Everyday, a new airline is making foray into biofuels. Somehow many global airlines seem very ambitious about the environmental targets embarked by their controlling body: International Air Transport Association -IATA.
With nothing but remittances going right, the external balance for the country is swinging out of its favour. Trade deficit soared to as high as $21.2 billion in FY12 compared to $15.5 billion), last year.
The countrys external account concluded the fiscal year in a flimsy state. And had it not been for the multitudes of Pakistanis residing abroad and sending back precious foreign exchange to the country, the situation would have been much worse.
The flimsy economic scorecard of the US and the seemingly incessant eurozone debt crisis are still casting a long shadow on the global IT industry. Western companies cost-cutting measures on one side, it now appears that the IT budgets of companies based in the manufacturing and services-driven developing economies are also under pressure due to depressed demand from the West.
The Kharif season is underway in Pakistan amid reports of water shortages negatively impacting the growth period of the season. The water shortage weighs heavy on sugar cane crop which is highly water-intensive. Other issues with the crop, including long-time duration, land degradation, use of insecticides and encroachment of cotton belts, have had people talking about sugar beet in the past.
One more factor adds to the vulnerability of the energy sector in the country. Power sector woes in Pakistan continue to escalate obstinately, and the takeaways from the ADBs recent study just add to the worries, especially with the monsoon gathering momentum already.
The changing face of the global economy is not new. As the developed economies struggle to regain lost luster, the emerging economies are gaining prosperity and influence, albeit with their own problems. Its now Fortune Global 500s turn to remind people of the changing face of the global economy, despite the general economic slowdown being witnessed in the world today.