Pakistan’s economy is back on track, says top US magazine

Published: March 4, 2016
SHARES
Email
PHOTO: AFP

PHOTO: AFP

Pakistan has undergone a series of positive developments that merit recognition, claimed a recently published report in a top US magazine.

“These developments set the table for the sort of policies and investments needed to move the country on a path traveled by Indonesia or Brazil,” American-based magazine Forbes said, adding Islamabad had its first peaceful democratic transition in 2013 and the military, the civilian government, and civil society are broadly aligned on security issues.

Further, the report pointed out that the country’s economy has been growing for a number of years and it is back on track to complete an International Monetary Fund (IMF) programme from start to finish for the first time in its history.

Pakistan’s economy has turned around, says Nawaz

“Pakistan’s growing middle class, which will expand from an estimated 40 million people today to 100 million people by 2050, represents a powerful engine for change, demanding both improved services and greater access to opportunities.”

The bi-weekly went on to claim that there is a huge potential in Pakistan’s energy sector and suggested that more capable people are needed to head the industries that will carry its future growth; run it’s national, provincial and city governments; and grow its universities.

“Pakistan’s abundant coal reserves and access to water flowing from the Himalayas mean it could be the ‘Saudi Arabia of Coal’ and the ‘Saudi Arabia of Hydropower.’  Pakistan also has significant wind, solar and geothermal potential,” it said.

Furthermore, the report indicated that it is in favour of the United States and Pakistan that the latter grows a lot faster than its neighbours. “If current trends continue, by 2050, India’s economy will be 40 times larger than Pakistan’s, and China’s economy 100 times larger.  It is in both US and Pakistani interests to see that Pakistan grows a lot faster.”

World Bank chief pushes Pakistan to keep up momentum

It, however, warned the country is still not where it needs to be in terms of improving its educational sector. “The government has made some increases in spending on education, up from 1.9 percent of GNP in 2004 to 2.5 percent in 2014; Pakistan aspires to spend 4 percent of GNP on education so it is still not where it needs to be.”

This article originally appeared on the Forbes.

Facebook Conversations

Reader Comments (17)

  • Khaliq lak
    Mar 4, 2016 - 2:21PM

    It is so impressive that we are going towards a sustainable parh of progress..
    We have too go forward in our industrial progress specially in auto industry i.e motorcycles and rickshaws too…
    We are to go to take steps for peace keeping situation. .Recommend

  • Jawad U Rahman
    Mar 4, 2016 - 2:50PM

    It is baffling why the spending on education is not increased more aggressivelyRecommend

  • hater
    Mar 4, 2016 - 2:52PM

    Quite clearly, Nawaz Sharif is slowly but surely steering pakistan out of trouble. I will vote him in next elections and I am sure silent majority will do so again. Recommend

  • Muneer
    Mar 4, 2016 - 2:56PM

    Yup great read, there has been a turn around and the 8% growth rate is an achieveable task as well, we currently stand at 4.2% but with a population of 200 million, with youth comprizing 60% of the total population with an improving law and order situation it is very much an achieveable task.Recommend

  • Kamal
    Mar 4, 2016 - 3:32PM

    Great news!!I think overall we have done pretty well.The IT sector has improved drastically over the past 10 years.Although I think we need to focus more on manafacturing sectors such as textile as well. However the real benefits of economic growth will take some time to reach to the common man.Recommend

  • Mar 4, 2016 - 3:34PM

    Following paragraph:

    “It, however, warned the country is still not where it needs to be in terms of improving its educational sector. “The government has made some increases in spending on education, up from 1.9 percent of GNP in 2004 to 2.5 percent in 2014; Pakistan aspires to spend 4 percent of GNP on education so it is still not where it needs to be.”

    Says it all!Recommend

  • Faisal
    Mar 4, 2016 - 3:45PM

    There is no deny in that Pakistan is progressing in both economy as well as secuirty situation is also improved quite considerably. Pakistan image has been improved world wide. Thanks to Nawaz Sharif, even after so much criticism, allegations this man stand out to be victorious. And his victory means victory of a common man and victory of Pakistan, after years of violence, and false policies of previous leaders has ruined the image of Pakistan both economically and security wise. I hope PM Nawaz again wins 2018 GE. Thanks.Recommend

  • Haji Atiya
    Mar 4, 2016 - 3:57PM

    Don’t know who wrote this report but for the most part, its simply fantasy. The entire portions on energy and water resources are nonsense. The report does not mention the dire need for economic restructuring and industrial diversification; in other words is the economy merely basic commodities-driven or whether there can ever be high value-added products manufactured or high-tech exports ? The only thing in the report which bears some reflection of the ground realities is the part on the education situation and its current shortcomings.Recommend

  • NHA
    Mar 4, 2016 - 4:23PM

    It is great to see a leading publication acknowledging Pakistan’s progress . While it is heartening, Pakistan must expand its manufacturing base. It can not afford a mercantilist economy where thinngs are bought and sold. This may suit a small country like Singapore and Abu Dhabi. But for a population of 200 million which will grow to 360 million in 2050, an economy based on manufactiring is the model.Recommend

  • saf
    Mar 4, 2016 - 5:14PM

    Improve from Zardari is no big deal, compare this to the Musharraf era when economy grew 8 to 9% almost every year in fact one of Musharraf worst years the economy grew at 5.5% something that the Democrats have still not achieved.Recommend

  • Ch. Allah Daad
    Mar 4, 2016 - 5:49PM

    PML(N) needs two more terms in office. 2018 will be the year when Pakistan will really take off never to fall back again. Recommend

  • Mansoor
    Mar 4, 2016 - 6:25PM

    @Haji Atiya:
    The reason they have published this report is given in the second paragraph:

    adding Islamabad had its first peaceful democratic transition in 2013 and the military, the civilian government, and civil society are broadly aligned on security issues.

    They always hype up democratic countries and that’s the only reason. It is all politics. These same western newspapers condemn the Chinese economy on a regular basis even as that country has risen to become the world’s largest economy. They condemn it because they are ideologically opposed to the Chinese form of government.Recommend

  • Islamic Thekedar
    Mar 4, 2016 - 6:52PM

    Congratulation Pakistan, Now control the “strategic assets”, it may spoil the tempo.Recommend

  • sterry
    Mar 5, 2016 - 4:44AM

    @TLP: At the end of the day, is government has not done everything but it has accomplished the near impossible in hardly 3 years ! Yes there is a lot to fix but if Nawa Sharif and his team keep at it, Pakistan will continue on the path of development. Imagine how developed the nation would have already been had Musharraf not taken over illegally and made the nation lose a decade. Musharraf’s time was the worst with phoney numbers of growth that no one believed en him !Recommend

  • sabi
    Mar 5, 2016 - 11:31AM

    Thank you Nawaz Sharif you have not disappointed me.There was time when saying a word in favour of you was a moral crime and I committed that crime and faced humiliation at the hands of people around. Today so called champions of ‘change’ are licking their wounds with ever deceasing their support base except very few who are poisoned to the point of no return.
    I feel pity for them.Pakistan tera Khuda hafiz.Recommend

  • nasser
    Mar 5, 2016 - 11:44PM

    @Haji Atiya:
    Truth is you are not able to digest the fact that Pakistan is back on progress track and all those noise about it being a failed state have been just noise.Recommend

  • Jim
    Apr 25, 2016 - 4:56AM

    Dear Pakistan: It is not what you spend on education. It is what you teach. And you teach hatred, bigotry, discrimination etc. Till you fix that you won’t get it right. And if you fix that the rationale for Pakistan is gone. Recommend

More in Business