Economi of pakistan

Economy of Pakistan: Population, GDP,2024

Economy of Pakistan.

Pakistan’s economy falls within the developing economy category. In terms of nominal GDP, it is ranked 46th, and in terms of purchasing power parity (PPP), it is the 24th largest. According to the International Monetary Fund (IMF), Pakistan, which has a population of 232 million as of 2023, ranks 161st by nominal GDP and 138th by PPP in terms of per capita income.[4]

economy-of-pakistan-population-gdp2024
Economi of pakistan

Pakistan’s economy was mostly dependent on the private sector in its early years. Under Zulfikar Ali Bhutto, nationalization of a sizable chunk of the industry, including financial services, manufacturing, and transportation, started in the early 1970s. An “Islamic” economy was implemented in the 1980s under Zia-ul Haq’s rule, which forbade economic activities that were prohibited by Sharīſah and mandated traditional religious customs. The financial system

Economic history;

Inception.

Economy of Pakistan was first established in the late 1940s, its economy was centered on agriculture. In 1947, 53% of the nation’s GDP came from agriculture; in 1949–50, that percentage grew slightly to 53.2%. With a population of roughly 30 million, of which about 6 million lived in cities, agriculture accounted for about 65% of the labor force. Nearly 90% of foreign exchange revenues and 99.2% of exports came from the agriculture industry, which was vital.

Pakistan had several difficulties even though it had a sizable amount of land and abundant mineral resources in both East and West Pakistan, such as coal, natural gas, crude oil, limestone, and marble. Its per capita income (in 1985 international dollars) was approximately $360 in 1950, and just 10% of people were literate. The country experienced a shortage of pakistan.

1950s,

During Pakistan, planned development began in the 1950s with the Colombo Plan in 1951, which was followed by other Five-Year Plans from 1955 to 1998. A rolling three-year development plan and a ten-year perspective plan were both adopted at the same time.

1960s,

Economy of Pakistan the 1960s, Pakistan experienced political stability and strong economic growth due to a significant influx of US aid. The poverty headcount ratio, which measures poverty, varied from approximately 50% in the early 1960s to 54% in 1963–1964.

1970s,

Growing economic divides between East and West Pakistan throughout the early 1970s contributed to the declaration of independence by East Pakistan and the creation of Bangladesh in 1971.

1980s,

Pakistan’s economy saw significant transformation in the 1980s as a result of a shift away from the nationalization policies of the 1970s and a promotion of industrial investment by the private sector, both of which significantly boosted the country’s strong economic growth. One of the era’s most notable developments was the decline in the poverty headcount ratio, which fell to 29.1% in 1986–1987, indicating a decrease in the incidence of poverty.

1990s,

Pakistan faced a difficult economic environment throughout the 1990s, characterized by a number of obstacles and changes. Economic constraints are a result of declining worker remittances and growing foreign deficits. Concurrently, the decade saw Pakistan experience its second-worst inflation in history, primarily due to declining GDP growth rates.

2000s,

Pakistan experienced significant economic problems and transformations during the 2000s. The official Debt Reduction and Management Committee recognized in 2001 the growing influence of the huge public debt, which helped to bring the growth rate down to less than 4% annually. Even though the growth rate did initially pick up, there were ongoing macroeconomic crises throughout the decade. Despite recording an impressive 8.6% growth rate in 2004–05

Stock market:

The international journal “Business Week” named Pakistan’s KSE 100 Index the world’s best-performing stock market index during the first four years of the twenty-first century.[43][Reference required] The World Bank estimated that the listed firms in Pakistan had a stock market capitalization of $5,937 million in 2005.[44] In order to lessen market fragmentation and make a compelling case for luring strategic partnerships required to supply technological know-how, all three stock exchanges—the Karachi Stock Exchange, the Lahore Stock Exchange, and the Islamabad Stock Exchange—were merged into the Pakistan Stock Exchange on January 11, 2016.[45]
The Pakistan Stock Exchange (PSX) was reclassified from Frontier Markets, as confirmed by the American stock market index and analysis tool provider MSCI in May 2017,

 

economy-of-pakistan-population-gdp2024Middle class.

Economy of Pakistan the Wall Street Journal reported that as much as 42% of Pakistan’s population may currently be in the upper and middle classes, citing figures mostly based on income and the purchase of consumption goods. There are 87 million more middle-class and upper-class Pakistanis than there are people in Germany if these figures are accurate or even remotely representative.[50] Additionally, according to official statistics, over the previous 15 years, there has been a notable increase in the percentage of households owning washing machines and motorcycles.[51] Additionally, in January 2017, the IBA-SBP Consumer Confidence Index reached a record-breaking high of 174.9 points, up 17 points from July 2016.

Employment.

Many young individuals are now entering the workforce as a result of the recent decades’ rapid population expansion. Even though Pakistan is one of the six most populous countries in Asia, hiring and discharging employees have historically been difficult due to extensive red tape

This industry employs 37.4% of the working population in 2021 and contributes roughly 23.0% of the GDP, meaning that most people are either directly or indirectly dependent on it. It is the main source of earnings in foreign currency.[66] With about 75% of the value of the overall crop output, wheat, sugarcane, cotton, and rice are the most important crops. Wheat is the main food crop in Pakistan. According to FAOSTAT, Pakistan produced 26,674,000 tonnes of wheat in 2017, which is nearly equal to the total amount of Africa (27.1 million tonnes) aand more than the total amount of South America (25.9 million tonnes).[67] Pakistan exported a record 4.5 million tonnes of rice in the preceding market year, 2018–19, as opposed to about 4 MMT during the following you may also like 

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