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Economy of Pakistan
Economic history
Five decades
Pakistan has been very poor and mainly agricultural country where it gained independence in 1947 from Great Britain. Pakistan average rate of economic growth since independence has been higher the average rate of growth of the global economy during the period. Average annual growth rate of GDP was 6.8% in the 1960s 4.8% in 1970 and 6.5% in the 1980s. The average annual growth declined to 4.6% in the 1990s with growth significantly lower in the second half of this decade. See also
The industry growth, including manufacturing, was also higher average. During the 1960s, Pakistan was considered a model of economic development in the world, and there was much praise for its economic progress. Karachi has been considered an economic model in the world, and there was much praise for the way which the economy grows. Many countries have sought to emulate Pakistan economic planning strategy and one of them, Korea South copying second city "Five Year Plan" and World Financial Center in Seoul has been designed and inspired Karachi. Later, the bad economic general management, and financially imprudent economic policies in particular, has resulted in a significant increase in public debt of the country and leads to grow more slowly in 1990. Two wars with India in Kashmir War II and the 1965 Bangladesh Liberation War of 1971 and the separation Bangladesh have hampered economic growth. In particular, this war has brought the economy close to recession, although economic output rebounded sharply to the nationalization of the mid-1970. The economy rebounded in the 1980s through a policy of deregulation, and an increased supply of foreign aid and remittances from expatriate workers.
The last decades
This a chart of trend of gross domestic product of Pakistan at market prices estimated by the International Monetary Fund figures in millions of Pakistani rupees. See also
Year
Gross domestic product
Exchange of U.S. dollar
Inflation Index
(2000 = 100)
Per Capita Income
(As% of U.S.)
1960
20,058
4.76 Pakistani rupees
3.37
1965
31,740
Pakistani Rupees 4.76
3.40
1970
51,355
4.76 Pakistani rupees
3.26
1975
131,330
Pakistani Rupees 9.91
2.36
1978
283,460
9.97 Pakistani rupees
21
2.83
1985
569,114
16.28 Pakistani Rupees
30
2.07
1990
1029093
21.41 Pakistani Rupees
41
1.92
1995
2268461
30.62 Pakistani Rupees
68
2.16
2000
3826111
51.64 Pakistani Rupees
100
1.54
2005
6581103
59.86 Pakistani Rupees
126
1.71
economic resilience
Growth rate of GDP 1951-2007
Background
Historically, Pakistan's overall economic output (GDP) has increased each year since the recession 1951. Despite this record of sustained growth, Pakistan's economy had, until recent years been characterized as unstable and highly vulnerable to external and internal shocks. However, the economy has proven resilient to many unexpected events concentrated in one side of four years (1998-2002) period
the Asian financial crisis;
economic sanctions according to Colin Powell, Pakistan has been "sanctioned the eyeball;
The global recession of 2001-2002;
severe drought worst in Pakistan's history, lasts for about four years
perceptions of higher risk because of military tensions with India to $ 1 million soldiers at the border, and predictions of impending (potentially nuclear) war;
post-9/11 military action in neighboring Afghanistan, with a massive influx of refugees from that country;
Despite these adverse effects, the economy of Pakistan continued to grow, and economic growth accelerated towards the end of this period. This resistance has led to a change in perceptions of the economy, with major international institutions like the IMF, the World Bank and the ADB praising Pakistan's performance in adversity.
More recent reports of resistance
Further confirmation that the economy is not as sensitive to weather as had already been seen from an analysis of 2008 that "68 countries examined, quantifying their sensitivity to climatic fluctuations, using figures on GDP by sector of activity and the sensitivity of certain sectors to given weather variables. "Analysis revealed that the 68 countries, "the least sensitive to weather conditions was Pakistan."
After the highly destructive 2005 earthquake, Pakistan's economy continues to grow, increasing by more than 7 percent in the twelve months ending June 30, 2006.
Pakistan emerged as one of the best performers in the wake of the global financial crisis, even though the country has waged a war costly against the militants. Its economy is based on the domestic market has been very little affected and its banking sector had a surplus of liquidity while remaining unharmed. However, the impact has been observed for the export sectors that Strank result of weaker external demand. ref> Barclays sees great potential in Pakistan (August 14, 2009). DAWN. http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/news/business/09-barclays-sees-huge-potential-in-pakistan—szh-05. Retrieved 15/09/2009. </ Ref>
Macroeconomic reform and prospects
This section does not cite any references or sources.
Please help this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2009)
National roads, highways and strategic roads in Pakistan.
According to numerous sources, the Pakistani government has made important economic reforms since 2000, and the medium-term prospects for job creation and poverty reduction are the best in nearly a decade.
Government revenues have greatly improved in recent years because of economic growth, tax reform – with a widening tax base, and more efficient tax collection as a result of programs for self-assessment and controls against corruption Central Board of Revenue – and the privatization of public services and telecommunications. Pakistan is aggressively cutting tariffs and promote exports improving ports, roads, electricity supply and irrigation projects. Islamabad has doubled spending on development about 2% of GDP in 1990 to 4% in 2003, a necessary step to halt the general underdevelopment of its social sector.
The liberalization of the international textile trade has already yielded benefits for Pakistan's exports and the country also hopes benefit from trade liberalization in agriculture. As a large country, Pakistan hopes to take advantage of economies of scale, and to replace China as the largest textile manufacturer in China as it moves in the value chain. These industries play to the strengths of Pakistan in low wage costs.
Growing stability in the country of monetary policies has contributed to a reduction in interest rates money market and greatly expanded the amount of credit, changing consumption and investment in the nation. Pakistan production domestic natural gas, and its significant use of fuel in automobiles, has cushioned the effect of oil price shock of 2004-2005. Pakistan is also away from the doctrine of import substitution that some developing countries (like Iran) dogmatic continued in the twentieth century. Government Pakistan is now pursuing an export-oriented model of economic growth successfully implemented by South East Asia and now a great success in China.
In 2005, the World Bank said
"Pakistan was the top reformer in the region and the number 10 first reformers globally by facilitating business creation, reducing the cost to register property, increasing penalties for violation of rules of corporate governance, and to replace the requirement to license every shipment with two-year licenses for operators. "
Doing Business
The World Bank (WB) and International Finance Corporation ase flagship report to the Business Class 2010 among 85 Pakistan 181 countries worldwide. Pakistan is the highest in South Asia, but is also higher than China, Russia and India which is 133. The top five countries are Singapore, New Zealand, the United States, Hong Kong and the United Kingdom.
