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Pakistan

Pakistan aims for 6-7% GDP growth in medium term

  • Ministry of Finance highlights economic progress in its '75 Years - Economic Journey Of Pakistan' report released on Saturday
Published August 13, 2022
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The Pakistan government intends to increase GDP growth to 6-7% with a focus on sustainability and inclusivity in the medium and long terms, said the Ministry of Finance.

A report titled '75 Years - Economic Journey Of Pakistan' released by the Ministry of Finance on Saturday sheds light on major economic events that have occurred since independence which significantly shaped the economic contours of Pakistan.

The report highlighted that the country’s nominal GDP rose from $3 billion in 1950 to $383 billion in 2022. Meanwhile, per capita income rose from $86 in 1950 to $1,798 in 2022.

‘Economic recovery continues despite challenges’

Foreign direct investment (FDI) increased from $1.2 million in FY1950 to $1,867.8 million in FY2022. Remittances increased from $0.14 billion in FY1973 to $31.2 billion in FY2022.

Export figures increased from $162 million in FY1950 to $31.8 billion in FY2022. Whereas, Pakistan's imports increased from $276 million in FY1950 to $80.2 billion in FY2022.

The report stated that the government aims to sustain growth rates over the medium and long term without creating pressure on the balance of payments. It wants to reduce poverty by ensuring higher and inclusive growth and strengthening the social safety nets.

Furthermore, the report stated that the government seeks to “improve investment climate and attract domestic and foreign investment through effective implementation of investment promotion strategy. Establish special economic zones focusing on export promotion, import substitution and employment generation

Second quarterly (Oct-Dec FY22) report issued: SBP terms PPD vital tool for economic growth

“To realise these objectives, short, medium, and long-term economic programs are underway for all sectors of the economy including agriculture, industry and services,” said the report, adding that the aspiration is to put the economy on a higher growth trajectory through higher investment, efficiency and enhanced productivity.

The report shared that tax revenues rose from Rs0.31 billion in 1950 to Rs6,126.1 billion in 2022.

Coming to agriculture, wheat production enhanced from 3.354 million tonnes in 1948 to 26.394 million tonnes. Rice production increased from 0.693 million tonnes in 1948 to 9.323 million tonnes in 2022.

Maize production improved to 10.635mn tonnes in 2022, as compared to only 0.359mn tonnes in 1948. Furthermore, cotton production, which stood at 1.156mn bales in 1948, has increased to 8.329mn bales in 2022.

Coming to the fiscal side, the size of the federal PSDP (Planning Development and Special Initiative) increased from Rs45.4 billion in 1990 to Rs900 billion in 2022.

Meanwhile, the share of direct taxes increased from 22% in the 1960s to 39% in the 2020s. Whereas, the share of indirect taxes has reduced from 78% in the 1960s to 61% in the 2020s, said the report.

Comments

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Dr Ahmad Aug 13, 2022 06:47pm
The numbers don't add up. Something is amiss. I think successive governments are lying about economy for a long time.
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Pakistani launda Aug 14, 2022 01:46am
Israel had started its road to economic prosperity one year later than that of Pakistan but in 2022 it is a developed economy and Pakistan's economy is of no match to it. You should also compare it. India had also started, Japan had also started two years later than Pakistan,what about South Korea, Hongkong, Thailand and above all and the one which should be written in Pakistan's Hall of shame Bangladesh had started it 26 years later and now mark my words it's economy it more stable than Pakistan. Wow why don't you compare it. In 1950 we were on road so don't compare it please.
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Mushtaque Ahmed Aug 14, 2022 01:53am
Para 5 "Export figures increased from $162 million in FY1950 to $31.8 billion in FY2022. Whereas, Pakistan's imports increased from $276 million in FY1950 to $80.2 billion in FY2022." Even in 1950 we weree importing more ($276mn) and exporting less ($162mn) implying earning less and spending more. The economic managers must reverse this trend. It will not happen soon but a long term plan must be draw up as the dooms day writing is on the wall.
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Mayur Kanth Aug 14, 2022 10:16am
@Pakistani launda, India is much worse than Pakistan. Don't compare with us. We r not a yardstick to compare with. Pakistan is much better than India
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