Due to inflation and economic crisis worldwide, Pakistan's economy reached a state of Balance of Payment crisis.

"The International Monetary Fund bailed out Pakistan in November 2008 to avert a balance of payments crisis and in July last year increased the loan to $11.3 billion from an initial $7.6 billion."[27] Today Pakistan is amongst the elite group of 11 countries,also termed as 'The Next Eleven"identified by Goldman Sachs investment bank as having a high potential of becoming the world's largest economies in the 21st century along with the BRICs.

By October 2007, Pakistan raised back its Foreign Reserves to a handsome $16.4 billion. Exceptional policies kept Pakistan's trade deficit controlled at $13 billion, exports boomed to $18 billion, revenue generation increased to become $13 billion and attracted foreign investment of $8.4 billion.

Since the beginning of 2008, Pakistan's economic outlook has taken stagnation. Security concerns stemming from the nation's role in the War on Terror have created great instability and led to a decline in FDI from a height of approximately $8 bn to $3.5bn for the current fiscal year. Concurrently, the insurgency has forced massive capital flight from Pakistan to the Gulf. Combined with high global commodity prices, the dual impact has shocked Pakistan's economy, with gaping trade deficits, high inflation and a crash in the value of the Rupee, which has fallen from 60-1 USD to over 80-1 USD in a few

months. For the first time in years, it may have to seek external funding as Balance of Payments support. Consequently, S&P lowered Pakistan¶s foreign currency debt rating to CCC-plus from B, just several notches above a level that would indicate default. Pakistan¶s local currency debt rating was lowered to B-minus from BB-minus. Credit agency Moody¶s Investors Service cut its outlook on Pakistan¶s debt to negative from stable due to political uncertainty, though it maintained the country¶s rating at B2.The cost of protection against a default in Pakistan¶s sovereign debt trades at 1,800 basis points, according to its five year credit default swap, a level that indicates investors believe the country is already in or will soon be in default.

The middle term however may be less turbulent, depending on the political environment. The EIU estimates that inflation should drop back to single digits in 2010, and that growth should pick up to over 5% per annum by 2011. Although less than the previous 5 year average of 7%, it would represent an overcoming of the present crisis wherein growth is a mere 3.5-4%.[28]

Economic comparison of Pakistan 1999-2008[29]

A view of I. I. Chundrigar Road, the financial district of Karachi in Pakistan

Mainstay of the economy - by region. Source:[30]

Gross Year Domestic

US Dollar Exchange

Inflation Index (2000=100)

Per Capita Income

460 Rupees 16.40 3.093 Rupees 30.36 2.114 Rupees 21.330 Rupees 9.37 3.83 2.355 Rupees 9.91 Pakistani 1975 131.28 Pakistani 1985 569.268.16 .97 Pakistani 1978 283.029.76 Pakistani 1960 20.92 2.26 2.461 Rupees 68 41 30 21 (as % of USA) 3.76 Pakistani 1970 51.Product 4.740 Rupees 4.62 Pakistani 1995 2.76 Pakistani 1965 31.41 Pakistani 1990 1.058 Rupees 4.07 1.

22 billion $ 46 billion at $ 14 billion $ 18. 1.89 billion $ 19.6 billion $ 925 $1085 $1250 Rs.2 billion $ 75 billion at $ 8.54 Indicator GDP GDP Purchasing 1999 $ 75 billion 2007 $ 160 billion 2008 $ 170 billion 2009 $ 185 billion $ 270 billion Power Parity (PPP) GDP per Capita $ 450 Income $ 475.5 billion KHI stock exchange $ 5 billion at .5 billion $ 11. 708 billion Rs.5 billion $ 5.5 billion $ 504 billion $ 545.581.71 100 1.86 Pakistani 2005 6.51.103 Rupees 126 1.4 billion $ 18.05 Revenue collection Rs.64 Pakistani 2000 3. 990 billion trillion Foreign reserves Exports Textile Exports $ 1.111 Rupees 59.45 billion $ 26.5 billion $ 16.96 billion $ 7.826. 305 billion Rs.

549.17 billion $ 45.300 points at 9.6 billion $ 40.937 million in 2005 by the World Bank. 621 billion Economic Comparison 1999-2008 [edit] Stock market Main article: Karachi Stock Exchange In the first four years of the twenty-first century.[31] But in 2008.7 billion Rs.1 billion 24% 53% - - Rs. after the General Elections.000 points $ 1 billion Investment External Debt & $ 39 billion Liabilities Poverty level Literacy rate Development Rs. uncertain political environment. Pakistan's KSE 100 Index was the bestperforming stock market index in the world as declared by the international magazine ³Business Week´.9 billion $ 50. 80 billion programs 34% 45% $ 8.000 points 9.[citation needed] The stock market capitalisation of listed companies in Pakistan was valued at $5.19 billion $ 4.(100-Index) Foreign Direct 700 points 14.4 billion $ 5. rising militancy along western . 520 billion Rs.

Pakistan has a 30 million strong middle class. and an expansion in private sector lending to businesses and consumers.8% by end of 2007. the corporate sector of Pakistan has declined dramatically in recent times. Ishrat Husain. Ex-Governor (2 December 1999 .000 a year."[34] Latest . As a result. [edit] Growing middle class Measured by purchasing power.311.1 December 2005) of the State Bank of Pakistan.[33] It is a figure that correlates with research by Standard Chartered Bank which estimates that Pakistan possesses a "a middle class of 30 million people that Standard Chartered estimates now earn an average of about $10.9% in 2004-05 and averaged 8. lower interest rates.741 million in 2005 thus registering over 166% growth since 2000. A reduction in the fiscal deficit had resulted in less government borrowing in the domestic money market. with large-scale manufacturing growing from a minimal 1. according to Dr. from 2000 to 2007. [edit] Manufacturing and finance Pakistan's manufacturing sector has experienced double-digit growth in recent years.borders of the country. and mounting inflation and current account deficits resulted in the steep decline of the Karachi Stock Exchange.[32] The Federal Bureau of Statistics valued the finance and insurance sector at Rs.5% in 1999 to a record 19.