The Government of Pakistan has in recent years, granted numerous incentives to technology companies wishing to do business in Pakistan. A combination of tax holidays for ten years and more, no duties on imports of computer, government incentives for venture capital and a variety of grant programs of technical education, are intended to give a boost to the nascent computer industry. This past year has resulted in impressive growth in this sector.
Today's economy
Due to inflation and the global economic crisis, the economy Pakistan has reached a steady state of payments crisis. "The International Monetary Fund bailed out Pakistan in November 2008 to avoid a balance of payments crisis and in July last year has increased the loan to 11.3 billion dollars in an initial $ 7.6 billion. "
In October 2007, Pakistan raised the return of its foreign exchange reserves to a fine of $ 16.4 billion. exceptional political kept the trade deficit of Pakistan controlled at 13 billion dollars, exports soared to 18 billion dollars, increasing revenue to become 13 billion dollars and has attracted foreign investment of 8.4 billion.
Since the beginning of 2008, the economic prospects of Pakistan took stagnation. The safety issues resulting from the role of the nation in the war against terror has created great instability and led to a decline in FDI from a height of about 8 billion to $ 3.5 billion for the fiscal year. Meanwhile, the insurgency has forced massive capital flight from Pakistan to the Gulf. Combined with the high prices of raw materials worldwide, the combined impact shocked economy Pakistan, with gaping trade deficits, high inflation and a falling value of the rupee, which fell to 60-1 over USD USD to 80-1 in some months. For the first time in years, he may have to seek external funding, the balance of payments support. Consequently, S & P lowered Pakistan foreign debt rating of CCC-plus currency from B, just several notches above a level that would indicate default. Pakistan debt rating local currency has been lowered to less than B-BB-minus. Credit agency Moody Investors Service lowered its outlook on Pakistan's debt from stable to negative due to political uncertainty, if it has maintained the rating of the country at a cost B2.The protection against a default in the trades of Pakistan debt Sovereign 1,800 basis points, according to its five year credit default swap, a level that indicates investors believe the country is already or will soon be in default.
The middle term may be less turbulent, depending on the political environment. The EIU believes that inflation should fall to single digits in 2010, and that growth should accelerate to over 5% per year by 2011. Although less than the average for the year Previous 5 of 7%, this would exceed the current crisis in which the growth is only 3.5-4%.
Economic comparison Pakistan 1999-2008
A view of IIChundrigar Road, the financial district of Karachi, Pakistan
Pillar of the economy – by region Source:
Indicator
1999
2007
2008
2009
GDP
$ 75 billion
160 billion
168 billion
185 billion
Purchase power parity GDP (PPP)
245 billion
$ 445,500,000,000
$ 445 billion
545.6 billion dollars
GDP per capita income
$ 450
$ 925
$ 1,085
$ 1250
Revenue Collection
R. 305000000000
R. 708000000000
R. 990,000,000 000
R. 1.05 trillion
Exchange reserves
700 million
$ 16.4 billion
10 billion
14 billion
Exports
7.5 billion
18.5 billion
19.22 billion dollars
$ 18,450,000,000
Exports of textiles
5.5 billion
11.2 billion
–
–
KHI Stock (100-Index)
$ 5 billion at 700 points
75 billion 14,000 points
56 billion dollars to 9000 points
FDI
1 billion
$ 8.4 billion
5.19 billion
4.6 billion
Debt Service
65% of GDP
26% of GDP
–
–
Poverty Level
34%
24%
–
–
Literacy rate
45%
53%
–
–
Program Development
R. 80000000000
R. 520000000000
R. 549700000000
R. 880000000000
Economic comparison 1999-2008
Scholarship
Article: the Karachi Stock Exchange
During the first four years of the twenty-first century, Pakistan KSE 100 Index has been the stock market the best performing index in the world as reported by the international magazine ENTERPRISES week. [Edit] Market capitalization of listed companies in Pakistan was estimated at 5.937 million dollars in 2005 by the World Bank. . But in 2008, after the general elections, the uncertain political environment, with rising militancy along western border, and mounting inflation and current deficit resulted in the sharp drop in the Karachi Stock Exchange. Consequently, the business sector Pakistan has declined dramatically in importance in recent times.
Manufacturing and finance
manufacturing sector of Pakistan grew at two digits in recent years, from 2000 to 2007, with the large-scale manufacturing more and more from a minimum of 1.5% in 1999 to a record 19.9% in 2004-05 with an average of 8.8% by the end of 2007. .
The Federal Bureau of Statistics has estimated the finance and insurance to Rs.311, 741 million in 2005 thus registering growth of over 166% since 2000. Reducing the budget deficit has led to less government borrowing in domestic money market, the lower interest rates, and an expansion of private sector lending to businesses and consumers.
Growing middle class
Measured by purchasing power, Pakistan has a 30 million strong middle class, according to Dr. Ishrat Husain, former Governor (December 2, 1999 to December 1 2005) of the National Bank of Pakistan. It is a figure which correlates with research by Standard Chartered Bank, said Pakistan has a "class average of 30 million people that Standard Chartered estimates now earn an average of about $ 10,000 per year. "The latest figures put Pakistan to 35 million middle class people. In addition, Pakistan has a growing upper class and upper middle estimated at 6.8 million in 2002 and should reach 17 million people by the year 2010, with relatively high income per capita.
On measures of income inequality, the country has a slightly better than the median. In late 2006, the Central Board of Revenue estimated that there were nearly 2.8 million taxpayers tax in the country.
The Poverty levels have decreased by 10% since 2001, foreign companies looking to Pakistani middle classes have been very successful. For example, demand for products Uniliver have recently been so high that even after doubling the production of the Anglo-Dutch trouble meet demand and is the chairman said: "Pakistan may seem enough."
Poverty reduction expenditure
Article Detailed: Poverty in Pakistan
Poverty in Pakistan
Government of Pakistan spent more than 1 trillion rupees (about 16.7 billion U.S. dollars) on programs to fight against poverty over the past four years, reducing poverty by 35 per cent in 2000-01 to 24 per cent in 2006. Poverty Rural remains an urgent issue because the development was much slower than in large urban centers.
Demography
Article: Demographics of Pakistan
With a GDP per capita of over $ 3,000 (PPP, 2006) compared with $ 2,600 (PPP, 2005) in 2005, the World Bank considers Pakistan a country middle income, it is also regarded as a country "development tool" of the 2007 Human Development Index. Pakistan a large informal economy, the government attempts to document and evaluate. Approximately 49% of adults are literate, and the hope of life is about 64 years. The population, about 168 million in 2007, increasing by about 1.80%.
