Id start by privatizing state own companies but instead of selling them to overseas investor id sell them to domestic Pakistani investors at a great rate. We need large Pakistani companies that can invest in the future of the nation and create millions of jobs.
Pak economy size shrinks to $264 bn
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Id start by privatizing state own companies but instead of selling them to overseas investor id sell them to domestic Pakistani investors at a great rate. We need large Pakistani companies that can invest in the future of the nation and create millions of jobs.
That Guy
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It's like I'm talking to a 12 year old.
You're ignoring my entire point, and it's clear you refuse to actually listen.
I'm done here.
volatile
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koi baat nahi ,hota hai ,have a good eid
Personal attacks are not welcome regarding the sinking of economy by PTI the facts and figures speaks volumes its not social media where my propaganda works ,here are few numbers for you
https://www.statista.com/statistics/383729/gross-domestic-product-gdp-growth-rate-in-pakistan/
That Guy
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Before I actually leave, for the benefit of readers; this person has no idea what they're talking about. They present figures, without context. They don't think past events dictate the present. They don't listen to other's points, they ignore facts that are presented, and they ignore critical thinking exercises.
In other words, they have no idea what they're talking about.
Now I'm done.
arjunk
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... It's a pandemic, where even the US and China's economy is crashing to the floor. Are you seriously blaming PTI for not being irresponsible and taking even the slightest amount of measure to stop the virus from ravaging through Pakistan? If they lock down for any longer, people with your mindset will start rioting, and if they don't lock down, they will go and stuff themselves in markets to buy their eid clothes. What would ن league do here that will have a different result, other than faking numbers like Nawaz's friend Modiji?
gangsta_rap
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ignore weeb posters
HammerHead081
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I don't understand this GDP BS because in 2018 Pakistan's GDP was 314 Billion USD and then its 284 Billion USD in 2019 even though the graph shows that gdp growth is in positive and it is 3.3% for 2019. So why did the GDP decrease? Can someone explain?
Falcon26
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Good point. In fact, Pakistan’s GDP must be much higher than the official numbers.
The Maverick
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Ordinarly A GDP will rarely fall .
Only if a nation is devastated by war like Iraq or Libya recently are good examples.
Why Pakistan gdp is decling is worrying even more as China is pouring $billions into CPEC.
It could be due to rising debt externally And your Pakistani rupee is declining against the dollar.
$265 billion was your GDP in 2012 and two year ago it was $300 billion.
Why GDP remains the best indicator of a nations health and how it is calculated
https://www.investopedia.com/ask/answers/what-is-gdp-why-its-important-to-economists-investors/
Only if a nation is devastated by war like Iraq or Libya recently are good examples.
Why Pakistan gdp is decling is worrying even more as China is pouring $billions into CPEC.
It could be due to rising debt externally And your Pakistani rupee is declining against the dollar.
$265 billion was your GDP in 2012 and two year ago it was $300 billion.
Why GDP remains the best indicator of a nations health and how it is calculated
https://www.investopedia.com/ask/answers/what-is-gdp-why-its-important-to-economists-investors/
Falcon26
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Pakistan’s GDP is a pure voodoo magic. There’s NO WAY Nigeria has higher GDP than Pakistan. Makes no sense.
Turingsage
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Nigeria is an important oil producing nation and the largest economy in the whole of Africa. It has a large population of 200 million in a huge fertile country.
Of course Nigeria's GDP is bigger than Pakistan's
Of course Nigeria's GDP is bigger than Pakistan's
The Maverick
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Don't mean to insult you
But Bangladesh gdp is now larger and they have forex reserves of three time your amount
Shahzaz ud din
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NAC fails to agree on economic growth rate
By Shahbaz Rana
Published: May 16, 2020
TWEET EMAIL
PHOTO: FILE
ISLAMABAD: The National Accounts Committee (NAC) on Friday could not agree on economic growth rate for the outgoing fiscal year after some members raised objections over the methodology in the aftermath of the novel coronavirus outbreak.
