Pakistans Economy Wont Slow

[EagleEyes]

Pakistan's Economy Won't Slow Because of Earthquake, IMF Says
Oct. 18 (Bloomberg) -- The International Monetary Fund said Pakistan's economic growth this year won't slow because of the Oct. 8 earthquake though the country will face challenges in meeting budgetary targets.

``Pakistan's government, donors and lenders will be tested on meeting budgetary targets and we are ready to assist,'' the IMF Managing Director Rodrigo de Rato told reporters yesterday evening after meeting Prime Minister Shaukat Aziz.

Pakistan won't seek more IMF loans, or cancellation of the lender's previous loans to offset the financial impact of the earthquake, Aziz told reporters at the joint news conference in Islamabad.

The 7.6 magnitude earthquake has killed more than 41,000 people and injured about 67,000 in Pakistan's northern regions of Kashmir, North West Frontier province and the capital Islamabad. Pakistan may need as much as $5 billion in the next five to 10 years to rebuild the affected regions and help the survivors, Aziz has said.

Financial assistance pledged to Pakistan by other countries and donors to reconstruct the quake-affected areas stands at $528 million, Pakistan's government said on Sunday.

Pakistan may seek more funds as part of earthquake relief assistance from a group of donor countries at their United Nations organized meeting in Geneva on Oct. 24, Aziz said.

The south Asian nation estimates the country's $95 billion economy will expand as much as 8 percent this fiscal year started July 1, compared with 8.4 percent last year.

 

[EagleEyes]

Its a good relief. Although we are hurt hard, but today the whole nation is united, and helping each other out!

This brotherhood is said to be only one after 1965 War.

 

[sigatoka]

I get sick of the fact that Pakistan's economy always seems to be stated at GDP according to exchange rates and not at Purchasing Power Parity. GDP at exchange rates always underestimates the size of developing nations GDP. It fails to account for the fact that the cost of living is much lower in developing nations than in developed ones. For all of you guys living in Karachi; dont expect to "feel" 35 times richer if you happen to migrate to Canada. Youll only really feel around 12 times richer. Even though you might earn 35 times more than you do in Pakistan; youll only be able to purchase around 12 times more.

It still is a massive difference being 12 times richer; but by God they truly do force you to not only work harder but smarter as well. Word of advice; if you get a chance to migrate Jump at it.

If u cant migrate at least console yourself with the fact that Pakistan's economy is growing at one of the fastest rates in the world. This is important because recent research results has revealed that the level of happiness is not as dependant on your level of income as it is on the yearly growth of income. That is; your level of happiness is very strongly correlated with the GDP growth rate of a country. So it is possible for your stinking lousy cousin to migrate to Italy which is around 12 times more prosperous per capita but still be unhappier than you in Karachi coz your income is growing at around 6% (8%-pop. growth) while his in only growing at around 1.5% (1 +0.5 coz of pop. decline) a year.

 

[Sharjeel]

Originally posted by sigatoka@Nov 29 2005, 03:16 PM
I get sick of the fact that Pakistan's economy always seems to be stated at GDP according to exchange rates and not at Purchasing Power Parity. GDP at exchange rates always underestimates the size of developing nations GDP. It fails to account for the fact that the cost of living is much lower in developing nations than in developed ones. For all of you guys living in Karachi; dont expect to "feel" 35 times richer if you happen to migrate to Canada. Youll only really feel around 12 times richer. Even though you might earn 35 times more than you do in Pakistan; youll only be able to purchase around 12 times more.

It still is a massive difference being 12 times richer; but by God they truly do force you to not only work harder but smarter as well. Word of advice; if you get a chance to migrate Jump at it.

If u cant migrate at least console yourself with the fact that Pakistan's economy is growing at one of the fastest rates in the world. This is important because recent research results has revealed that the level of happiness is not as dependant on your level of income as it is on the yearly growth of income. That is; your level of happiness is very strongly correlated with the GDP growth rate of a country. So it is possible for your stinking lousy cousin to migrate to Italy which is around 12 times more prosperous per capita but still be unhappier than you in Karachi coz your income is growing at around 6% (8%-pop. growth) while his in only growing at around 1.5% (1 +0.5 coz of pop. decline) a year.

[post=4037]Quoted post[/post]​

well said.

they make you work like a pig in these countrys like UK..in pakistan its far more relaxed and easy.

 

[EagleEyes]

Dude thats the main problem, people in Pakistan dont work hard as much they need to, otherwise the economy would be a lot higher.

Doesn't it effect GDP when a company makes more profit, and does the same work with 25 people than the other company which has 25 more employees and makes the same profit?

50 people doing 100 work.
25 people doing 100 work.

 

[sigatoka]

When I said that Pakistani's work less harder then Westerners which was a cause of lower economic growth I was being unfair. A Pakistani can work as hard as a person in Europe doing the same job in Pakistan and earn much less.

There are two reasons, firstly in low skill work like waiters and cab and bus drivers the only reason for income differential is because of migration restrictions. That is cabbies and waiters in Europe are no more productive than those in Pakistan.

Yet overall as a nation, Britian's people earn more than Pakistan because of two factors.

Level of Technology and Capital are the reasons for differences in income.

The difference in Capital also includes Human Capital. That is extra eduction increases human capital.

 

[Isa]

Originally posted by sigatoka@Dec 1 2005, 02:39 AM
When I said that Pakistani's work less harder then Westerners which was a cause of lower economic growth I was being unfair. A Pakistani can work as hard as a person in Europe doing the same job in Pakistan and earn much less.

There are two reasons, firstly in low skill work like waiters and cab and bus drivers the only reason for income differential is because of migration restrictions. That is cabbies and waiters in Europe are no more productive than those in Pakistan.

Yet overall as a nation, Britian's people earn more than Pakistan because of two factors.

Level of Technology and Capital are the reasons for differences in income.

The difference in Capital also includes Human Capital. That is extra eduction increases human capital.

[post=4131]Quoted post[/post]​

I partially agree with There is lot of talent in pakistan but since no one goes to school no one is stimulted.. Did u know those invisaline retainers were made by a pakistani and they are designed in pakistan. Now everyone in america wants to buy them instead of being called a bracface.. its asmart idea by a smart PAKISTANI akistanFlag:

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