Relatively few resources in the past had been devoted to socio-economic or infrastructure projects. lack of social services, high birth rates and immigration from neighboring countries in the past have contributed to persistent poverty. A recent study found that influential in the fertility rate has reached a peak in the 1980s and has since fallen sharply. Pakistan has a Gini index of family income of 41, near the world average of 39.
Employment
High population growth in recent decades has ensured that a large number of young people are now on the labor market. Even if it is among the seven most populous countries of Asia, Pakistan has a low population density than Bangladesh, Japan, India and the Philippines. In the past, excessive red tape is shot from the employment, hiring and, therefore, difficult. Significant progress on taxation Business and reforms has ensured that many companies today are not forced to operate in the underground economy.
In late 2006, the government launched an ambitious national program of employment services to disburse $ 2 billion over five years.
Tourism
Main article: Tourism in Pakistan
Tourism in Pakistan is a growing industry. The main attractions are the ruins of the Indus Valley civilization and mountain resorts in the Himalayas. The Himalaya and Karakoram (including K2, the second highest mountain in the world, attracts adventurers and mountaineers worldwide. Karachi and Lahore are the main attractions of the Pakistani food and authentic culture.
Income
The Board of Revenue has collected nearly one trillion rupees (14.1 billion dollars) in taxes for fiscal year 2007-2008.
monetary system
Main article: Pakistani Rupee
The ticket of Rs 500
Rupee
The Pakistani rupee has been pegged to the U.S. dollar until 1,982. When the government of General Zia-ul-Haq, it has changed a managed float. This was considered the best decision by Zia. Consequently, Rupee devalued by 38.5% between 1982/83 and 1987/88 and the anti-export bias in the economy has been reduced. The basic unit of currency is the Rupee, PKR ISO code and abbreviated R, which is divided into 100 paisas. Currently, new printed 5,000 rupees note is the largest denomination in circulation. Recently, SBP has introduced all new design notes of Rs 5, 10, 20, 50, 100, 500, 1000 and 5000 the denomination, while the design work of Rs.10, 000 note is underway that will help the banking sector in keeping a few notes in savings accounts. The new notes have been designed using technology euro and are made in eye-catching colors and bold, elegant design.
dollar exchange rate in rupees
exchange rate
1 Pakistani rupee Paisa (PKR) = 100
The Pakistani rupee has depreciated against the U.S. dollar until the end of the century, when Pakistan have current account surplus pushed the value of the rupee against the dollar. Central Bank of Pakistan before settling in lowering interest rates and purchase dollars in order to preserve the competitiveness of exports
Exchange rates: Pakistani rupee (PKR) to U.S. $ 1
PKR for a dollar U.S. 1995-2008
Year
Highest
Lowest
Date
Rate
Date
Rate
1995
30.930 PKR
1996
35.266 PKR
1997
40.185 PKR
1998
44.550 PKR
1999
PKR 51.90
2000
PKR 53.6482
2001
PKR 61.9272
2002
PKR 59.7238
2003
57.752 PKR
2004
58.000 PKR
2007
August 5
PKR 60.75
November 1
PKR 60.50
2008
October 10
PKR 80.00
April 1
PKR 63.50
Source: USD exchange rate PKR SBP
Exchange reserves
In October 2007, at the end of the mandate Prime Minister Shaukat Aziz, Pakistan raised the return of its foreign exchange reserves to 16.4 billion dollars. Pakistan's trade deficit was 13 billion dollars, while exports rose to 18 billion dollars, increasing revenue to be 13 billion dollars and the country has attracted investments Foreign 8.4 billion.
On October 11, 2008 State Bank of Pakistan said that the country's foreign exchange reserves fell by 571.9 million to $ 7749.7 million. The foreign exchange reserves had declined by more than 10 billion dollars at an alarming rate of 6.59 billion.
Structure economy
The economy of the Islamic Republic of Pakistan is reached with the high inflation rates well above 26%. Over 1081 patent applications were filed by the Pakistanis, non-residents in 2004 revealed a newfound confidence. Agriculture accounted approximately 53% of GDP in 1947. If per capita agricultural production has increased since then, it has been overtaken by the growth of non-agricultural sectors, and from agriculture has fallen to about one fifth of Pakistan economy. In recent years, the country has experienced rapid growth in industries (such as clothing, textiles and cement) and services (such as telecommunications, transportation, advertising and finance).
Sectoral contribution GDP growth
Most of the recent acceleration of growth of GDP comes from industries and services.
GDP growth by sector, percentage of GDP
Sector
2001-02
2002-03
2003-04
2004-05
Agriculture
0.03
1.01
0.53
1.74
Industry
Manufacturing
0.61
1.71
1.08
1.11
2.74
2.31
2.46
2.19
Service
2.47
2.75
3.16
4.16
Real GDP (fc)
3.1%
4.8%
6.4%
8.4%
Source: Economic Survey of Pakistan 2005
Production Structure
Share of various sectors in GDP
Sector
2000-01
2001-02
2002-03
2003-04
2004-05
Goods (1 +2 +3 +4 +5)
48.2
47.3
47.1
47.4
47.6
1. Agriculture
25.1
24.4
24.2
23.3
23.1
2. Mining
1.3
1.4
1.5
1.5
1.4
3. Manufacturing
15.9
16.1
16.4
17.6
18.3
4. Construction
2.4
2.4
2.4
2.1
2.0
5. Power Distribution
3.4
3.0
2.5
2.9
2.7
Services (6 +7 +8 +9 +10 +11)
51.8
52.7
52.9
52.6
52.4
6. Transport & Comm.
11.7
11.5
11.5
11.4
11.1
7. Trade
18.1
18.0
18.2
18.5
19.1
8. Finances and insurance
3.1
3.6
3.3
3.3
3.7
9. Home ownership
3.2
3.2
3.2
3.1
2.9
10. Public Admin. & Defense
6.3
6.5
6.7
6.5
6.0
11. Other Services
9.4
9.9
10.0
9.9
9.6
Note: GDP is estimated to cost factors constant. The figures are percentages.
