Pakistan is now a $300-billion economy "Growth rate hits nine-year high of 5.28pc"
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GURU DUTT
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It will be Showbaz Sharif this time around, Nawaz can't serve any more terms.
Zibago
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ranjeet
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I believe it will be Maryam Nawaz. But lets see what happens next year.
Bina Dhandli ke elections mein kya maaza?DHandli zada election na ho to
Aawish
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In my opinion, Govt should introduce an amnesty scheme, just like Argentine did and allow black money holder to bring back their money to Pakistan and govt should only deduct 10-15% from their total money. In this way if $100-200bn is introduced in the sysytem, it will do wonders for our ecnonmy. Indonesia is about to get $200bn from $900bn black money stored in offshore companies, Italy managed $70bn last year, Argentine is going to get $80bn out of $500bn. But there should be strict conquences too if somone is caught after the scheme, for instance in Indonesia, abstainers caught later will have to pay a 200 percent penalty. Pakistanis will never pay taxes, I think this way FBR will be able to collect some taxes.
Kabira
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He can serve as far as I know. In fact people will not allow him to step down looking at his popularity in Pakistan.
Fledgingwings
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So pakistan is on its permanent way of getting Soodi.
Kabira
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DHandli zada election na ho to
Please stop crying dhandli, do you seriously think people in Punjab voted for PTI over Nawaz? People in punjab even rejected army rule.
If rigging was that easy then punjab wouldn't be most developed province in Pakistan thanks to N league. All they had to do was rig it right?
Advocate Pakistan
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Remember, 79 billion dollars is the foreign debt only. Total debt stands at 66.5% of GDP (2016) which calculates to be 189 billion dollars. Would have increased more in the 1 year since.
By law, it shouldn't ever cross 60%.
Musharraf kept it below 60% but Mr. Zardari put a jet engine behind debt and so far PMLN government is also finding it hard to turn that jet engine off. Hope they find a solution soon.
A cursory glance tells me that India's debt to GDP ratio is 68% but the fact of the matter is that they are bringing in a lot of FDI, and hence increasing their dollar reserves while also strengthening their rupee. So, they have the capacity to pay off the principal as well as Mark up. We on the other hand are already finding it hard to pay off the annual interest.
haviZsultan
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Noora league is responsible for a lot of ills in Pakistan. Supporting them amounts to supporting the same corrupt, illiterate and ineligible politicians that ruined the country. It is not that hard to rig elections. NS is blamed to have done that as was Zulfiqar Ali Bhutto proven to have done so. What is difficult is to prove that rigging occured and how much it occurred. I would prefer voting to be done under the supervision of both the army and the UN for a country like Pakistan. It is a known fact and I have witnessed in Karachi that MQM has with might of guns forced people to come to their rallys and cast bogus votes. No reason the ethnic party of punjab can't do the same.
If we keep voting for the same people we will get the same results. Noora league is corrupt and anti national. You know it well and you vote for it. The only thing holding together the current voting trends are ethnic chauvinism, vote for baradari/muhallay ki party and bogus votes.
Zibago
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Bhosay wali boriyan kahan sey ayein hmm?
Haha lol good joke sab sey ziyada mithayan Punjab mein bat,tien hain
It has always been the most developed province nothing new
Well they learned from the best
A large portion of baboon leagis are Punjabi super mists so dont be surprised
Advocate Pakistan
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Nothing to take away from your post but I believe, what we forget is that while drawing a comparison with Bangladesh on the basis of petroleum usage is unfair as Bangladesh has an area comparable to Sindh. Pakistan with an area 5.5 times that of Bangladesh has more use of fuel due to greater trucking and transportation costs. Our population centres are fairly distant and dispersed as compared to Bangladesh. The more need for distant travelling also necessitates more vehicles on road. Electricity production also would theoretically have more line losses in Pakistan than Bangladesh due to greater distance from source.
Though energy consumption, vehicles etc do give some rough ideas, they can't be accepted as concrete pieces of evidence.
More power to Pakistan and Bangladesh. InshaAllah.
Yar nazar tu nahin arihi.. bas cheenay hi cheenay masroof hain shopping malls mein. Baqi tu sab instagram ya facebook pe commentry kar rahien hain..
The economy needs to reflect usage as well, Pakistan loses 70% of its revenue to corruption - unless there is an actual war footing movement among the middle class to end corruption that is nothing short of an insurgency against the system; nothing will really change except the bank accounts of the 1% elite.
The economy needs to reflect usage as well, Pakistan loses 70% of its revenue to corruption - unless there is an actual war footing movement among the middle class to end corruption that is nothing short of an insurgency against the system; nothing will really change except the bank accounts of the 1% elite.