In order to approve the provisional gross domestic product (GDP) growth figure, the NAC meeting had been called on Friday with Planning Secretary Zafar Hasan in the chair.
But the meeting ended inconclusively after some participants raised concern over the methodology being used to work out the number.
Pakistan Institute of Development Economics (PIDE) Vice Chancellor Dr Nadeemul Haque raised questions over the methodology used to work out the economic growth number.
The NAC set up a committee that would now review the methodology, said officials of the Ministry of Planning. The committee will be headed by Pakistan Bureau of Statistics (PBS) Member National Accounts Bahrawar Jan.
There will also be representation from the Ministry of Finance, Planning Commission, PIDE and the State Bank of Pakistan in the committee.
The Pakistan Tehreek-e-Insaf (PTI) government had set economic growth target of 4% for fiscal year 2019-20 ending on June 30. Before the Covid-19 spread across the world, the finance ministry and the IMF projected 2.4% GDP growth in the current fiscal year.
However, following the outbreak of the deadly pandemic, the IMF, World Bank, finance ministry and SBP predicted up to negative 1.5% economic growth for the current fiscal year. Sources said the Ministry of Planning’s view was that Pakistan’s economy started bearing the brunt of Covid-19 impact only after March 23. It estimated that the economy would be the worst affected only in the fourth quarter (April-June) of current fiscal year.
However, sources said Nadeemul Haque took the position in the meeting that nine-month data should not be used for working out the annual numbers. He also had reservations about the retail-sector growth estimate by the PBS.
“I did not object but there was discussion, which is quite normal,” Haque said, adding that the sub-committee would try to clarify the issues raised during the meeting.
“Economic growth will be negative during this fiscal year and the only question is by how much,” he remarked.
Pakistan may fall into recession – for the first time in 68 years – due to the severe impact of the deadly pandemic, and the economy is expected to shrink by up to 2.2% and a painful decline in per capita income is projected, according to the World Bank.
The country was in similar devastating economic conditions almost 68 years ago but even after the third India-Pakistan war which led to the separation of East Pakistan, the country posted some growth.
“Pakistan suffered a decline in its GDP only once in its entire history (1951-52). Even at the height of the Bangladesh crisis in 1971, the GDP growth was positive at 1.23%,” wrote Planning Commission’s former chief economist Pervez Tahir in an article that appeared in The Express Tribune in 2013.
Pakistan’s GDP may contract in the range of 1.3% to 2.2% during the current fiscal year, reported the World Bank.
These are the steepest estimates so far given by any multilateral agency, local authorities and independent experts. The Ministry of Planning had predicted Rs2 trillion to Rs2.5 trillion in economic losses in the April-June period but it did not forecast the economy would fall into recession.
In a meeting of the Fiscal and Monetary Policies Coordination Board, the Planning Commission said the economy would grow 1.5% in case of partial lockdown. It predicted a contraction only in case Pakistan enforced a complete lockdown during the May-June period. Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Wednesday that the economy would contract 1.5% in the current fiscal year and would grow only 2% in the next fiscal year, starting July.
Published in The Express Tribune, May 16th, 2020.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
By Shahbaz Rana
Published: May 16, 2020
TWEET EMAIL
PHOTO: FILE
ISLAMABAD: The National Accounts Committee (NAC) on Friday could not agree on economic growth rate for the outgoing fiscal year after some members raised objections over the methodology in the aftermath of the novel coronavirus outbreak.
In order to approve the provisional gross domestic product (GDP) growth figure, the NAC meeting had been called on Friday with Planning Secretary Zafar Hasan in the chair.
But the meeting ended inconclusively after some participants raised concern over the methodology being used to work out the number.
Pakistan Institute of Development Economics (PIDE) Vice Chancellor Dr Nadeemul Haque raised questions over the methodology used to work out the economic growth number.