Source: Economic Survey of Pakistan 2005
Sectors
Agriculture
Main article: Agriculture in Pakistan
Agriculture, by province
Mango orchard in Multan, Pakistan
Pakistan is one of the largest global producers and suppliers of the next, according to the 2005 Food and Agriculture Organization of the United Nations and FAOSTAT data here with the classification:
Chickpea (2nd)
Apricot (4th)
Cotton (4)
Cane sugar (4)
Milk (5th)
Onion (5th)
Date Palm (6)
Mango (3rd)
Tangerines, mandarin orange, clementine (8)
Rice (8)
Wheat (9)
Oranges (10th)
Pakistan ranks fifth in the Muslim world and twentieth centuries in the world agricultural production. It is the fifth largest producer of milk.
Pakistan main Natural resources are arable land and water. Approximately 25% of the total land area of Pakistan is cultivated and watered by one of the largest systems Irrigation in the world. Pakistan irrigates three times more than Russia acres. Agriculture represents about 23% of GDP and employs about 44% of the workforce. Zarai Taraqiati Bank Limited is the largest financial institution focused on developing the agricultural sector by providing financial and technical know-how.
Industry
Main article: Industry of Pakistan
Production by Province
Pakistan are two major companies, according to Forbes Global 2000 rankings 2005.
Global
rating
Company Name
1284
Oil & Gas Development
1316
PTCL
Forbes Global 2000
Pakistan forty-first largest in the world and in the world fifty-fifth of the production plant.
Pakistan industrial sector accounts for about 24% of GDP. Cotton textiles and garment production are major industries of Pakistan, which represents approximately 66% of merchandise exports and almost 40% of the employed population. Other important industries include cement, fertilizer, edible oils, sugar, steel, tobacco processing chemicals, machinery for food, and.
The government is privatizing large-scale parastatal units, and the public sector accounts for a declining industrial production, while growth in overall industrial production (including the private sector) has accelerated. Policies government intended to diversify the export industries country's industrial base and strengthen.
Industries: textiles (8.5% of GDP), fertilizer, cement, petroleum refining, dairy, food processing, beverages, construction materials, clothing, paper products, shrimp
Growth rate of production 6% (2005)
Great rates of growth of manufacturing: 19.9% (2005)
Automotive
Pakistan is an emerging market for autos and auto parts companies offer immense opportunities for investment. The total contribution of industry Auto GDP in 2007 is 2.8%, which is likely to increase to 5.6% in the next 5 years. Automotive currently contributes to 16% for the manufacturing sector is also expected to increase by 25% in the next 7 years.
CNG industry
In 2009, Pakistan is one of the largest consumers of CNG (compressed natural gas) in the world. Currently, more than 2,900 CNG stations are present in the country in 85 cities and villages, and 1000 would be implemented in the next three years. It has provided jobs to more than 50,000 people in Pakistan.
Cement industry
In 1947, Pakistan had inherited four cement plants with a total capacity of 0.5 million tonnes. Some expansion occurred in 195,666, but could not keep the pace of economic development and the country had to rely on imports of cement in 1976-77 and continued to do so until 1994-95. The cement industry consists of 27 plants above contributes Rs 30 billion to the national exchequer in the form of taxes.
The industry IT
Pakistan IT industry has grown steadily over the past three years. A marked increase in numbers of software exports are an indication of the potential of the burgeoning industry. The total number of IT companies has increased by 1306 and the estimated total size of the industry IT is 2.8 billion. In 2007, Pakistan was first featured in the global index of location services by AT Kearney and was considered as the 30th best place to relocate by 2009, Pakistan has improved its ranking by ten places to 20.
Textiles
Industry Textile is dominated by Punjab. For example, only 1.5 million people of NWFP are used in industry. 3% on U.S. imports clothing and other forms of textile is covered by Pakistan. Textile exports in 1999 were $ 5.2 billion and rose to become 10.5 billion dollars by 2007. Textile exports have managed to grow at a very decent growth of 16% in 2006. In the period of July 2007 June 2008, textile exports were 10.62 billion dollars. Textile exports share in total exports of Pakistan has declined from 67% in 1997-55% in 2008, exports of other non-clothing has increased.
Mining
Pakistan is blessed with abundant mineral resources and become a very promising area for prospecting / exploration for mineral deposits. Bases on the information available, shows area more than 6,00,000 km from the country's geological potential exposures varied deposits of metallic and nonmetallic minerals. Unless oil, gas and minerals Federally regulated nuclear, minerals are a subject province, under the Constitution of the Islamic Republic of Pakistan. Governments provincial governments are responsible for the development and exploitation of minerals, however, the application of regulatory regime. Consistent with the constitutional framework of federal and provincial governments have jointly established Pakistan first National Mineral Policy in 1995, duly implemented by provinces, by providing institutional and regulatory framework and fair and internationally competitive tax system.
In recent years, exploration by government agencies as well as by multinational mining companies has many proven instances of deposits significant minerals. The recent discovery of a thick oxidized by resting zone sulphide zones in the shield zone of the province of Punjab, covered by thick alluvial cover has opened new avenues for exploration of metallic minerals. Pakistan has large base for industrial minerals. The discovery of coal deposits with more than 175 billion tons of reserves at Thar in Sindh province has given impetus to develop as a source of alternative energy. There is great potential for precious stones and dimension.
The application of mineral policy (1995) has opened a way to expand the activities of the mining sector and attract international investment in this sector. Mining companies International responded positively to the NMP and at least four are currently engaged in projects to exploit minerals.
Currently about 52 Although the minerals are being exploited on a small scale. The major production is coal, rock salt and other industrial minerals and construction. The current contribution of mining to the GDB is about 0.5% and likely to increase considerably in the development and operation Commercial & Reco Diq Saindak copper and gold deposits (the largest gold mine in the world), Duddar lead, zinc, Thar coal deposits and precious stones.
Services
Service Sector by Province
Pakistan services sector represents approximately 53.3% of GDP. Transport, storage, communications, finance, insurance and account for 24% of this sector, and wholesale and retail trade of about 30%. Pakistan seeks to promote the information industry and other modern service industries through incentives such as tax exemptions in the long term.
The government is fully aware of huge potential growth in employment in the services sector and has launched aggressive privatization of telecommunications, utilities and banking, Despite the turmoil association. [Citation needed]
Communication
One Stop Shop's PTCL in Islamabad
Telecommunication Company Pakistan Ltd. has emerged as a successful 2000 Forbes conglomerate of over a billion dollars in sales in 2005. The market of mobile telephony has exploded fourteen time since 2000 to reach a subscriber base of 91 million users in 2008, one of the most mobile teledensity in the world .. In addition, more than 6 million landlines in the country with a fiber optic network and 100% coverage through WLL, even in remote areas .. Consequently, Pakistan has won the prestigious Government Leadership GSM Association in 2006 ..