PAKISTANFOREVER
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Pakistan is now a $300-billion economy
By Shahbaz Rana
Published: May 18, 2017
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PHOTO: INP
ISLAMABAD: Pakistan has achieved 5.3% economic growth, the highest in a decade, on the back of recovery in the agriculture sector and better-than-expected performance in the services sector, stated the government on the basis of provisional figures.
The growth puts the country in the league of economies that have a size of over $300 billion.
Gross Domestic Product, the monetary value of all goods and services produced in one year, is projected to have grown at a rate of 5.28% during the fiscal year 2016-17 ending on June 30, National Accounts Committee (NAC) said.
World bank report: Pakistan among top 10 economies
However, the figure is provisional and subject to variations once the final results are available at the end of the fiscal year.
At 5.3%, Pakistan’s economic growth has finally attained the pace it had before the crisis hit the country in 2008.
For the next fiscal year 2017-18, the government has set the GDP growth target at 6%.
Nonetheless, the PML-N government again missed its annual GDP growth target of 5.7% for the outgoing fiscal year. Yet, the results were better than the forecasts made by international financial institutions.
As a result of over 5% growth rate, the nominal size of Pakistan’s economy increased to $304.4 billion.
Understanding GDP growth
Slightly over two-thirds of the growth – 67% to be precise – came from the services sector, which performed even better than the estimates. The government achieved services and agriculture sectors growth targets but missed the industrial sector growth target despite heavy focus on it.
Despite a better economic performance, the growth rate was still insufficient to absorb the youth bulge and any pace of growth below this rate would increase unemployment. The government also failed to address serious issues like stagnant investments and savings in terms of total size of the GDP and declining exports.
Against the annual target of $24.8 billion, the government has now expected that the exports would remain close to $21.7 billion and even imports are likely to exceed the $45.2 billion projections.
The current account deficit target of $4.5 billion has been missed by a wide margin and now the government expects an $8.3 billion current account deficit by June this year.
The contraction in exports remained a big challenge due to lack of focus on value addition sectors, said Ahsan Iqbal, Federal Minister for Planning and Development on Wednesday. But he said that the government’s focus on energy and infrastructure helped achieve the 10-year high growth rate of 5.3%.
In its 98th meeting, the NAC approved the provisional growth rate for the outgoing fiscal year, revised down the 2015-16 growth rate to 4.5% and approved the final growth figure of 2014-15 at 4.1%, according to NAC documents.
Finance Minister Ishaq Dar will formally announce a provisional growth rate of 5.3% on May 25, with the release of the 2016-17 Economic Survey of Pakistan.
Out of total 20 key growth indicators, 11 hit the government’s targeted growth rates while 9 indicators, primarily in industrial sector, remained below expectations.
Agriculture
After witnessing flat growth in the last fiscal year, the agriculture sector this time performed better due to exceptional growth in forestry and better performance of major important crops. The sector grew at a pace of 3.5%, equivalent to the annual target.
After facing criticism, the ruling PML-N government finally focused on the sector, which paid dividends. The sector employs close to 37% of the labour force.
Production of major crops saw 4.1% growth but in case of other crops, the target was missed as these minor crops witnessed hardly any growth. Cotton ginning remained even better than the 2.5% target and showed 5.6% growth. Livestock also posted 3.4% growth but missed the annual target with a small margin. Forestry sector showed 14.5% growth, which was many times more than the 3% annual target. Fishing sector grew by only 1.2% against 3% target.
Industries
The government missed all its targets set for the industrial sector despite having the most favoured status. There was presumably zero load-shedding for the sector and it also won many incentives from the government.
Agriculture is backbone of our economy: Jhagra
However, against a target of 7.7%, output stood at 5%. The output of large-scale manufacturing stood at 4.9%, below the official target while small-scale manufacturing grew to 8.1%, slaughtering 3.6%, electricity generation and distribution only 3.4% against a target of 12.5%, mining and quarrying sub sector grew only 1.3% against a target of 7.4%. The construction sector grew at a pace of 9% but missed the target of 15.2%.
Services
The services sector, which accounts for more than half the economy, grew by almost 6% against a target of 5.7%. Aided by heavy government borrowing and an increase in the money supply, the financial services sector and government services beat expectations. Wholesale and retail trade posted 6.8% growth against a target of 5.5%. Transport, storage & communication sub sector saw 3.9% growth. Finance and insurance witnessed 10.8% growth against a target of 7.2%.
Published in The Express Tribune, May 18th, 2017.
After the trails and tribulations since the 2001 WOT was imposed on us by the americans, finally we are beginning the road to recovery. Some good news at last
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