Pakistan has a growing upper & upper middle class. with relatively high per capita incomes.figures put Pakistan's Middle Class at 35 million strong. In late 2006.8 million income-tax payers in the country.[37] On measures of income inequality.[35] In addition. which was estimated at 6.[35] [edit] Poverty alleviation expenditures Main article: Poverty in Pakistan . demand for Uniliver products have recently been so high that even after doubling production the Anglo-Dutch company struggled to meet demand and it's Chairman stated "Pakistanis can¶t seem to have enough".[38] Poverty levels have decreased by 10% since 2001[39] Foreign Companies which provide for Pakistani middle classes have been very successful. the country ranks slightly better than the median.8 million in 2002[36] and has now grown to 17 million people as of 2010. the Central Board of Revenue estimated that there were almost 2. For example.

2005) in 2005 the World Bank considers Pakistan a medium-income country. it is also recorded as a "Medium Development Country" on the Human Development Index 2007.[40] Rural poverty remains a pressing issue. cutting poverty from 35% in 2000-01 to 24% in 2006.Poverty in Pakistan Pakistan government spent over 1 trillion Rupees (about $16. [edit] Demographics Main article: Demographics of Pakistan With a per capita GDP of over $3000 (PPP. Pakistan has a large informal economy. which the government is trying to document and assess. as development there has been far slower than in the major urban areas. . 2006) compared with $2600 (PPP.7 billion) on poverty alleviation programs during the past four years.

Pakistan has a family-income Gini index of 41. is growing at about 1. The population. Inadequate provision of social services. An influential recent study[41] concluded that the fertility rate peaked in the 1980s. close to the world average of 39. Japan. In the past. and has since fallen sharply. and consequently hiring. Pakistan has a lower population density than Bangladesh. Relatively few resources in the past had been devoted to socio-economic development or infrastructure projects. [edit] Employment The high population growth in the past few decades has ensured that a very large number of young people are now entering the labor market. about 168 million in 2007.Approximately 56% of adults are literate. excessive red tape made firing from jobs.[42] . difficult. and the Philippines. India.80%. Significant progress in taxation and business reforms has ensured that many firms now are not compelled to operate in the underground economy. Even though it is among the seven most populous Asian nations. high birth rates and immigration from nearby countries in the past have contributed to a persistence of poverty. and life expectancy is about 64 years.

98 per manhour in 2009. the government launched an ambitious nationwide service employment scheme aimed at disbursing almost $2 billion over five years. [edit] Revenue The Board of Revenue has collected nearly one trillion rupees ($14. Major attractions include ruins of Indus valley civilization and mountain resorts in the Himalayas.1 billion) in taxes in the 2007-2008 financial year.[45] [edit] Tourism Main article: Tourism in Pakistan Tourism in Pakistan is a growing industry. High inflation and limited wage growth have drawn more women into the workforce to feed their families.In late 2006. Karachi and Lahore are major attractions for authentic Pakistani food and culture.[43][44] Mean wages were $0.[46] . in spite of cultural resistance and domestic abuse over the issue. the second highest mountain peak in the world. Himalayan and Karakoram range (which includes K2. attracts adventurers and mountaineers from around the world.

10. Currently the newly printed 5.[edit] Currency system Main article: Pakistani Rupee The 500 rupee note [edit] Rupee The basic unit of currency is the Rupee.000 rupee note is the largest denomination in circulation. and 5000 denomination. 5. 10. which is divided into 100 paisas. The new notes have been designed using the euro technology and are made in eye-catching bright colours and bold. 500. 20.000 note is in progress which will help the banking industry in keeping few notes in saving accounts. Recently the SBP has introduced all new design notes of Rs. stylish designs. 100. 50. 1000. ISO code PKR and abbreviated Rs. while the design work of Rs. .

[citation needed] [edit] Foreign exchange rate 1 Pakistani Rupee (PKR) = 100 Paisa The Pakistani rupee depreciated against the US dollar until the turn of the century. when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. After years of appreciation under Zulficar Ali bhutto and despite huge increases in foreign aid the Rupee depreciated.Dollar-Rupee exchange rate The Pakistani Rupee was pegged to the US Dollar until 1982. the rupee devalued by 38. when the government of General Zia-ul-Haq. Pakistan's central bank then stabilized by lowering interest rates and buying dollars. As a result.5% between 1982/83 and 1987/88 and many of the industries built by his predecessor suffered with a huge surge in import costs. changed it to managed float. in order to preserve the country's export competitiveness y Exchange rates: Pakistani rupee (PKR) per US$1 .

00 Source: PKR exchange rates in USD.752 PKR 58.7238 PKR 57.185 PKR 44.930 PKR 35.9272 PKR 59.000 PKR 60.6482 PKR 61.50 Rate PKR 30.90 PKR 53.50 Apr 01 PKR 63. SBP [edit] Foreign exchange reserves .75 Nov 01 PKR 60.550 PKR 51.PKR per US dollar 1995-2008 Highest Year Date 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2007 Aug 05 PKR 40.266 Date Rate Lowest 2008 October 10 PKR 80.

By October 2007. In recent years.[48] The foreign exchange reserves had declined more by $10 billion to an alarming rate of $6.59 billion.99 Billion. While per-capita agricultural output has grown since then.7 Million. the country has seen rapid .[47] On October 11. at the end of Prime Minister Shaukat Aziz¶s tenure. exports grew to $18 billion.[49] Agriculture accounted for about 53% of GDP in 1947. and the share of agriculture has dropped to roughly one-fifth of Pakistan's economy.4 billion. Over 1. [edit] Structure of economy The economy of the Islamic Republic of Pakistan is suffering with high inflation rates well above 26%. In September 2010 According the State Bank Of Pakistan Pakistan's Foreign Reserves Stood at $16. it has been outpaced by the growth of the non-agricultural sectors. Pakistan's trade deficit was at $13 billion. 2008 State Bank of Pakistan reported that country's foreign exchange reserves had gone down by $571. revenue generation increased to become $13 billion and the country attracted foreign investment of $8.9 Million to $7749. Pakistan raised back its Foreign Reserves to $16.081 patent applications were filed by non-resident Pakistanis in 2004 revealing a new-found confidence.4 billion.