The NAC set up a committee that would now review the methodology, said officials of the Ministry of Planning. The committee will be headed by Pakistan Bureau of Statistics (PBS) Member National Accounts Bahrawar Jan.
There will also be representation from the Ministry of Finance, Planning Commission, PIDE and the State Bank of Pakistan in the committee.
The Pakistan Tehreek-e-Insaf (PTI) government had set economic growth target of 4% for fiscal year 2019-20 ending on June 30. Before the Covid-19 spread across the world, the finance ministry and the IMF projected 2.4% GDP growth in the current fiscal year.
However, following the outbreak of the deadly pandemic, the IMF, World Bank, finance ministry and SBP predicted up to negative 1.5% economic growth for the current fiscal year. Sources said the Ministry of Planning’s view was that Pakistan’s economy started bearing the brunt of Covid-19 impact only after March 23. It estimated that the economy would be the worst affected only in the fourth quarter (April-June) of current fiscal year.
However, sources said Nadeemul Haque took the position in the meeting that nine-month data should not be used for working out the annual numbers. He also had reservations about the retail-sector growth estimate by the PBS.
“I did not object but there was discussion, which is quite normal,” Haque said, adding that the sub-committee would try to clarify the issues raised during the meeting.
“Economic growth will be negative during this fiscal year and the only question is by how much,” he remarked.
Pakistan may fall into recession – for the first time in 68 years – due to the severe impact of the deadly pandemic, and the economy is expected to shrink by up to 2.2% and a painful decline in per capita income is projected, according to the World Bank.
The country was in similar devastating economic conditions almost 68 years ago but even after the third India-Pakistan war which led to the separation of East Pakistan, the country posted some growth.
“Pakistan suffered a decline in its GDP only once in its entire history (1951-52). Even at the height of the Bangladesh crisis in 1971, the GDP growth was positive at 1.23%,” wrote Planning Commission’s former chief economist Pervez Tahir in an article that appeared in The Express Tribune in 2013.
Pakistan’s GDP may contract in the range of 1.3% to 2.2% during the current fiscal year, reported the World Bank.
These are the steepest estimates so far given by any multilateral agency, local authorities and independent experts. The Ministry of Planning had predicted Rs2 trillion to Rs2.5 trillion in economic losses in the April-June period but it did not forecast the economy would fall into recession.
In a meeting of the Fiscal and Monetary Policies Coordination Board, the Planning Commission said the economy would grow 1.5% in case of partial lockdown. It predicted a contraction only in case Pakistan enforced a complete lockdown during the May-June period. Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Wednesday that the economy would contract 1.5% in the current fiscal year and would grow only 2% in the next fiscal year, starting July.
Published in The Express Tribune, May 16th, 2020.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Shahzaz ud din
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Economy shrinks by 0.38pc, National Accounts Committee told
Mubarak Zeb KhanUpdated May 19, 2020
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Services sector has been impacted by the Covid-19 related shrinkage in service delivery in major sectors while the agriculture sector posted a paltry growth while industrial output plunged. — Reuters/File
ISLAMABAD: Pakistan’s economy suffered a major setback with all key sectors failing to perform according to expectation in the wake of coronavirus outbreak resulting in a negative 0.38 per cent economic growth rate this fiscal year, compared to 1.91pc growth in 2018-19.
For a number of years, the services sector was a major reason for economic growth in the country and it has witnessed a rare contraction of 0.59pc this year. In Pakistan, the services sector has been impacted by the Covid-19 related shrinkage in service delivery in major sectors. However, the agriculture sector posted a paltry growth while industrial output plunged.
Growth of agricultural and industrial services sectors is 2.67pc, and negative growth of 2.64pc respectively said an official announcement on Monday, painting a dismal performance of the overall economy in the second year of Pakistan Tehreek-i-Insaf government.
The government had anticipated 3.5pc growth in agriculture, 2.3pc in industry and 4.8pc in services for the year 2019-20.
