUGHOUT PAKISTAN USING THIS PUBLIC-PRIVATE MODEL. Hell even with a 500-700mn investment per year would be a huge huge boost to the already booming startup scene in Pakistan. Our youth have incredible technical knowledge and motivation, GOP should invest in them via low rate loans and become shareholders in these companies until these companies are profitable enough to buy back shares.


If our govt follows such model we can easily achieve 100bn exports in IT alone within next 10-15 years IA.
 

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