4% 1.4% 2001-02 2002-03 2003-04 2004-05 rtisin Service g. as a percentage of GDP s.01 1.growth in industries (such as apparel.19 4. textiles.1% 1. ation GDP growth by sector.71 2.46 2.03 0.16 6.47 3.31 3.74 2.53 2. Sector trans porta tion. and finan ce).61 1. adve Agriculture Industry ² Manufacturing 0.11 2. Real GDP (fc) Source: Economic Survey of Pakistan 2005 [7] Structure of production Share of Various Sectors in GDP .8% 0.75 4.74 2. and cement) and services (such as telec omm Sectoral contribution to GDP Growth unic Most of the recent acceleration in GDP growth has come from the industrial and service sectors.16 8.08 1.

2 1. Figures are in percentage.9 2.3 3.3 2.3 24.1 6.4 11. 7.4 Note: GDP is estimated at constant factor cost.4 18. Trade 8. Other Services 9.2 6.8 11.1 24.1 1.6 11.1 3.4 16.2 6.5 52.0 52.7 11. & Defense 6.1 3.4 2.0 47.0 9.9 11. Manufacturing 4.4 2. Construction 5.2 25.4 51.5 16. Source: Economic Survey of Pakistan 2005 [8] [edit] Sectors .1 2.5 18.6 2.9 6.Sector Goods (1+2+3+4+5) 1.1 1. Finance & Insurance 9.5 3.3 11.7 10.4 3.7 2.6 3. Mining 3.0 2. Agriculture 2.4 18.2 3.1 3.9 47.3 15.5 9.9 47.5 18. Ownership of Dwellings 2000-01 2001-02 2002-03 2003-04 2004-05 48.1 19.4 3.1 2.4 1.0 3.6 10.3 3.2 47. Energy Distribution Services (6+7+8+9+10+11) 6.7 52.4 23.5 17.5 9.9 52.6 23.3 1.7 18. Public Admin. Transportation & Comm.

[edit] Agriculture

Main article: Agriculture in Pakistan

Agriculture by Province

Mango Orchard in Multan, Pakistan

Pakistan is one of the world's largest producers of the following commodities according to FAOSTAT, the statistical arm of the Food and Agriculture Organization of The United Nations, given here with the 2008 ranking:


Apricot (3rd) Buffalo Milk (2nd) Chickpea (3rd) Cotton, lint (4th) Cotton, Seed (3rd) Dates (5th) Mango (6th) Onion, dry (4th) Oranges (11th) Rice,paddy (11th) Sugarcane (5th) Tangerines, mandarin orange, clementine (9th) Wheat (10th)













Pakistan's principal natural resources are arable land and water. About 25% of Pakistan's total land area is under cultivation and is watered by one of the largest irrigation systems in the world. Pakistan irrigates three times more acres than Russia. Agriculture accounts for about 23% of GDP and employs about 44% of the labor force. Zarai Taraqiati Bank

Limited is the largest financial institution geared towards the development of agriculture sector through provision of financial services and technical know how.

[edit] Industry

Main article: Industry of Pakistan

Manufacturing by Province

Pakistan's two leading companies, as per Forbes Global 2000 ranking for 2005.

Global Company Name ranking


Oil & Gas Development



y Industries: textiles (8. Cotton textile production and apparel manufacturing are Pakistan's largest industries.[51] Other major industries include cement. while growth in overall industrial output (including the private sector) has accelerated. tobacco. dairy products. and food processing. shrimp y Industrial production growth rate: 6% (2005) Large-scale manufacturing growth rate: 19. accounting for about 66% of the merchandise exports and almost 40% of the employed labour force. steel. sugar. and the public sector accounts for a shrinking proportion of industrial output. edible oil. cement.9% (2005) y [edit] Automobile industry . construction materials. fertilizer.food processing. fertilizer. machinery. Government policies aim to diversify the country's industrial base and bolster export industries.Forbes Global 2000[50] Pakistan's industrial sector accounts for about 24% of GDP. chemicals. oil refineries.5% of the GDP). clothing. The government is privatizing large-scale parastatal units. paper products. beverages.

Pakistan is one of the largest users of CNG (compressed natural gas) in the world. It has provided employment to over 50. Auto sector presently. The cement sector consisting of 27 plants is contributing above Rs 30 billion to the national exchequer in the form of taxes.5 million tons.8% which is likely to increase up to 5. Presently. Pakistan had inherited four cement plants with a total capacity of 0.[52] Car ownership in Pakistan has risen by 40% per annum since 2001. more than 2.Pakistan is an emerging market for automobiles and automotive parts offers immense business and investment opportunities. and 1000 more would be set up in the next three years. Some expansion took place in 1956±66 but could not keep pace with the economic development and the country had to resort to imports of cement in 1976-77 and continued to do so till 1994-95. The total contribution of Auto industry to GDP in 2007 is 2.000 people in Pakistan.[53][54] [edit] CNG industry As of 2009.6% in the next 5 years.900 CNG stations are operating in the country in 85 cities and towns.[56] . contributes 16% to the manufacturing sector which also is expected to increase 25% in the next 7 years.[55] [edit] Cement industry In 1947.

T. Pakistan had improved its rank by ten places to reach 20th.[60] Textile exports in 1999 were $5. Kearney and was rated as the 30th best location for offshoring[58] By 2009. The total number of IT companies increased to 1306 and the total estimated size of IT industry is $2.[57] In 2007. In the period July 2007 ± June 2008. A marked increase in software export figures are an indication of this booming industry¶s potential. textile exports were US$10. as exports of other textile sectors grew.[61] [edit] Mining .62 billion. Textile exports managed to increase at a very decent growth of 16% in 2006.[edit] IT industry Pakistan¶s IT industry has been rising steadily since the last three years. Pakistan was for the first time featured in the Global Services Location Index by A. 3% of United States imports regarding clothing and other form of textiles is covered by Pakistan.2 billion and rose to become $10.[59] [edit] Textiles The Textile Industry is dominated by Punjab. Textile exports share in total export of Pakistan has declined from 67% in 1997 to 55% in 2008.5 billion by 2007.8 billion.