The telecommunications sector's contribution to the exchequer National has risen to Rs 110 billion in the year 2007-08 due to the general sales tax, activation fees and other measures compared to Rs 100 billion in the year 2006-07.
The World Bank estimates that it takes about three days just to get a phone connection in Pakistan.
In Pakistan, following are the first mobile operators:
Mobilink (Parent: Orascom Telecom Holding, Egypt)
Ufone (Parent: PTCL (Etisalat), Pakistan / UAE)
Telenor (Parent: Telenor, Norway)
Warid (Parent: Abu Dhabi Group / SingTel, UAE / Singapore)
Zong (Parent: China Mobile, China)
In March 2009, Pakistan had 91 million mobile subscribers – 25 million subscribers in the same period report 2008. In addition to 3.1 million fixed lines, while the largest number of 2.4 million use Wireless Local Loop connections. Sony Ericsson, Nokia and Motorola and Samsung and LG are the brands to be popular among customers.
Pakistan is on the verge of a quote [Telecom revolution needed] and it is by far the sector the most attractive in Pakistan in respect of foreign direct investment entering the country. Since liberalization, over the last four years, Pakistan's telecom sector has attracted more than 9 billion dollars of foreign investment. During 2007-08, the communications sector Pakistan alone received 1.62 billion dollars in foreign direct investment (FDI) of about 30% of China's total foreign direct investment.
The current growth of the state of the art infrastructure in the telecommunications sector over the past four years has been the result of the vision of the PTA and the implementation of deregulation policy. Paging and mobile (cellular) phones have been adopted early and freely. Cell phones and the Internet were adopted through a rather laissez-faire with a proliferation of providers private service which led to rapid adoption. With a rapidly increasing number of Internet users and ISPs, and a large population English-language Pakistani society has seen an unprecedented revolution in communications.
According to PC World, a total of 6.37 billion messages text have been sent through Acision messaging systems across Asia Pacific over the Christmas period 2008/2009 and the New Year Pakistan is among the top five ranker with the highest SMS traffic with 763 million messages.
Pakistan is ranked 4th in terms of growth of the Internet broadband in the world, as the subscriber base of broadband Internet has been growing rapidly. The rankings are published by Point Topic Global high-throughput analysis, a global research center.
Pakistan has more than 17 million Internet users in 2009. The country would have a potential to absorb up to 50 million users of mobile Internet phones in the next 5 years and a potential of nearly 1 million connections month.
Almost all key ministries, agencies and institutions have their own websites.
The use of search engines and messaging services Instant is also booming. Pakistanis are among the most ardent chatters on the Internet, communicating with users worldwide. Recent years have seen a dramatic increase in the use of online marriage services, for example, leading to a major realignment of the tradition of marriages arranged.
In 2007 there were six cellular phone companies operating in the country with nearly 90 million mobile phone users in the country.
Wireless local loop and fixed telephony sector has been liberalized and the private sector has concluded that increases the rate of teledensity. In mid-2008, the installed capacity of the local loop has reached about 5.5 million.
the telecommunications industry has created 80,000 jobs direct and 500,000 indirect jobs.
The Federal Bureau of Statistics provisional value of this sector to Rs.982, 353 million in 2005 thus registering a growth of more 91% since 2000.
Railways
Main article: Pakistan Railways
A massive rehabilitation plan $ 1 billion over five years for Pakistan Railways has been announced by the government in 2005. A test new rail link has been established from Islamabad, Pakistan-Iran via Teharan via Istanbul and Turkey. Also it would promote trade, tourism, and also serve an effective link for exports to Europe (the Turkey in Europe and Asia].
Aviation
See also: List of airlines of Pakistan
A PIA B747-367 inside Satellite Jinnah International Airport
Pakistan International Airlines, the flagship industry of Pakistan Civil Aviation, has a turnover exceeding $ 1 billion in 2005. The government has announced a new maritime policy in 2006 allowing banks and financial institutions to mortgage vessels.
Private sector companies in Pakistan and include Shaheen Air International Airblue. Many private airlines are in the pipeline, including Air Mashriq Dewan Air and Pearl Air.
Airblue uses state of the art Airbus A320 and A321 aircraft for domestic flights, the UAE, Oman and the United Kingdom, and Norway will soon begin, Kuwait, Malaysia, India and operations. Airblue recently ordered six A321 new plant, while two leased aircraft will soon be added dry to the existing fleet of five years, making it the largest fleet second to PIA, which has 42 aircraft.
Wholesale and retail
The Federal Bureau of Statistics provisional value of this sector to Rs.1, 358,309 dollars in 2005 thus registering a growth of over 96% since 2000.
Finance and insurance
See also: List of banks in Pakistan
Reducing the budget deficit has led to less government borrowing in the domestic money market, lower interest rates and an expansion of loans to private sector companies and consumers. Foreign exchange reserves continued to reach new levels in 2007, supported by robust export growth and stable remittances from workers.
Pakistan was ranked 34 out of 52 countries in the World Economic Forum's first Financial Development Report, which was published Pakistan's competitiveness by Support Fund (CSF) in December 2008. Under factors, policies and institutions pillar, Pakistan ranks 49th in institutional environment, 50th and 37th business environment in the financial stability. In Pakistan financial intermediation pillar No. 25 banks, 42nd in banks and 17 non-financial markets. Under the capital availability and access, Pakistan is ranked 33rd.
Pakistan banking has remained remarkably robust and resilient in the global financial crisis in 200 809, a characteristic that has served to attract a significant share of FDI sector. Stress tests conducted in June 2008 data show that large banks are relatively robust, with small and medium enterprises positioning banks themselves on niche markets. The banking sector is profitable in 2002. Their profits have continued to increase for the next five years and reached a peak Rs 84.1 ($ 1.1 billion) dollars in 2006.
The credit card market has continued its strong growth with sales crossing the 1 million mark in mid-2005. Since 2000, the Pakistani banks have begun aggressive marketing of consumer credit to the emerging middle class, allowing a boom consumption (more than seven months waiting list for certain car models) and a gold mine construction.
The Federal Bureau Statistics provisional value of this sector to Rs.311, 741 million in 2005 thus registering over 166% growth since 2000.
