Pakistan predicted to be world’s fastest-growing Muslim economy in 2017

Published: January 10, 2017
A view of the city skyline at dusk in Karachi June 24, 2013. PHOTO: REUTERS

A view of the city skyline at dusk in Karachi June 24, 2013. PHOTO: REUTERS

Pakistan has been forecasted to be the world’s fastest-growing Muslim economy in 2017 ahead of Indonesia, Malaysia, Turkey and Egypt, according to London’s The Economist magazine.

‘Pakistan’s economy will collapse in the next 10 years’

Pakistan’s estimated GDP growth – 5.3% – is also ahead of 4% GDP growth of Israel. This makes Pakistan world’s fifth fastest-growing economy in the world, only behind India and China and two other countries.

The live data, which is updated twice-daily, is published on The Economist website in the form of an interactive table of economic and financial indicators. This data reinforces a Harvard University study which predicted Pakistan to grow by more than 5% in the next decade.

Contrasting trends in Pakistan’s economy

The 2017 forecast of 5.3% growth is, however, lower than the 2016’s 5.7% forecasted growth rate, which means Finance Minister Ishaq Dar must take steps to put economy on the path of irreversible growth.

In 2014, The Economist had forecasted Pakistan to be world’s sixth fastest-growing country.

Despite rising economy, Pakistan still hampered by image problem

This year, the four world economies ahead of us are: India (7.5%), Vietnam (6.6%), China (6.4%), and Philippines (6.4%). And we are ahead of large Muslim economies such as: Indonesia (5.2%), Malaysia (4.6%), Egypt (4.0%), and Turkey (2.9%).

All of these countries except Malaysia are going to be among the top 20 economies in the world in 2050.

Wali Zahid is a former journalist who now trains senior executives to improve workplace effectiveness.

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Reader Comments (34)

  • Jawaid
    Jan 10, 2017 - 2:31PM

    That (sadly) reflects on the status of the economies of Muslim CountriesRecommend

  • Lumdheeng
    Jan 10, 2017 - 2:42PM

    GDP and Forex reserves of Bangladesh is much higher than Pakistan. Recommend

  • mtm
    Jan 10, 2017 - 2:57PM

    Though it is good news but needs results in practicality Recommend

  • Ghazal
    Jan 10, 2017 - 2:58PM

    Where is Bangladesh. It is growing with 6plus rate. Pls do research properlyRecommend

  • Fact is Fact
    Jan 10, 2017 - 3:12PM

    this cud be due to vast class difference and inequality that wud give a good GDP but won’t show what an individual is making in terms of money. Similar is true for India.. there are few millionaires who make such huge money that on the whole India is seen as great economy although the performance is the other way aroundRecommend

  • Jamal
    Jan 10, 2017 - 3:18PM

    Oh, My, God!Recommend

  • Someone
    Jan 10, 2017 - 3:21PM

    @Lumdheeng: Don’t know where you look up your stats but GDP of Bangladesh is no where near.. not even half. And Forex reserves alone are not sufficient for economic growth.Recommend

  • Student
    Jan 10, 2017 - 3:43PM

    Huh!!!! in parallel debt also growingRecommend

  • aqib
    Jan 10, 2017 - 3:49PM

    In parallel world.Recommend

  • Ch. Allah Daad
    Jan 10, 2017 - 4:35PM

    The great efforts of Mian Sahib are paying off despite some anarchists did their best to halt the progress. Recommend

  • RK Singh
    Jan 10, 2017 - 5:45PM

    Bangladesh growth rate is 6% plus and improving. Is Bangladesh not considered “Muslim economy”?Recommend

  • Mayor
    Jan 10, 2017 - 6:03PM

    What about the growing debt? Greece also looked growing until 2009 the country came crashing down under it’s own weight with rising debt levels. Recommend

  • Tariq Jamshaid
    Jan 10, 2017 - 6:10PM

    India has successfully held us down and still trying to destabilize Pakistan but this time world has realized the geographical importance of Pakistan that’s why they are willing to ignore anti Pakistan propaganda and develop economic partnership with Pakistan but we have to be careful because India hasn’t given up yet that might launch another wave of attacks because it can’t digest CPECRecommend

  • wb
    Jan 10, 2017 - 6:22PM

    What is a Muslim economy? Your oil comes from IMF begging and your jobs come from China’s alms.

    One of them is secular and the other is atheist.