Minerals are a provincial subject. In the recent past. Pakistan has large base for industrial minerals. Bases on available information. covered by thick alluvial cover have opened new vistas for metallic minerals exploration. In line with the constitutional framework the federal and provincial governments have jointly set out Pakistan first National Mineral Policy in 1995.Pakistan is endowed with significant mineral resources and emerging as a very promising area for prospecting/exploration of mineral deposits. exploration by government agencies as well as by multinational mining companies presents ample evidence of the occurrences of sizeable minerals deposits. duly implemented by the provinces. under the constitution of Islamic Republic of Pakistan. The discovery of coal deposits having over 175 billion tones of reserves at Thar in the Sindh . enforcing regulatory regime. providing appropriate institutional and regulatory framework and equitable and internationally competitive fiscal regime.00. the country's more than 6. besides. gas and nuclear minerals regulated at federal level. Provincial governments are responsible for development and exploitation of minerals.000 km of outcrops area demonstrates varied geological potential for metallic and non-metallic mineral deposits. Except oil. Recent discoveries of a thick oxidized zone underlain by sulphide zones in the shield area of the Punjab province.

province has given an impetus to develop it as an alternate source of energy. International mining companies have responded favorably to the NMP and presently at least four are engaged in mineral projects development.5% and likely to increase considerably on the development and commercial exploitation of Saindak & Reco Diq copper and gold deposits (world largest gold mine). rock salt and other industrial and construction minerals. The current contribution of mineral sector to the GDB is about 0. Duddar zinc lead. There is vast potential for precious and dimension stones. Thar coal and gemstone deposits. The enforcement of Mineral Policy (1995) has paved way to expand mining sector activities and attract international investment in this sector. The major production is of coal. Currently about 52 minerals are under exploitation although on small scale. [edit] Services .

utilities and banking despite union unrest. communications. Pakistan is trying to promote the information industry and other modern service industries through incentives such as long-term tax holidays. and insurance account for 24% of this sector.[citation needed] [edit] Communication PTCL's One Stop Shop in Islamabad . storage. and wholesale and retail trade about 30%.3% of GDP. finance.Service Sector by Province Pakistan's service sector accounts for about 53.[62] Transport. The government is acutely conscious of the immense job growth opportunities in service sector and has launched aggressive privatisation of telecommunications.

there are over 6 million landlines in the country with 100% fibreoptic network and coverage via WLL in even the remotest areas. The mobile telephone market has exploded fourteen-fold since 2000 to reach a subscriber base of 91 million users in 2008.[63] In addition.After the deregulation of the telecommunication industry.[67] In Pakistan. activation charges and other steps as compared to Rs 100 billion in the year-end 2006-07. Pakistan Telecommunication Company Ltd has emerged as a successful Forbes 2000 conglomerate with over US $1 billion in sales in 2005.[65] The contribution of the telecom sector to the national exchequer increased to Rs 110 billion in the year-end 2007-08 on account of the general sales tax. Norway) . Ufone (Parent: PTCL (Etisalat). Telenor (Parent: Telenor. one of the highest mobile teledensities in the entire world.[66] The World Bank estimates that it takes about 3 days to get a phone connection in Pakistan. the sector has seen an exponential growth. Mobilink (Parent: Orascom Telecom Holding. Egypt) 2. the following are the top mobile phone operators: 1. Pakistan/UAE) 3.[64] As a result. Pakistan won the prestigious Government Leadership award of GSM Association in 2006.

China) By March 2009. Sony Ericsson. Paging and mobile (cellular) telephones were adopted early and freely.4.25 million more subscribers than reported in the same period in 2008.[63] Pakistan is on the verge of a telecom revolution[citation needed] and is by far the most attractive sector in Pakistan in terms of Foreign Direct Investment coming into the country.[68] During 2007-08. Nokia and Motorola along with Samsung and LG remain the most popular brands among customers.62 billion in Foreign Direct Investment (FDI) ± about 30% of the country¶s total foreign direct investment. the Pakistani communication sector alone received $1. Since liberalisation.1 million fixed lines. Present growth of state-of-the-art infrastructures in the telecoms sector during the last four years has been the result of the PTA's vision and implementation of the deregulation policy. the Pakistani telecom sector has attracted more than $9 billion in foreign investments. Zong (Parent: China Mobile. UAE/Singapore) 5. Cellular phones and the Internet were adopted through a rather laissez-faire policy with a proliferation of private service providers that led to the fast adoption. In addition to the 3. Warid (Parent: Abu Dhabi Group / SingTel. while as many as 2.4 million are using Wireless Local Loop connections. over the past four years. Pakistan had 91 million mobile subscribers . With a rapid .

communicating with users all over the world.[70] The country is said to have a potential to absorb up to 50 million mobile phone Internet users in the next 5 years thus a potential of nearly 1 million connections per month. y The use of search engines and instant messaging services is also booming. According to the PC World. Pakistani society has seen an unparalleled revolution in communications. organisations and institutions have their own websites. The rankings are released by Point Topic Global broadband analysis. a total of 6.increase in the number of Internet users and ISPs. y Almost all of the main government departments. as the subscriber base of broadband Internet has been increasing rapidly. Pakistanis are some of the most ardent chatters on the Internet. Pakistan was amongst the top five ranker with one of the highest SMS traffic with 763 million messages. a global research centre.[69] y Pakistan has more than 20 million Internet users in 2009.37 billion text messages were sent through Acision messaging systems across Asia Pacific over the 2008/2009 Christmas and New Year period. Recent years have seen a huge increase in the use of . Pakistan is ranked 4th in terms of broadband Internet growth in the world. and a large English-speaking population.

tourism.[71] y Telecom industry created of 80.982.000 jobs indirectly. y Wireless local loop and the landline telephony sector has also been liberalized and private sector has entered thus increasing the teledensity rate.online marriage services. The Federal Bureau of Statistics provisionally valued this sector at Rs. In mid-2008.[74][75] .[72] [edit] Railways Main article: Pakistan Railways A massive rehabilitation plan worth $1 billion over five years for Pakistan Railways has been announced by the government in 2005. for example. leading to a major re-alignment of the tradition of arranged marriages.353 million in 2005 thus registering over 91% growth since 2000. and would also would serve as an effective link for the exports to Europe (as Turkey part of Europe and Asia]. y As of 2007 there were six cell phone companies operating in the country with nearly 90 million mobile phone users in the country.Furthermore it would promote trade. the Local Loop installed capacity reached around 5.5 million.[73] A new rail link trial has been established from Islamabad-Pakistan via Teharan-Iran Via Istanbul-Turkey .000 jobs directly and 500.