Ownership of dwellings
The property sector has increased twenty-three since 2001, especially in cities like Lahore. However, the Karachi Chamber of Commerce and Industry estimated in late 2006 that the overall production of housing in Pakistan must be increased to 0.5 million units per year to provide 6.1 million backlog housing in Pakistan for meeting the housing deficit in the next 20 years. The report noted that the housing stock is also present in aging Quick and an estimate suggests that over 50 percent of the shares is more than 50 years. It is also estimated that 50 percent of the urban population lives in slums and squatter settlements. The report said that the meeting of the backlog in housing, in addition to replacement housing is ultimately beyond the financial resources of government. This requires the establishment of a framework to facilitate financing in the formal private sector and NGOs to mobilize resources for a system housing finance market based.
The Federal Bureau of Statistics provisional value of this sector to Rs.185, 376 million in 2005 thus registering growth of over 49% since 2000.
Public administration and defense
The Federal Bureau of Statistics provisional value of this sector to Rs.389, 545 million in 2005 thus registering over 65% growth since 2000.
Social, community and personal services
The Federal Bureau of Statistics provisional value of this sector to Rs.631, 229 million in 2005 thus registering growth of over 78% since 2000.
Electricity
Main article: Electricity Pakistan
For years, the issue of balance between the offer of Pakistan against the demand for electricity has remained a question largely unresolved. Pakistan faces a major challenge in the reorganization of its network responsible for supplying electricity. While the government claims credit for the supervision of a turnaround in the economy through a global recovery, it just failed to oversee a similar improvement in the quality of electricity supply network [Ref. needed] Some officials are even to claim that the frequent power cuts across Pakistan today are indicative of a new prosperity because it is rapidly increasing electricity demand. Yet, the inability to meet demand is in fact a sign of a challenge this very prosperity. [Edit] And this, despite Pakistan having an enormous potential to generate wind energy. Out of this, most cities in Pakistan in substantial sunlight throughout the year, which suggests good conditions for investment in energy Sun.
Recently the Minister of Water and Power, Raja Pervez Ashraf said that load shedding will end by December 2009 through the use of rental units of energy production and the country will be self-sufficient by the year 2011. [Critic Who?] Affirm this is too optimistic.
Foreign trade, remittances, aid and investment
Investment
Direct investment foreign investment (FDI) in Pakistan soared by 180.6 percent over the year to 2.22 billion U.S. dollars and the investment portfolio of 276 percent to $ 407.4 million during the first nine months of fiscal 2006, the State Bank of Pakistan (SBP) reported April 24. During July 2005 to 06-March, year on year FDI rose to 2.224 billion dollars from only $ 792,600,000 and investment portfolio 407.4 million, while it was 108.1 million for the corresponding period last year, according to latest statistics published by the Bank State. Pakistan has received FDI of nearly $ 8.4 billion in fiscal year 06/07, exceeding the government target 4 billion dollars.
Pakistan is now the nation's most favorable to investment in Southeast Asia. business regulations have been overhauled along liberal lines, especially since 1999. Most barriers to the movement of capital and of international direct investment have been deleted. Foreign investors face no restrictions on capital inflows, and investment of up to 100% equity is allowed in most sectors. unrestricted remittance of profits, service charges dividends, or capital is now the rule. business regulations are now among the most liberal in the area. This was confirmed by the ease of the World Bank "Doing Business report published in September 2009 rankings of Pakistan (at 85th) well ahead of neighbors such as China (the 89th) and India (to 133).
Pakistan is attracting amount of increasingly important private equity and was ranked as number 20 in the world based on the amount of private equity into in the nation. Pakistan has been able to attract a large proportion of global private equity investments because of economic reforms in 2003 which provided foreign investors with better guarantees for the stability of the nation and their ability to repatriate funds invested in the future.
Tariffs have been reduced to an average of 16%, with a maximum of 25% (except for the automotive industry). The process of privatization, which began in the early 1990s, has grown, with most of the private banking system, and oil sectors targeted in the operation next big privatization.
Recent improvements in the economy and business environment have been recognized by agencies international rating, as Moody and Standard and Poor (upgrading of country risk at the end of 2003).
Foreign acquisitions and mergers
With the rapid growth of the economy of Pakistan, foreign investors are taking a keen interest in the business sector of Pakistan. Recent years, majority stakes in many companies have been acquired by multinational groups.
PICIC Singapore's Temasek Holdings based 339 million
Union Bank by Standard Chartered Bank for $ 487 million
First Commercial Bank by ABN Amro for 228 million dollars
By Paktel China Mobile for $ 460 million
Etisalat PTCL for $ 1.8 billion
In additional shares of 57.6% of Lakson Tobacco Company acquired by Philip Morris International for 382 $ million
Foreign exchange earnings from these sales also help cover the current account deficit.
Foreign trade
Pakistan's exports in 2005
Pakistan is a member of the World Trade Organization, and has signed bilateral trade agreements and multilateral with many countries and international organizations.
Fluctuations in global demand for its exports, domestic political uncertainty and the impact occasional droughts in agricultural production have all contributed to the variability of the trade deficit of Pakistan.
In the six months to December 2003, Pakistan recorded a current account surplus of 1.761 billion dollars, or about 5% of GDP. Pakistan's exports continue to be dominated by textile and cotton clothing, despite government efforts to diversify. Exports rose 19.1% in fiscal 2002-03. Main imports are petroleum and petroleum products, oils, chemicals, fertilizers, capital goods, industrial raw materials, products and consumption.
After external imbalances has left Pakistan with a large external debt. The payment of principal and interest in 1998-99 totaled $ 2.6 billion, more than double the amount paid for the year 1989-90. annual debt service peaked over 34% of export earnings, before declining.
With a current account surplus in recent years, Pakistan's foreign exchange reserves have experienced rapid growth. Improved fiscal management, greater transparency and governance reforms have led to other up- level of the credit rating of Pakistan. With the decline in world interest rates, these factors have enabled Pakistan to prepay, refinance and reschedule its debts to his advantage. Despite the current account surplus of the country and increased exports in recent years, Pakistan still has a large deficit in goods trade. The budget deficit for 1996-97 was 6.4% of GDP. The budget deficit of 2003-04 should be around 4% of GDP.
In the late 1990s Pakistan received 2.5 billion dollars per year in loans and grants international financial institutions (eg IMF, World Bank and Asian Development Bank) and bilateral donors. Increasingly, the composition of aid to Pakistan has moved away from grants to loans repayable in foreign currency. All new support U.S. economic Pakistan was suspended after the sanctions in October 1990, and additional were imposed after Pakistan's May 1998 nuclear weapons tests. The sanctions have been lifted by President George W. Bush after President Musharraf allied Pakistan with the United States in its war against terrorism. After improving its financial situation, the government has refused a new IMF assistance, and therefore the IMF program has been completed. The government is also reducing tariff barriers to bilateral and multilateral.