    So, how did Pakistan become a Muslim economy? Please do explain.Recommend

  • Muhammed Saeed
    Jan 10, 2017 - 6:27PM

    Prosperity follows Peace….Recommend

  • Yogesh
    Jan 10, 2017 - 6:28PM

    Bangladesh is not included coz it’s constitution is secular. The current Chief Justice is Hindu and approx. 11% population is Hindu as well. A very progressive country with strong growth. So if you consider countries with significant Muslim population instead of official Islamic Republic designation, India would be first and Bangladesh at second spot.Recommend

  • Rollin & Trollin
    Jan 10, 2017 - 6:29PM

    But was not the yoy growth during Musharraf’s term in office something like 7% ?Recommend

  • Usman
    Jan 10, 2017 - 6:38PM

    With the de-industrialisation of Paksitan’s economy almost complete due to Ishaq Dar (who’s more suited as a munchi than finance minister), no growth can be expected.Recommend

  • Khan
    Jan 10, 2017 - 6:54PM

    @Ch. Allah Daad:

    ignorance is a bliss for you.Recommend

  • Kulbhushan Yadav
    Jan 10, 2017 - 6:58PM

    Not sure about “Muslim Economy” but “Muslim population” for sure. Recommend

  • Bunny Rabbit
    Jan 10, 2017 - 7:53PM

    And I was explaining the concept of Mirage to my children this morning !!!Recommend

  • TruthfulGuru
    Jan 10, 2017 - 8:25PM

    Why do indians fear Pakistan growth so much?Recommend

  • Humza
    Jan 10, 2017 - 8:40PM

    @Bunny Rabbit: You should also tell your children not to believe the Economist, Wall Street and Western Financial institutions since arm chair Pakistani analysts know about world economics better!
    Why are Pakistani people so critical when they hear good news about their improving economy and development when noticed from the West?Recommend

  • ghostrider
    Jan 10, 2017 - 10:23PM

    Good job dar sahabRecommend

  • Prabhjyot singh madan
    Jan 11, 2017 - 6:25AM

    Bangladesh is a secular country with 89% Muslim’s there.why is it ignored in the statistics? Just because they have a secular constitution !!! I live in west Bengal and Bangladeshis are thriving with Indian exports . The land dispute is cleared off and only the teesta river distribution is there and when it is dealth with then all is settled with our friends there.India has given more land to them in exchange of enclave because of their full and honest exchange of enclaves with population exchange and this includes the fellow Indian Muslim’s living in Indian enclaves there peacefully.rab rakhaRecommend

  • Indian
    Jan 11, 2017 - 7:41AM

    I think Pak is ready to be a leader among the Muslim ummah countries and a superpower in South Asia. As an Indian, I am envious but blithely supportive of all the prosperity and future development that is at its doorstep. It reminds of South Korea, Taiwan, and other prosperous mini giants that the world aspires to fancy, especially Pak’s enemy India. Recommend

  • Zubair
    Jan 11, 2017 - 9:44AM

    @Ch. Allah Daad:
    I always enjoy your comments. Ignorance at its peek. keep it up.Recommend

  • Babar Ali
    Jan 11, 2017 - 9:48AM

    The economic growth was long over due. Apart from CPEC Pak have numerous resources yet to tap. Pak skilled manpower resources particularly under the age of 25 is blessing in disguise. All credit to Nawaz Sharif government who timely and strenously took this Mega challenges reaching to the level where world is looking with different perception. Pak opposition in assembly must join him in nation building instead of trivial issues which shall have no positive affect on common except PTI whimsical satisfaction.
    Long live pakistan.Recommend

  • Lolz
    Jan 11, 2017 - 1:50PM

    Since there is no accountability in the country, so anyone can pass any statement even on the parliament floor and anyone can publish anything in any newspaper. Credibility speaks louder than words. Recommend

  • Ali
    Jan 11, 2017 - 11:02PM

    Pakistan is running on loans and foreign remittances. “Growth” reflected under these circumstances is not actual growth but a mirage. Recommend

  • raza
    Feb 16, 2017 - 12:47AM

    very well done PMLN u ve done a great job under the leader ship of a great business man I m proud of u Mian sahib thanku very much my vote always be for u and I wish these MF Potians understand it as well on day ……….Recommend

  • Mehran Siddiqui
    Feb 16, 2017 - 6:05AM

    Conversation is about fastest growing economy and that ONLY means GDP growth rate which was 7.05% in 2016 for Bangladesh or 229,760 (Million USD) for 2016 v/s 271,050 (Million USD) of pakistan. A few more years and they will overtake us at the current rate.Recommend

  • small business services
    Mar 20, 2017 - 8:13AM

    Really when someone doesn’t understand afterward its up to other users that they will help, so here it happens.Recommend

  • South_Asian
    May 23, 2017 - 2:10PM

    I am not even going to say anything. I’ll just put forward some numbers.
    Bangladesh GDP Growth in 2017: 7.23pc, second fastest growing in the world
    Pakistan GDP Growth in 2017: 5.40pc.

    Lastly, Economy don’t have any religion.Recommend

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