[edit] Aviation See also: List of airlines of Pakistan A PIA B747-367 at the Domestic Satellite of Jinnah International Airport Pakistan International Airlines. the flagship airline of Pakistan's civil aviation industry.[77] Private sector airlines in Pakistan include Airblue. [edit] Wholesale and retail trade .[76] The government announced a new shipping policy in 2006 permitting banks and financial institutions to mortgage ships. has turnover exceeding $1 billion in 2005. which serves the main cities within Pakistan in addition to destinations in the Gulf and Manchester in the United Kingdom. The other private carrier is Shaheen Air International whose network covers the main cities of Pakistan and the Gulf.

2008. Under Factors.The Federal Bureau of Statistics provisionally valued this sector at Rs. lower interest rates. Foreign exchange reserves continued to reach new levels in 2007. Policies and Institutions pillar. Pakistan ranks 33rd. In the Financial Intermediation Pillar Pakistan ranks 25th in banks. which was released in Pakistan through the Competitiveness Support Fund (CSF) in December. [edit] Finance and insurance See also: List of Banks in Pakistan A reduction in the fiscal deficit has resulted in less government borrowing in the domestic money market. 42nd in non banks and 17th in Financial Markets.1. a feature which has served to attract a substantial amount of . Pakistan has been ranked 34 out of 52 countries in the World Economic Forum's first Financial Development Report. 50th in business environment and 37th in Financial Stability. and an expansion in private sector lending to businesses and consumers. Pakistan ranks 49th in institutional environment.[78] Pakistan's banking sector has remained remarkably strong and resilient during the world financial crisis in 2008±09. supported by robust export growth and steady worker remittances.358.309 million in 2005 thus registering over 96% growth since 2000. Under Capital Availability and Access.

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.[79] Since 2000 Pakistani banks have begun aggressive marketing of consumer finance to the emerging middle class. The report noted that the present housing stock is also rapidly aging and an estimate suggests that more than 50% . Their profits continued to rise for the next five years and peaked to Rs 84. allowing for a consumption boom (more than a 7-month waiting list for certain car models) as well as a construction bonanza.1 billion) billion in 2006. Banking sector turned profitable in 2002. The Federal Bureau of Statistics provisionally valued this sector at Rs.[78] The credit card market continued its strong growth with sales crossing the 1 million mark in mid-2005.[72] [edit] Ownership of dwellings The property sector has expanded twenty-threefold since 2001. particularly in metropolises like Lahore.FDI in the sector.741 million in 2005 thus registering over 166% growth since 2000.[80] Nevertheless. Stress tests conducted on June 2008 data indicate that the large banks are relatively robust.1 million backlog of housing in Pakistan for meeting the housing shortfall in next 20 years.1 ($1. with the medium and small-sized banks positioning themselves in niche markets.311.

376 million in 2005 thus registering over 49% growth since 2000.[72] [edit] Electricity Main article: Electricity sector in Pakistan . It is also estimated that 50% of the urban population now lives in slums and squatter settlements.of stock is over 50 years old.[72] [edit] Social.389.631. The report said that meeting the backlog in housing.185. is beyond the financial resources of the government.[81] The Federal Bureau of Statistics provisionally valued this sector at Rs.[72] [edit] Public administration and defence The Federal Bureau of Statistics provisionally valued this sector at Rs. community and personal services The Federal Bureau of Statistics provisionally valued this sector at Rs.545 million in 2005 thus registering over 65% growth since 2000. besides replacement of out-lived housing units. This necessitates putting in place a framework to facilitate financing in the formal private sector and mobilise non-government resources for a market-based housing finance system.229 million in 2005 thus registering over 78% growth since 2000.

the failure to meet the demand is indeed indicative of a challenge to that very prosperity.[citation needed] This is despite Pakistan having tremendous potential to generate wind power. the matter of balancing Pakistan's supply against the demand for electricity has remained a largely unresolved matter. While the government claims credit for overseeing a turnaround in the economy through a comprehensive recovery. And yet. Critics[who?] argue that this is overly optimistic.[citation needed] Some officials even go as far as claiming that the frequent power cuts across Pakistan today are indicative of an emerging prosperity as there is fast-rising demand for electricity. Recently. Apart from this. Raja Pervez Ashraf. most cities in Pakistan receive substantial sunlight throughout the year. despite the minister's claims. Power cuts continue by May 2010. the Minister for Water and Power.For years. which would suggest good conditions for investment in solar energy. . it has just failed to oversee a similar improvement in the quality of the network for electricity supply. has claimed that loadshedding will end by December 2009 through employing rental power generation units and that the country will be self-sufficient by the year 2011. Pakistan faces a significant challenge in revamping its network responsible for the supply of electricity.

[82] Pakistan has achieved FDI of almost $8.224 billion from only $792.6% due to Pakistan's political instability and weak law and order. especially since 1999.4 million. aid.[83] Foreign investment had significantly declined by 2010. Foreign investors do not face any restrictions on the inflow of capital. Business regulations have been profoundly overhauled along liberal lines. and investment [edit] Investment Foreign direct investment (FDI) in Pakistan soared by 180.4 million during the first nine months of fiscal year 2006.22 billion and portfolio investment by 276 per cent to $407. remittances. according to the latest statistics released by the State Bank.1 million in the corresponding period last year. Unlimited remittance of profits. surpassing the government target of $4 billion.4 billion in the financial year 06/07.[edit] Foreign trade.6 per cent year-on-year to US$2. and investment of up to 100% of equity participation is allowed in most sectors. During July±March 2005-06. according to the Bank of Pakistan. Most barriers to the flow of capital and international direct investment have been removed. the State Bank of Pakistan (SBP) reported on April 24.[84] Pakistan is now the most investment-friendly nation in South Asia. FDI year-on-year increased to $2. dropping by 54. whereas it was $108.6 million and portfolio investment to $407. .