Provisional estimates show contraction not as severe as IMF or WB projected
These figures were framed in the 102nd meeting of the National Accounts Committee — chaired by Secretary Planning, Development and Reform Zafar Hasan — to review the Gross Domestic Product (GDP). Provisional estimates for the year 2019-20 for GDP and Gross Fixed Capital Formation (GFCF) have been presented on the basis of the latest data available for six to nine months.
The provisional estimates were also annualized by incorporating the impact of Covid-19 followed by the partial lockdown for the final quarter.
Pakistan’s GDP size stands at Rs41.727 trillion for 2019-20 compared to Rs37.972 tr in the previous year, showing a growth of 9.9pc. But contrary to this, the GDP size fell to $263.54 billion in the year 2019-20 against $283bn in 2018-19, a decline of 6.8pc. The size of the economy shrank in dollar terms as the rupee weakened against the greenback.
The per capita income for 2019-20 has been calculated as Rs214,539 for 2019-20 compared to Rs198,028 during 2018-19, showing a growth of 8.3pc. The per capita income in dollar terms has fallen by 10.4pc to $1,358 from $1,516 in the last financial year.
Agriculture sector
The agriculture sector grew by 2.67pc, where the target was 3.5pc. The growth occurred mainly in important crops during this year - production of wheat, rice and maize came in at 2.45pc, 2.89pc and 6.01pc, respectively.
However, cotton and sugarcane crops saw negative growth of 6.92pc and 0.44pc, respectively. Other crops--onion, potato, and vegetables showed positive growth of 4.57pc mainly because of an increase in production of pulses, oilseeds and vegetables.
Livestock sector registered a growth of 2.58pc, which is a deviation from its historical growth primarily because of shrinkage in demand for dairy and poultry. Forestry has grown at 2.29pc due to an increase in the production of timber.Industrial Sector:
The overall industrial sector saw negative growth of 2.64pc mainly because of Covid-19 related lockdown of industrial units. The value-added in the mining and quarrying sector declined by 8.82pc.
The large scale manufacturing (LSM) sector, which is driven primarily by QIM data (from July 2019 to March 2020), showed a decline of 7.78pc. Major decline has been observed in textile (-2.57pc), food, beverage & tobacco (-2.33pc), coke & petroleum products (-17.46pc), pharmaceuticals (-5.38pc), chemicals (-2.30pc), automobiles (-36.5pc), iron & steel products (-7.96pc), electronics (-13.54pc), engineering products (-7.05pc), and wood products (-22.11pc).
The major positive growth in LSM came in fertilizer (5.81pc), leather products (4.96pc), rubber products (4.31pc) and paper &board (4.23pc). Electricity and gas sub-sector has grown by 17.70pc mainly due to higher subsidies and better value-added in WAPDA & Companies. Construction activity has increased by 8.06pc mainly due to an increase in general government expenditure.
Services sector
Pakistan’s services sector has remained major growth driver for many years but it underwent a rare contraction of 0.59pc this year. While the wholesale and retail trade sector contraction by 3.42pc, the transport, storage and communication sectors have negative growth of 7.13pc.
Finance and insurance sector showed modest increase of 0.79pc. The remaining components of services--housing, general government and other private services saw positive growth of 4.02pc, 3.92pc and 5.39pc, respectively.
Published in Dawn, May 19th, 2020
Mubarak Zeb KhanUpdated May 19, 2020
Facebook Count
Twitter Share
4
Services sector has been impacted by the Covid-19 related shrinkage in service delivery in major sectors while the agriculture sector posted a paltry growth while industrial output plunged. — Reuters/File
ISLAMABAD: Pakistan’s economy suffered a major setback with all key sectors failing to perform according to expectation in the wake of coronavirus outbreak resulting in a negative 0.38 per cent economic growth rate this fiscal year, compared to 1.91pc growth in 2018-19.
For a number of years, the services sector was a major reason for economic growth in the country and it has witnessed a rare contraction of 0.59pc this year. In Pakistan, the services sector has been impacted by the Covid-19 related shrinkage in service delivery in major sectors. However, the agriculture sector posted a paltry growth while industrial output plunged.
