Economy of Pakistan from 1990-2010
Pakistan Economy from 1990-2010
The economy of Pakistan is the 47th largest in the world in nominal terms and 27th largest in the world in terms of purchasing power parity (PPP). Pakistan has a semi-industrialized economy, which mainly encompasses textiles, chemicals, food processing, agriculture and other industries. Growth poles of Pakistan's economy are situated along the Indus River, diversified economies of Karachi and Punjab's urban centres coexist with lesser developed areas in other parts of the country. The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, on-going confrontation with neighbouring India. However, IMF-approved government policies, bolstered by foreign investment and renewed access to global markets, have generated solid macroeconomic recovery the last decade.
Sectors that affect Pakistan Economy: * Agriculture- About 25% of Pakistan’s total land is under cultivation and is watered by one of the largest irrigation system in the world. Agriculture in Pakistan accounts 23% of its GDP and employs about 44% of the labour force. * Industry- Pakistan’s industrial sector account for about 24% of its GDP. Cotton textile production and apparel manufacturing are Pakistan’s largest industries, accounting for about 66% of the merchandise exports and almost 40% of the employed labour force. A merchandised export means export of goods not services. Other major industries include cement, fertilizer, edible oil, sugar, steel, tobacco, chemicals. Machinery and food processing. * Automobile Industry- Pakistan is an emerging market for automobiles and automotive parts. The total contribution of auto industry to GDP in 2007 is 2.8%. Auto sector currently contributes 16% to the manufacturing sector which is expected to increase by 25% in the next 7 years. * CNG industry- Compressed natural gas (CNG) is a substitute for gasoline
The economy of Pakistan is the 47th largest in the world in nominal terms and 27th largest in the world in terms of purchasing power parity (PPP). Pakistan has a semi-industrialized economy, which mainly encompasses textiles, chemicals, food processing, agriculture and other industries. Growth poles of Pakistan's economy are situated along the Indus River, diversified economies of Karachi and Punjab's urban centres coexist with lesser developed areas in other parts of the country. The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, on-going confrontation with neighbouring India. However, IMF-approved government policies, bolstered by foreign investment and renewed access to global markets, have generated solid macroeconomic recovery the last decade.
Sectors that affect Pakistan Economy: * Agriculture- About 25% of Pakistan’s total land is under cultivation and is watered by one of the largest irrigation system in the world. Agriculture in Pakistan accounts 23% of its GDP and employs about 44% of the labour force. * Industry- Pakistan’s industrial sector account for about 24% of its GDP. Cotton textile production and apparel manufacturing are Pakistan’s largest industries, accounting for about 66% of the merchandise exports and almost 40% of the employed labour force. A merchandised export means export of goods not services. Other major industries include cement, fertilizer, edible oil, sugar, steel, tobacco, chemicals. Machinery and food processing. * Automobile Industry- Pakistan is an emerging market for automobiles and automotive parts. The total contribution of auto industry to GDP in 2007 is 2.8%. Auto sector currently contributes 16% to the manufacturing sector which is expected to increase by 25% in the next 7 years. * CNG industry- Compressed natural gas (CNG) is a substitute for gasoline