While the country has a current account surplus and imports and exports have increased rapidly in recent years, it still has a large deficit in goods trade. The budget deficit for FY 2004-2005 was 3.4% of GDP. The budget deficit for fiscal year 2005-06 is expected to exceed 4% of GDP. Economists believe that the soaring trade deficit would have a negative impact on Pakistani rupee depreciating in value against the dollar (U.S. $ 1 = 60 rupees (March 2006)) and other currencies.
One of the main reasons that contributed to the increase of trade deficit increases imports of earthquake relief items, especially tents, tarpaulins and plastic sheeting to provide temporary shelter for earthquake survivors ground of October 8, 2005 in Azad Jammu and Kashmir and parts of NWFP, an official said. The rising trade deficit has also been fueled by the high prices of imported oil, foodstuffs, machinery and automobiles.
The petroleum ministry said that this year the bill oil imports expected to reach 6.5 billion dollars against 4.6 billion dollars over the last year, which is the main reason behind the deficit high commercial of all time.
The EU is the largest trading partner of Pakistan absorb more exports from third in 2003.
Exports
Pakistan produces export quality Balloons
Pakistan's exports grew by over 100% from $ 7.5 billion in 1999 to reaching 18 billion dollars for 2007-2008.
Pakistan exports rice, furniture, cotton fiber, cement, tile, marble, fabrics, garments, leather goods, sports goods (renowned for footballs / soccer balls), surgical instruments, electrical appliances, software, carpets and rugs, ice cream, beef cattle, poultry, milk powder, wheat, seafood (especially shrimp / prawns), vegetables, processed food, Pakistanis assembled Suzuki (in Afghanistan and other countries), defense equipment (submarines, tanks, radars), salt, marble, onyx, engineering goods, and many other items. Pakistan today is well known for the production and Export of cement in Asia and the Middle East. In August 2007, Pakistan has begun to export cement to India to fill the shortage caused hence the construction boom.
Imports
imports from Pakistan amounted to 30.54 billion dollars for 2006-2007, by 8.22 per cent of imports last year to 28.58 billion dollars.
Pakistan only import category is petroleum and petroleum products. imports other examples: industrial machinery construction machinery, trucks, cars, computers, computer parts, medicines, pharmaceuticals, food, civilian aircraft, defense equipment, iron, steel, toys, electronics and other consumer items.
The sales tax is levied at 15 percent on both imports and domestic production. The withholding tax is levied on income 6 per cent on imports and 3.5 percent on sales of domestic taxpayers.
External imbalances
Pakistan has suffered a deficit trading to $ 13.528 billion the year 2006-7. The gap has widened considerably since 2002-3 when the deficit was than $ 1,060,000,000. deficit in the services sector for the year 2006-2007 was 4.125 billion dollars which is equivalent to export services of 4.125 billion for the same year.
The combined deficit of goods and services amounted to 17.653 billion dollars which is about 83.5 percent of total exports of $ 21,136 (goods and services). The growing trade deficit has been attributed to the high import bill for oil, and rising prices of food, machinery and automobiles.
current account deficit – deficit current account reached 7.016 billion for 2006-7 by 41 percent over the previous year's 4.490 billion.
Since the beginning of 2008, Pakistan's economic outlook has taken a dramatic decline. Security problems resulting from the role of the nation in war against terrorism have created great instability and has led to a decline in FDI from a height of about 8 billion to $ 3.5 billion dollars for the current year. Meanwhile, the insurgency has forced a massive flight of capital from Pakistan in the Gulf. Combined with level high world prices of raw materials, the combined impact has shocked Pakistan's economy, with gaping trade deficits, a strong inflation and a drop in the value of the rupee, which fell to 60-1 over USD USD to 80-1 in a few months. For the first time in years, he may have to seeking external funding, the balance of payments support. Consequently, S & P lowered the foreign currency debt rating of Pakistan to CCC-plus from B, just several notches above a level that would indicate default. Pakistan notes the local currency debt was lowered to less than B-BB-minus. Credit agency Moody Investors Service cut its outlook on Pakistan's debt to negative from stable due to political uncertainty, if has maintained the rating of the country at a cost B2.The protection against a default on Pakistan's sovereign debt trades at 1,800 basis points, according to the five default swap credit year, a level that indicates investors believe the country is already or will soon be in default.
The middle term may be less turbulent, depending on the political environment. The EIU believes that inflation should fall to single digits in 2010, and that growth should accelerate more than 5% per annum by 2011. Although less than the average for the previous five years 7%, this would exceed the current crisis in which growth is only 3.5-4%.
Economic aid
Pakistan receives economic aid from several sources as loans and grants. The International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), etc provides long-term loans to Pakistan. Pakistan also receives bilateral aid from developed countries and rich in oil.
The Asian Development Bank will provide nearly $ 6 billion dollars in development aid to Pakistan during 2006-9. The World Bank has unveiled a lending program of up to 6.5 billion to Pakistan under a new four-year period, 2006-2009, the assistance strategy shows a significant increase in funding for essentially beefing the country's infrastructure. Japan will provide $ 500 million in annual economic aid to Pakistan. In November 2008, The International Monetary Fund (IMF) approved a loan of 7.6 billion dollars to Pakistan to help stabilize and rebuild the economy. More recently, the Govt of Pakistan has received economic aid of U.S. $ 5 billion dollars from which the commitment of U.S. $ 1 billion has been described as a installment on the $ 1.5 billion already announced previously promised to Pakistan for next five years.The each of the European Union has pledged 640 million $ Over four years, while reports said Saudi Arabia has pledged $ 700 million over two years. Friends throughout Pakistan has promised $ 1.6 billion aid, which would help Pakistan move forward on the path to self-sufficiency.
Remittances
Remittances from Pakistanis living in abroad has played an important role in Pakistan's economy and foreign exchange reserves. Pakistanis settled in Western Europe and America North are important sources of remittances to Pakistan. Since 1973, Pakistani workers in the oil rich Arab states have been sources billions of dollars in remittances.