[86] Tariffs have been reduced to an average rate of 16%. service fees or capital is now the rule. which started in the early 1990s. Pakistan has been able to attract a large portion of the global private equity investments because of economic reforms initiated in 2003 that have provided foreign investors with greater assurances for the stability of the nation and their ability to repatriate invested funds in the future. This was confirmed by the World Bank's Ease of Doing Business Index report published in September 2009 ranking Pakistan (at 85th) well ahead of neighbours like China (at 89th) and India (at 133rd). . Business regulations are now among the most liberal in the region.dividends. The recent improvements in the economy and the business environment have been recognised by international rating agencies such as Moody¶s and Standard and Poor¶s (country risk upgrade at the end of 2003). and the oil sector targeted to be the next big privatisation operation. has gained momentum. The privatisation process. with a maximum of 25% (except for the car industry). with most of the banking system privately owned.[85] Pakistan is attracting an increasingly large amount of private equity and was the ranked as number 20 in the world based on the amount of private equity entering the nation.

y PICIC by Singapore based Temasek Holdings for $339 million Union Bank by Standard Chartered Bank for $487 million Prime Commercial Bank by ABN Amro for $228 million PakTel by China Mobile for $460 million PTCL by Etisalat for $1.8 billion Additional 57.6% shares of Lakson Tobacco Company acquired by Philip Morris International for $382 million y y y y y The foreign exchange receipts from these sales are also helping cover the current account deficit.[edit] Foreign acquisitions and mergers With the rapid growth in Pakistan's economy. majority stakes in many corporations have been acquired by multinational groups. foreign investors are taking a keen interest in the corporate sector of Pakistan. In recent years.[87] [edit] Foreign trade .

Fluctuating world demand for its exports. In the six months to December 2003.1% in FY 2002-03. Past external imbalances left Pakistan with a large foreign debt burden. Pakistan's exports continue to be dominated by cotton textiles and apparel. more than double the amount paid in FY 1989-90. fertilizer. capital goods. domestic political uncertainty. despite government diversification efforts.6 billion. chemicals. Pakistan recorded a current account surplus of $1. and consumer products. and the impact of occasional droughts on its agricultural production have all contributed to variability in Pakistan's trade deficit. . and has bilateral and multilateral trade agreements with many nations and international organizations. Exports grew by 19. Annual debt service peaked at over 34% of export earnings before declining. roughly 5% of GDP. Major imports include petroleum and petroleum products.761 billion. industrial raw materials.Pakistani exports in 2005 Pakistan is a member of the World Trade Organization. Principal and interest payments in FY 1998-99 totaled $2. edible oil.

[88] Increasingly. Together with lower global interest rates.5 billion per year in loan/grant assistance from international financial institutions (e.With a current account surplus in recent years. and consequently the IMF program was .4% of GDP. Despite the country's current account surplus and increased exports in recent years. The budget deficit in fiscal year 1996-97 was 6. refinance and reschedule its debts to its advantage. greater transparency and other governance reforms have led to upgrades in Pakistan's credit rating. Pakistan's hard currency reserves have grown rapidly. these factors have enabled Pakistan to prepay. In the late 1990s Pakistan received about $2.S. in its war on terror.g. Pakistan still has a large merchandise-trade deficit. and the Asian Development Bank) and bilateral donors. economic assistance to Pakistan was suspended after October 1990. Bush after Pakistani president Musharraf allied Pakistan with the U. the IMF.S. The sanctions were lifted by president George W. the composition of assistance to Pakistan shifted away from grants toward loans repayable in foreign exchange. All new U. Having improved its finances. the World Bank. the government refused further IMF assistance.. and additional sanctions were imposed after Pakistan's May 1998 nuclear weapons tests. The budget deficit in fiscal year 2003-04 is expected to be around 4% of GDP. Improved fiscal management.

The rise in the trade gap was also fuelled by high oil import prices. One of the main reasons that contributed to the increase in trade deficit is the increased imports of earthquake relief related items.4% of GDP. which is the main reason behind the all-time high trade deficit. Economists believe that the soaring trade deficit would have an adverse impact on Pakistani rupee by depreciating its value against dollar (1 US $ = 60 Rupees (March 2006) ) and other currencies. While the country has a current account surplus and both imports and exports have grown rapidly in recent years. The Petroleum Ministry says that this year the bill of oil imports was expected to reach $6. an official said. 2005 in Azad Jammu and Kashmir and parts of Khyber-Pakhtunkhwa.ended. it still has a large merchandise-trade deficit.5 billion against $4. especially tents.[89] The government is also reducing tariff barriers with bilateral and multilateral agreements. tarpaulin and plastic sheets to provide temporary shelter to the survivors of earthquake of October 8. The budget deficit in fiscal year 2005-06 is expected to be over 4% of GDP. The budget deficit in fiscal year 2004-2005 was 3. food items.6 billion in the last fiscal year. machinery and automobiles. .

furniture. [edit] Exports Pakistan produces soccer balls for export Pakistan's exports increased more than 100% from $7.The EU is the single largest trading partner of Pakistan absorbing over one-third of the exports in 2003. clothing. kinnows. software. cotton fiber. ice cream. tiles. carpets. sports goods (renowned for footballs/soccer balls). textiles. mangoes. rugs. electrical appliances. leather goods.[90][91] Pakistan exports rice. cement. marble. livestock .5 billion in 1999 to stand at $18 billion in the financial year 2007-2008. surgical instruments.

