Pakistan set to dominate world economies in 21st century: Advisor
ISLAMABAD (December 30 2006): Goldman Sach, one of the leading investment banks of world has predicted that Pakistan's economy would dominate world's economies in 21st century, Advisor to the Prime Minister on Finance, Dr Salman Shah said on Friday.
Talking to PTV, he said, the same bank is used to advise world's top business organisations about the potential countries where they should invest. Goldman Sach, a leading investment Bank of the world has included Pakistan's economy among 11 most fastly growing economies of the world, saying that Pakistan is set to take control of the world's economy in next 40 years.
These economies of several countries especially of Pakistan will surpass the economies of even G-6 countries in 21st century, the investment bank report said. They have invented a new term (BRIC) consisting of Brazil, Russia, India and China five years ago predicting that Pakistan, Turkey and Egypt will progress faster than the BRIC countries.
He said the bank has particularly appreciated population mixture of Pakistan terming it most vibrant. Out of a population of 160 million almost 55 percent consist of under nineteen years of age. Youngsters of Pakistan will play key role in economic dynamics of next 40 years. The young manpower of Pakistan will come into arena when labours of other countries already retired.
They will provide Pakistan demographic dividend, he remarked. These people not only help enhance production but also create demands of consumer goods. Currently country's per capita income is at $850.Where the personal income increases up to $3000 accelerating consumer goods production to meet increasing demands, he remarked.
Pakistan's middle class is emerging fast while its industry will also move from textile to high tech goods production in the next 25 years, he said. Responding to a question he said import of surplus wheat have been allowed to private sector for creating space for next crop adding that due to good rains Pakistan expects a bumper wheat production this year.
He said that government is also checking the prices of the commodity in order to maintain these. Dr Shah said that Petroleum prices in country are still lower than India and other South Asian countries. Core inflation ratio is up to 5.6 percent. The focus of the government is to bring down food inflation ratio from 10 percent to a lower level, he added.
http://www.brecorder.com/index.php?id=512770&currPageNo=1&query=&search=&term=&supDate=
ISLAMABAD (December 30 2006): Goldman Sach, one of the leading investment banks of world has predicted that Pakistan's economy would dominate world's economies in 21st century, Advisor to the Prime Minister on Finance, Dr Salman Shah said on Friday.
Talking to PTV, he said, the same bank is used to advise world's top business organisations about the potential countries where they should invest. Goldman Sach, a leading investment Bank of the world has included Pakistan's economy among 11 most fastly growing economies of the world, saying that Pakistan is set to take control of the world's economy in next 40 years.
These economies of several countries especially of Pakistan will surpass the economies of even G-6 countries in 21st century, the investment bank report said. They have invented a new term (BRIC) consisting of Brazil, Russia, India and China five years ago predicting that Pakistan, Turkey and Egypt will progress faster than the BRIC countries.
He said the bank has particularly appreciated population mixture of Pakistan terming it most vibrant. Out of a population of 160 million almost 55 percent consist of under nineteen years of age. Youngsters of Pakistan will play key role in economic dynamics of next 40 years. The young manpower of Pakistan will come into arena when labours of other countries already retired.
They will provide Pakistan demographic dividend, he remarked. These people not only help enhance production but also create demands of consumer goods. Currently country's per capita income is at $850.Where the personal income increases up to $3000 accelerating consumer goods production to meet increasing demands, he remarked.
Pakistan's middle class is emerging fast while its industry will also move from textile to high tech goods production in the next 25 years, he said. Responding to a question he said import of surplus wheat have been allowed to private sector for creating space for next crop adding that due to good rains Pakistan expects a bumper wheat production this year.
He said that government is also checking the prices of the commodity in order to maintain these. Dr Shah said that Petroleum prices in country are still lower than India and other South Asian countries. Core inflation ratio is up to 5.6 percent. The focus of the government is to bring down food inflation ratio from 10 percent to a lower level, he added.
http://www.brecorder.com/index.php?id=512770&currPageNo=1&query=&search=&term=&supDate=