The 7 million strong Pakistani diaspora has contributed U.S. $ 8 dollars to the economy in 2008. The main countries home remittances to Pakistan include United Arab Emirates, United States, Saudi Arabia, GCC countries (Bahrain, Kuwait, Qatar and Oman), Australia, Canada, Japan, UK and EU countries such as Norway, Switzerland, etc..
A research paper of the IMF revealed that workers' remittances contribute 4% of GDP in Pakistan and are equivalent to about 22 percent of annual exports of goods and services.
fiscal
Summary of the fiscal budget
Fiscal year: 1 July – 30 June
Turnover: 19.8 billion
Expenditure:
Debt – external: $ 39,940,000,000 (2005 est.)
Economic aid – recipient: $ 2 billion (FY97/98)
Revenue and Taxation
This section needs care from an expert on the subject. See the discussion page for details. Project: Economy or gate economy may be able assist in recruiting an expert. (October 2009)
Pakistan has a low tax to GDP ratio, which seeks to improve.
Spending
Public spending was 25 billion (Est. 2006)
Sovereign bonds
Pakistan is expected to sell a bond dual tranche sovereign worth $ 750,000,000 March 23, 2006, analysts should ensure a favorable environment reception in the bond market. The 10 years would be $ 500 million and the portion of 30 years 250 million. Prices are expected during the trading hours in New York March 23, 2006. Sources said that the 10 years should be fixed at 7.125 percent, while the slice long time should be sold at around 7.875 percent, the end top of the indicative range of performance from 7.75 to 7.875 percent.
The bonds, consisting of 10 years and ranges from 30 years, has generated 1.5 billion worth of orders and a total size of not less than $ 1,250,000,000, which had been scheduled for what is Pakistan's third foray into the debt market International since 2004.
Government of Pakistan has been raising funds from international debt market from time to time.
Details of the amount raised in various issues is as follows:
1999 – 623 million
2004 – 500 $ Percentage million@6.75
2005 – 600 million bonds Islamic
2007 – 750 $ Percentage of value million@6.875 Euro Bonds that were highly over subscribed
Income distribution
Index Gini 41
Household income or consumption by percentage share:
lowest 10%: 4.1%
more than 10%: 27.7% (1996)
lowest 20%: 27.7% (2006)
See also
Ministry of Commerce (Pakistan)
List of tariffs in Pakistan
Ministry of Finance (Pakistan)
Pakistan Council Investment
Trading Corporation of Pakistan
Rice Exporters Association of Pakistan
Economy of the OIC
Further reading
Ahmad and Rashid Amjad Viqar. 1986. The management of Pakistan's economy, 1947-82. Karachi: Oxford University Press.
Ali, Imran. 1997. TELECOMMUNICATIONS development in Pakistan, in EM Noam (ed.), Telecommunications in Western Asia and the Middle East. New York: Oxford University Press.
Ali Imran. 2001a. it's historical lines of poverty and exclusion in Pakistan. Paper presented at the Conference on Realm, Society and the Nation South Asia. National University of Singapore.
Ali, Imran. 2001b. BUSINESS and power in Pakistan in AM Weiss and SZ Gilani (eds), Power and Civil Society Pakistan. Karachi: Oxford University Press.
Ali, Imran. 2002. AST and today: The Making of the State in Pakistan, Ali Imran, S. Mumtaz and JL Racine (eds), Pakistan: The contours of the state and society. Karachi: Oxford University Press.
Ali, Imran, A. Hussain. 2002. Pakistan National Report Human Development. Islamabad: UNDP.
Ali, Imran, S. Mumtaz and JL Racine (eds). 2002. Pakistan: the contours of the state and society. Karachi Oxford University Press.
Amjad, Rashid. 1982. The private industrial investment in Pakistan, 1960-70. London: Cambridge University Press.
Andrus, JR and AF Mohammed. 1958. The economy of Pakistan. Stanford: Stanford University Press.
Barrier, NG 1966. The alienation of land in Punjab Bill 1900. Durham, NC: Duke University Southeast Asia Series.
Jahan, Rounaq. 1972. Pakistan: Failure in National Integration. New York: Columbia University Press.
Kessinger, TG 1974. Vilyatpur, 1848-1968. Berkeley and Los Angeles: University of California Press.
Kochanek, SA 1983. Interest Groups and Development: Business and Politics Pakistan. New Delhi: Oxford University Press.
LaPorte, Jr., Robert and MB Ahmad. 1989. Public Enterprises in Pakistan. Boulder, Colorado: Westview Press.
Latif, SM 1892. Lahore. Lahore: New Imperial Press, reprinted 1981, Lahore: Sandhu Printers.
Low, DA (ed.). 1991. The political legacy of Pakistan. London: Macmillan.
Noman, Omar. 1988. The political economy of Pakistan. London: KPI.
Papanek, GF 1967. Development Pakistan: social goals and private incentives. Cambridge, Massachusetts, Harvard University Press.
Raychaudhuri, Tapan and Irfan Habib (eds). 1982. The Economic History of India Cambridge, 2 vols. Cambridge Cambridge University Press
White, LJ 1974. Industrial concentration and economic power. Princeton, NJ: Princeton University Press.
Ziring, Lawrence. 1980. Pakistan The enigma of political development. Boulder, Colorado: Folkestone.
Ali, Imran. 1987. align growth? Agricultural Colonization and the roots behind in Punjab, the past and today, 114
Ali, Imran. August 2002. it strains historical poverty and exclusion in Pakistan, South Asia, XXV (2).
Ali Imran and S. Mumtaz. 2002. nderstanding Pakistanhe global impact, regional, national and local interactions, in Imran Ali, S. Mumtaz and JL Racine (eds), Pakistan: the contours of the state and society. Karachi: Oxford University Press.
Hasan, Parvez. 1998. Pakistan's economy at the crossroads paths: the policies of the past and current requirements. Karachi: Oxford University Press.
Hussain, Ishrat. 1999. Pakistan: State of the Economy elitist. Karachi: Oxford University Press.
Rafi Shahrukh Khan. 1999. Fifty years of Pakistan's economy: traditional themes and contemporary concerns. Karachi: Oxford University Press.
Kibria, Ghulam. 1999. Shattered Dream: Pakistan Development Agreement. Karachi: Oxford University Press.
Kukreja, Veena. 2003. Pakistan contemporary political processes, conflicts and crises. New Delhi: Sage Publications.
Zaidi, S. Akbar. 1999. Questions of the Pakistani economy. Karachi: Oxford University Press
References
^ ab "Pakistan". The World Factbook. CIA. https: / / www.cia.gov / library / publications / the … About the Author
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