construction machinery. medicines.[51][90] . onyx.22% from last year's imports of $28. automobiles. vegetables. steel. processed food items. trucks. Pakistan produces and exports cements to Asia and the Middle East. Pakistan's single largest import category is petroleum and petroleum products.[93] [edit] Imports Pakistan's imports stood at $30. defense equipment. up by 8.58 billion. powdered milk. Other imports include: industrial machinery.54 billion in the financial year 2006-2007. electronics. radars). Pakistan started exporting cement to India to fill in the shortage there caused by the building boom. wheat.5% on the sales of domestic taxpayers. toys.meat. In 2009/2010 the export target of Pakistan was US $20 billion. engineering goods. chicken. In August 2007. iron. pharmaceutical products. food items. seafood (especially shrimp/prawns). The income withholding tax is levied at 6% on imports and at 3. computers. and many other items.[92] Russia is a growing market for Pakistani exporters. Sales tax is levied at 15% both on imports and domestically produced products. salt. and other consumer items. computer parts. civilian aircraft. defense equipment (submarines. Pakistani-assembled Suzukis (to Afghanistan and other countries). tanks.

490 billion.[95] The combined deficit in services and goods stand at $17.125 billion which equals the services export of $4. high .125 billion for the same year. Combined with high global commodity prices. the insurgency has forced massive capital flight from Pakistan to the Gulf. Since the beginning of 2008. Concurrently.528 billion for the financial year 2006-7. Security concerns stemming from the nation's role in the War on Terror have created great instability and led to a decline in FDI from a height of approximately $8 bn to $3.016 billion up by 41% over previous year's $4. The rise in the trade gap has been attributed to high oil import bill.653 billion which is approx 83.5% of country's total export of $21. the dual impact has shocked Pakistan's economy.5bn for the current fiscal year. and rise in the prices of food items. Pakistan's economic outlook has taken a dramatic downturn.[94] Services sector deficit for 2006-2007 stood at $4.136 (Goods and services). machinery and automobiles. with gaping trade deficits.[edit] External Imbalances Pakistan suffered a merchandise trade deficit of $13.06 billion.Current account deficit for 2006-7 reached $7. Current account deficit . The gap has considerably widened since 2002-3 when the deficit was only $1.

though it maintained the country¶s rating at B2. Although less than the previous 5 year average of 7%. World Bank (WB). a level that indicates investors believe the country is already in or will soon be in default. The International Monetary Fund (IMF). The EIU estimates that inflation should drop back to single digits in 2010.[96] The middle term however may be less turbulent. Pakistan¶s local currency debt rating was lowered to B-minus from BBminus. it would represent an overcoming of the present crisis wherein growth is a mere 3. Asian Development Bank .5-4%.inflation and a crash in the value of the Rupee. and that growth should pick up to over 5% per annum by 2011.[28] [edit] Economic aid Pakistan receives economic aid from several sources as loans and grants. Credit agency Moody¶s Investors Service cut its outlook on Pakistan¶s debt to negative from stable due to political uncertainty. Consequently. depending on the political environment. according to its five year credit default swap. S&P lowered Pakistan¶s foreign currency debt rating to CCC-plus from B.800 basis points. For the first time in years. which has fallen from 60-1 USD to over 80-1 USD in a few months. just several notches above a level that would indicate default. it may have to seek external funding as Balance of Payments support.The cost of protection against a default in Pakistan¶s sovereign debt trades at 1.

More recently the govt of Pakistan received an economic aid of US $5bn dollars out of which the US pledge of $1bn was described as a down-payment on the previously announced $1.5 billion for Pakistan under a new four-year. etc. [edit] Remittances The remittances of Pakistanis living abroad has played important role in Pakistan's economy and foreign exchange reserves. Pakistan also receives bilateral aid from developed and oil-rich countries.5bn already promised to Pakistan for each of the next five years.6 Billion to Pakistan.[98] Japan will provide $500 million annual economic aid to Pakistan. The International Monetary Fund(IMF) has approved a loan of 7. to help Stabilize and rebuild the country's economy.6 billion in aid.[97] The World Bank unveiled a lending program of up to $6. while reports said Saudi Arabia had pledged $700m over two years. The Asian Development Bank will provide close to $6 billion development assistance to Pakistan during 2006-9. The European Union promised $640m over four years. The Pakistanis settled in Western Europe and .[100] Overall Friends of Pakistan had pledged $1.[99] In November 2008. 2006±2009. which would help Pakistan move forward on its way to self-reliance. provides long term loans to Pakistan.(ADB). aid strategy showing a significant increase in funding aimed largely at beefing up the country's infrastructure.

North America are important sources of remittances to Pakistan.8 billion Expenditures: Debt . Switzerland.30 June Budget outlay: Rs 3. The 7 million strong Pakistani diaspora.259 trillion (FY2010/11) Revenues: $19. Canada.[101] The major source countries of remittances to Pakistan include UAE.2 billion (FY2010/11) y y y y y .[103] [edit] Government finances Fiscal budget summary y Fiscal year: 1 July . .[102] An IMF research paper has revealed that workers¶ remittances contribute 4% to the GDP of Pakistan and are equivalent to about 22% of annual exports of goods and services. etc.) Economic aid . Australia. Qatar and Oman). Japan. USA. contributed US$8 billion to the economy in 2008. UK and EU countries like Norway. Saudi Arabia. Kuwait.recipient: $1. Since 1973 the Pakistani workers in the oil rich Arab states have been sources of billions dollars of remittances. GCC countries (including Bahrain.external: $50 billion (2010 est.

2006 that analysts said should ensure a favorable reception in the bond market.) [edit] Sovereign bonds Pakistan is expected to sell a dual-tranche sovereign bond worth $750 million on March 23.875%. .75 to 7. the top end of the indicative yield range of 7. which it is trying to improve.[104] [edit] Expenditures Government expenditures were $25 billion (2006 est.125%. (October 2009) Pakistan has a low tax/GDP ratio. 2006. WikiProject Economics or the Economics Portal may be able to help recruit an expert. while the longer-dated tranche was expected to be sold at around 7. The 10-year tranche would be $500 million and the 30-year portion $250 million. See the talk page for details. Pricing is expected during New York trading hours on March 23. The sources said that the 10-year tranche was expected to be priced at around 7.[edit] Revenues and taxation This section needs attention from an expert on the subject.875%.