Growth of agricultural and industrial services sectors is 2.67pc, and negative growth of 2.64pc respectively said an official announcement on Monday, painting a dismal performance of the overall economy in the second year of Pakistan Tehreek-i-Insaf government.
The government had anticipated 3.5pc growth in agriculture, 2.3pc in industry and 4.8pc in services for the year 2019-20.
Provisional estimates show contraction not as severe as IMF or WB projected
These figures were framed in the 102nd meeting of the National Accounts Committee — chaired by Secretary Planning, Development and Reform Zafar Hasan — to review the Gross Domestic Product (GDP). Provisional estimates for the year 2019-20 for GDP and Gross Fixed Capital Formation (GFCF) have been presented on the basis of the latest data available for six to nine months.
The provisional estimates were also annualized by incorporating the impact of Covid-19 followed by the partial lockdown for the final quarter.
Pakistan’s GDP size stands at Rs41.727 trillion for 2019-20 compared to Rs37.972 tr in the previous year, showing a growth of 9.9pc. But contrary to this, the GDP size fell to $263.54 billion in the year 2019-20 against $283bn in 2018-19, a decline of 6.8pc. The size of the economy shrank in dollar terms as the rupee weakened against the greenback.
The per capita income for 2019-20 has been calculated as Rs214,539 for 2019-20 compared to Rs198,028 during 2018-19, showing a growth of 8.3pc. The per capita income in dollar terms has fallen by 10.4pc to $1,358 from $1,516 in the last financial year.
Agriculture sector
The agriculture sector grew by 2.67pc, where the target was 3.5pc. The growth occurred mainly in important crops during this year - production of wheat, rice and maize came in at 2.45pc, 2.89pc and 6.01pc, respectively.
However, cotton and sugarcane crops saw negative growth of 6.92pc and 0.44pc, respectively. Other crops--onion, potato, and vegetables showed positive growth of 4.57pc mainly because of an increase in production of pulses, oilseeds and vegetables.
Livestock sector registered a growth of 2.58pc, which is a deviation from its historical growth primarily because of shrinkage in demand for dairy and poultry. Forestry has grown at 2.29pc due to an increase in the production of timber.Industrial Sector:
The overall industrial sector saw negative growth of 2.64pc mainly because of Covid-19 related lockdown of industrial units. The value-added in the mining and quarrying sector declined by 8.82pc.
The large scale manufacturing (LSM) sector, which is driven primarily by QIM data (from July 2019 to March 2020), showed a decline of 7.78pc. Major decline has been observed in textile (-2.57pc), food, beverage & tobacco (-2.33pc), coke & petroleum products (-17.46pc), pharmaceuticals (-5.38pc), chemicals (-2.30pc), automobiles (-36.5pc), iron & steel products (-7.96pc), electronics (-13.54pc), engineering products (-7.05pc), and wood products (-22.11pc).
The major positive growth in LSM came in fertilizer (5.81pc), leather products (4.96pc), rubber products (4.31pc) and paper &board (4.23pc). Electricity and gas sub-sector has grown by 17.70pc mainly due to higher subsidies and better value-added in WAPDA & Companies. Construction activity has increased by 8.06pc mainly due to an increase in general government expenditure.
Services sector
Pakistan’s services sector has remained major growth driver for many years but it underwent a rare contraction of 0.59pc this year. While the wholesale and retail trade sector contraction by 3.42pc, the transport, storage and communication sectors have negative growth of 7.13pc.
Finance and insurance sector showed modest increase of 0.79pc. The remaining components of services--housing, general government and other private services saw positive growth of 4.02pc, 3.92pc and 5.39pc, respectively.
Published in Dawn, May 19th, 2020
Falcon26
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Bangaldesh’s GDP is not larger than Pakistan. Get your facts straight.
I am an American, not a Pakistani.
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