[116] Pakistan has also cut the use of dangerous pesticides dramatically.[117]. During FY 2018 Pakistan's exports picked up and reached to US$24.8 billion showing a growth of 12.6 percent over previous year FY 2017. ... a data-driven property used in ranking the top military powers of the world and … If these numbers are correct, or even indicative in any broad sense, then 87 million Pakistanis belong to the middle and upper classes, a population size which is larger than that of Germany. However the government newly elected in 2013 re-established these ties, and a negotiated a three-year $6.6 billion package which would allow it to deal with on-going debt issues. Country's Forex reserves were at an historic low covering only two weeks' worth of imports. Between the 2008 and 2010 fiscal years, the IMF extended loans to Pakistan totalling 5.2 billion dollars. During 1999–2000 this amounted to Rs. The defence industry of Pakistan, under the Ministry of Defence Production, was created in September 1951 to promote and coordinate the patchwork of military production facilities that have developed since independence. The mobile telephone market has exploded many-fold since 2003 to reach a subscriber base of 140 million users in July 2017, one of the highest mobile teledensities in the entire world. Pakistan's central bank then stabilised by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness. [167] The Pakistan Bureau of Statistics provisionally valued this sector at Rs.1,358,309 million in 2005 thus registering over 96% growth since 2000. Average annual real GDP growth rates[61] were 6.8% in the 1960s, 4.8% in the 1970s, and 6.5% in the 1980s. Small manufacturing workshops generally do not sign employment contracts, do not respect the minimum wage and sometimes employ children. Pakistan maintains foreign reserves with State Bank of Pakistan. The economy of Pakistan is the 23rd largest in the world in terms of purchasing power parity (PPP), and 42nd largest in terms of nominal gross domestic product. It contributes about 18.5% percent of Gross Domestic Product (GDP) and accounts for 37.4% of employed labor force and is the largest source of foreign exchange earnings. According to the Government of Pakistan’s economic survey 2017 to 2018, energy is an important sector of Pakistan’s economy and plays a vital role in the country’s economic development. Contact Us, we will deliver you what you are looking for. [citation needed], The textile sector accounts for 70% of Pakistan's exports, but the working conditions of workers are deplorable. Air freight Mainfreight is in close contact with airports and airline carriers. As per FY 2016 data, more than half of country's exports are shipped to these two destinations i.e. Recently the SBP has introduced all new design notes of Rs. Army`s service side arm. Household income or consumption by percentage share: Tariffs applied by Pakistan as provided by ITC's, Officially the Republic of China, participates as ", This page was last edited on 19 December 2020, at 07:22. [162] A privatization program in the 1990s lead to the entry of foreign-owned and local banks into the industry. An annual report that updated by State bank of Pakistan shows Pakistan cross 1 billion ($) IT Export which is a good achievement of Pakistan IT Industry. Pakistan mining and quarrying sector grew by 3.04% in 2018 against the negative growth of −0.38% last year. The remittances of Pakistanis living abroad has played important role in Pakistan's economy and foreign exchange reserves. Zarai Taraqiati Bank Limited is the largest financial institution geared towards the development of agriculture sector through provision of financial services and technical expertise. This page showcases the various tracked combat tank vehicles of the nation of Pakistan throughout its military history. Pakistan has a low tax/GDP ratio, which it is trying to improve. [75] Again in 2018–19, Agriculture sector did not hit its target growth and only grew by 0.85%. Violations of labour law also occur among major subcontractors of international brands, where workers may be beaten, insulted by their superiors or paid below the minimum wage. Pakistan's banking sector remained remarkably strong and resilient during the world financial crisis in 2008–09, a feature which has served to attract a substantial amount of FDI in the sector. 81mm mortar. Investment came to the telecom sector was US$635.3 million. Public External Debt = Government External Debt + Debt from IMF (Foreign Exchange Liabilities are not included), Total External Debt = Public External Debt + Public Sector Enterprises + Banks + Private Sector + Debt Liabilities to Direct Investors. Since liberalisation, over the past four years,[when?] This can be confirmed by the World Bank's Ease of Doing Business Index report degrading its ratings for Pakistan each year since September 2009. [74], Data is from Ministry of Finance and PBS. The railway network comprises 8,163 km all of which is 5 ft 6 in (1,676 mm) gauge, including 293 km of electrified track. Being upgraded to Al Zarrar and Type 59MII standards. M110A2 variant in service. In the same year the SBP issued an official statement proclaiming diversification of reserves in currencies including Euro and Yen, withholding ratio of diversification. Since before the collapse of the USSR in 1991, progressive economic liberalization has been carried out by the government both at the provincial and the national level. [146] In addition, there are over 6 million landlines in the country with 100% fibre-optic network and coverage via WLL in even the remotest areas. As of 2017[update], according to Wall Street Journal, citing estimates largely based on income and the purchase of consumption goods, had suggested that as many as 42% of Pakistan's population may now belong to the upper and middle classes. Various variants in service. Extraction of principal minerals in the last 5 fiscal years is given in the table below :-[121], Pakistan's industrial sector accounts for approximately 18.17% of