75%[106] 2005 .875% worth Euro Bonds which were highly over subscribed[108] [edit] Income distribution y Gini Index: 41 Household income or consumption by percentage share: o y lowest 10%: 4. consisting of 10-year and 30-year tranches.The bonds. Details of amount raised in various issues is as follows: 1999 .$623 million 2004 .5 billion in orders and a total size of as much as $1.25 billion had been anticipated for what is Pakistan¶s third foray into the international debt market since 2004. had generated $1.7% (1996) o .[105] Government of Pakistan has been raising money from the international debt market from time to time.$500 million @ 6.1% highest 10%: 27.$600 million worth Islamic bonds[105][107] 2007 .$ 750 million @ 6.

5% [edit] See also Pakistan portal Economics portal y Ministry of Commerce (Pakistan) List of tariffs in Pakistan Ministry of Finance (Pakistan) Pakistan Board of Investment Trading Corporation of Pakistan Rice Export Association of Pakistan Economy of the OIC 2011 Pakistan federal budget Science and technology in Pakistan Agriculture in Pakistan Industry of Pakistan Economic effects of 2010 Pakistan floods List of Pakistani Districts by Human Development Index y y y y y y y y y y y y .o middle 10%: 10.

Noam (ed. Viqar and Rashid Amjad.M. 2002. Telecommunications in Western Asia and the Middle East.Z. Pakistan: The Contours of State and Society. Society and Nation in South Asia. Imran. y Ali.). 1986. 2001a. Mumtaz and J. National University of Singapore. 1947-82. y Ali. Racine (eds). Power and Civil Society in Pakistan. µPast and Present: The Making of the State in Pakistan¶. Imran. Weiss and S. S. . The Management of Pakistan¶s Economy. Karachi: Oxford University Press. Imran. 1997. y Ali. Gilani (eds). µTelecommunications Development in Pakistan¶.[edit] Further reading y Ahmad. in A. New York: Oxford University Press. µThe Historical Lineages of Poverty and Exclusion in Pakistan¶. in Imran Ali. 2001b. in E. Imran. Karachi: Oxford University Press. y Ali. µBusiness and Power in Pakistan¶. Paper presented at Conference on Realm. Karachi: Oxford University Press.L.M.

y Amjad. 1982. Interest Groups and Development: Business and Politics in Pakistan. Public Enterprises in Pakistan. 1983. N.G.R. y Barrier. New Delhi: Oxford University Press. 1989. y Jahan. Pakistan National Human Development Report. Vilyatpur. Imran. Hussain. 1848-1968. London: Cambridge University Press. Durham.G. Colorado: Westview Press. Private Industrial Investment in Pakistan.y Ali. Mumtaz and J. T. Rounaq. Pakistan: The Contours of State and Society. Islamabad: UNDP. Robert and M. 1974.B. 2002. y Ali. . y Kochanek. A. Mohammed. Ahmad. y LaPorte. S. J. 1972. Rashid.F. NC: Duke University South Asia Series. Stanford: Stanford University Press. 2002.A. New York: Columbia University Press. Racine (eds). S. Boulder. Imran. Karachi: Oxford University Press. Berkeley and Los Angeles: University of California Press. The Punjab Alienation of Land Bill of 1900. The Economy of Pakistan. Pakistan: Failure in National Integration. y Kessinger. 1960-70. 1966. 1958. and A. Jr.L. y Andrus.

2 vols.J. South Asia. y Low. reprinted 1981. µMalign Growth? Agricultural Colonization and the Roots of Backwardness in the Punjab¶. 1982. Massachusetts: Harvard University Press. Mumtaz. Imran and S. y y y Raychaudhuri. Cambridge.). Pakistan: The Enigma of Political Development. The Political Inheritance of Pakistan. Colorado: Folkestone. D. 1892. 114 y Ali. The Cambridge Economic History of India. Imran. Mumtaz and .J. S. August 2002. Lahore. London: KPI. y Ali. Boulder. µUnderstanding Pakistan²The Impact of Global. Omar. Lahore: Sandhu Printers. 1980. L. Papanek. Cambridge: Cambridge University Press y White. µThe Historical Lineages of Poverty and Exclusion in Pakistan¶. Princeton. 1988. y Ziring. The Political Economy of Pakistan. Imran.: Princeton University Press.M. y Ali. Past and Present. N. Regional. Lawrence. National and Local Interactions¶. G. (ed. Tapan and Irfan Habib (eds).A.F. in Imran Ali. S. 1967. 2002. Lahore: New Imperial Press. Industrial Concentration and Economic Power. Noman. Pakistan¶s Development: Social Goals and Private Incentives. London: Macmillan. 1987.y Latif. 1991. 1974. XXV(2).

Pakistan¶s Economy at the Crossroads: Past Policies and Present Imperatives. Karachi: Oxford University Press. https://www. Karachi: Oxford University Press. . 1999. y Zaidi. Issues in Pakistan¶s Economy. y Hussain. 2010. Peshawar: [edit] References 1. Shattered Dream: Understanding Pakistan¶s Development. Ishrat. ^ "Pakistan". 1998.L. CIA. Pakistan: the Contours of State and Society. Pakistan: The Economy of an Elitist State. Akbar. Karachi: Oxford University Press. 1999. Contemporary Pakistan: Political Processes. Veena. Shahrukh Rafi. Karachi: Oxford University Press. Conflicts and Crises.J. Racine (eds). y Kukreja. Fifty Years of Pakistan¶s Economy: Traditional Topics and Contemporary Concerns. Khan. 1999. y Khan.gov/library/publications/the-world-factbook/geos/pk. The World Factbook. S. y Hasan.html. 2003. Karachi: Oxford University Press y Faheem. Karachi: Oxford University Press. Ghulam.cia. y Kibria. New Delhi: Sage Publications. Issues in Pakistan¶s Economy. Parvez. 1999.

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