Economy much better placed today: PM draws parallels, makes claims

Prime Minister Shahid Khaqan Abbasi claimed on Monday that Pakistan economy is much better placed in 2018 as opposed to 2013; however, he acknowledged challenges to exports and external account. Speaking at a news conference along with finance minister on the government''s performance during the last five years with comparison to 2013 when his party came to power, the Prime Minister said that there were challenges to exports but thing are now turning around with exports showing growth and reached $20.6 billion.
He said that imports are also increasing and reached $45.6 billion from $33.4 billion but attributed the increase to CPEC-specific imports and increase in oil prices. Prime Minister claimed that unemployment rate has decreased to 5.9 percent in 2018 from 6.2 percent in 2013 and stated if economy is growing, employment opportunities are created and people will get more jobs.
Abbasi said that GDP growth increased to 5.8 percent in 2018 from 3.68 percent in 2013 with a 5.8 percent industrial growth as opposed to 0.75 percent, 6.43 percent growth in services sector against 5.13 percent in 2013 and credit lending to the agriculture increased from Rs 259 billion to Rs756 billion during the period.
He said that workers'' remittances increased from $11.57 billion in 2013 to $16.26 billion in July-April 2018 and foreign direct investment increased from $0.86 billion to $2.2 billion. Total revenue increased from Rs 2124 billion in 2013 to Rs 2919 billion in 2018, said the Prime Minister.
The Prime Minister said that production of major crops also increased during this period, inflation was 7.75 percent in 2013 which has been reduced to 3.77 percent.
Abbasi claimed that both public and private investments have increased over this period with total investment increasing from Rs 3348 billion to Rs 5649 billion and public investment from Rs787 billion to Rs 1729 billion while private investment increased from Rs 2202 billion to Rs 3771 billion. He said that per capita income experienced a 23 percent increase since 2013 and BISP disbursement increased to Rs 121 billion from Rs 46.5 billion.
Benazir Income Support Program (BISP) stood at Rs 46.5billion [when the PML-N took over], while Rs 121bn have been disbursed this year. The number of beneficiaries have increased from 37.5 million to 56.3 million and the stipend has been increased to Rs 5,000.
The Prime Minister stated that capital markets suffered after reaching a historic height because of political events, but still they managed to grow considerably and stood at 42,536 point index as opposed to 19916 index in 2013, market capitalization increased from Rs 5.049 trillion to Rs8.828 trillion while market capitalization in dollar terms increased from $51.4 billion to $76.4 billion.
He said that as a percentage of GDP, domestic debt has increased from 42.5 percent to 46.5 percent and external debt has fallen from 21.4 percent to 20.5 percent and added that the government has taken debt for asset creation and not meeting its expenses. He said that total gross debt increased from Rs 14,318 billion to Rs 21,407 billion while total debt of the government increased from Rs 13,482 billion to Rs 19,633 billion during the tenure of the incumbent government.