Connect with us

Business

Pakistan’s per capita GDP is on a positive growth track.

Published

2 months ago

on

With a per capita GDP of $1,680 in FY2024 and forecasts for FY2025 indicating further rise to $2,405, Pakistan has made notable strides in its economic recovery and perseverance in the face of adversity.

With a per capita GDP of $2,996, Islamabad outperformed a number of regional standards, including the $2,106 national average for India.

Punjab also demonstrated improvement, as evidenced by its per capita income of $1,713.60, which was 2% more than the national average and added to the country’s improving economic situation.

With a $1,748 per capita income, Sindh has also been a good performer. In the meantime, Khyber Pakhtunkhwa (KPK) and Balochistan reported per capita incomes of $1,388.41 and $1,106, respectively, indicating consistent economic growth in these regions.

Gilgit-Baltistan and Azad Jammu and Kashmir also recorded noteworthy per capita incomes of $1,550 and $1,730, reflecting the government’s focus on balanced regional development.

India’s geographical differences, on the other hand, showed notable inequality. While southern states reported a per capita income of $3,421, northern regions, particularly those under the influence of Hindutva politics, reported much lower figures, with only $813.

India also grapples with severe poverty, with 234 million people living below the poverty line, according to the UNDP and Oxford Poverty and Human Development Initiative. According to the International Labour Organization, youth unemployment in India has also increased to concerning proportions, rising from 35.2% to 65.7%.

Despite facing external pressures, Pakistan’s economy has shown resilience, enduring a $150 billion loss over two decades due to foreign-sponsored terrorism, compounded by the burden of hosting 4 to 5 million Afghan refugees. However, Pakistan’s dedication to stability and long-term development is still evident.

Pakistan’s focus on sustainable and inclusive growth presents a clear roadmap for transforming current challenges into future opportunities, paving the way for long-term prosperity.

Related Topics:
Continue Reading

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

1 day ago

on

By

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Continue Reading

Business

Despite economic gains, PSX remains strong.

Published

1 day ago

on

By

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Continue Reading

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

1 day ago

on

By

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

Continue Reading

Trending