GDP. Factories do not comply with safety standards, leading to accidents: in 2012, 255 workers died in a fire at a Karachi factory. [139] By 2009, Pakistan had improved its rank by ten places to reach 20th. [165] Nevertheless, the Karachi Chamber of Commerce and Industry estimated in late 2006 that the overall production of housing units in Pakistan has to be increased to 0.5 million units annually to address 6.1 million backlog of housing in Pakistan for meeting the housing shortfall in next 20 years. The Ministry of External Affairs in a statement said, "It is regrettable that OIC continues to allow itself to be used by a certain country, which has an abominable record on religious tolerance, … government's successful issuance of a US$1.0 billion Sukuk in the international capital market, at an extremely low rate of 5.5 percent. [68], US oil and gas giant Exxon Mobil has again returned to Pakistan after nearly three decades gap and has acquired 25% shares in offshore drilling in May 2018, with initial survey showing a potential of huge hydrocarbon reserves discovery at offshore.[69]. [148], The World Bank estimates that it takes about 3 days to get a phone connection in Pakistan.[149]. [101] In the fiscal year 2018, the stock market showed a negative growth of 7.1% over the last fiscal year and stood at 47000 points at average.[34]. [107], "In 2016 government took a remarkable initiative by announcing the Prime Minister's Youth Program to combat unemployment in the country. Medium Tank. [53], As of May 2019, IMF has predicted that future growth rates will be 2.9%, the lowest in South Asia. Total teledensity of Pakistan reached at 77.7%. [206] On top of that, Pakistan produces about 445,000 university graduates and 10,000 computer science graduates per year. In the wake of 18th amendment to the constitution all the provinces are free to exploit and explore the mineral resources which are in their jurisdiction. 125mm gun. Journal of the Asia Pacific Economy, 16 (1). The agriculture sector in Pakistan accounts for 20.9 percent of GDP and 43.5 percent of employment, the sector has strong backward and forward linkages. Data is taken from state bank of Pakistan. [123] Manufacturing is the largest of Pakistan's industrial sectors, accounting for approximately 12.13% of GDP. The International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), etc. "The net credit off-take of Rs13.7 billion of personal loans witnessed in first half of the fiscal year 2017 is the highest half-year figure in about a decade," the report stated.[102]. [186] The government decided in 2011 to cut off ties with the IMF. It is expected to exceed the $13 billion mark by 2018. a severe drought – the worst in Pakistan's history, lasting about four years; Total Public Debt = Gross Public Debt + External Liabilities + Private Sector External  Debt + PSEs External Debt + PSEs Domestic Debt + Commodity Operations + Intercompany External Debt from Direct Investor abroad, Gross Public Debt = Government (Federal+Provincial) Domestic Debt + Government (Federal+Provincial) External Debt + Debt from IMF. this will make the economy boost again as before 2007. With 547 labour inspectors in Pakistan supervising the country's 300,000 factories, the textile industry is out of control. In 2007, Pakistan was for the first time featured in the Global Services Location Index by A.T. Kearney and was rated as the 30th best location for offshoring. Pakistan's service sector accounts for about 60.2% of GDP. [78][74][79], Data is taken from Ministry of Finance. The Federal Board of Revenue collected 3.842 trillion rupees in taxes against the revised target of 3.935 trillion rupees in the fiscal year 2017–2018. [194] The pace of revenue mobilization has witnessed an upward trajectory since FY 2013. Separately, consumer financing posted an increase of Rs37.6 billion during first half of the current fiscal year of 2017. Based on M113. Additional 57.6% shares of Lakson Tobacco Company acquired by, Revenues collection estimated: 4,713.7 billion rupees, Expenditures estimated: 5,103.8 billion rupees, Bank borrowing estimated: 390.1 billion rupees. [188] This is Pakistan's 22nd such bailout from the IMF.[189]. Quality & Quantity, 46 (5). From financial year 2014 to 2016, exports declined by 12.4 percent. The Pakistan Bureau of Statistics provisionally valued this sector at Rs.807,807 million in 2012 thus registering over 510% growth since 2000. 551.9 billion. Light machine gun, used by Special Services Group. Pakistan Railway… These are the economic indicators of Pakistan from Fiscal Year 2004 to 2020. It is hoped that a 2009 agreement between the heads of state of Pakistan, Tajikistan, and Afghanistan will modernize parts of Tajikistan's rail system to allow more trade between Central Asian countries. [80], Data is taken from State bank of Pakistan.[87][88]. The China–Pakistan Economic Corridor is being developed with a contribution of mainly concessionary loans from China under the Belt and Road Initiative. Pakistan has a population of over 220 million [33] (the world's 5th-largest), giving it a nominal GDP per capita of $1,357 in 2019,[34] which ranks 154th in the world and giving it a PPP GDP per capita of 5,839 in 2019, which ranks 132nd in the world for 2019. [99] Foreign investors do not face any restrictions on the inflow of capital, and investment of up to 100% of equity participation is allowed in most sectors. Based on APC Talha. In addition to the 3.1 million fixed lines, while as many as 2.4 million are using Wireless Local Loop connections. [159] Karachi Port. Both LCL as well as FCL. OECD and China. Pakistan, with its diverse cultures, people and landscapes, has attracted 90 million tourists to the country, almost double to that of a decade ago. Most barriers to the flow of capital and international direct investment have been removed. As a result, the country's FX reserve amounted to US$20.8 billion by 4 May 2017 sufficient to finance around four month of import payments. 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