UNCONVENTIONAL KNOWLEDGE ABOUT PAKISTANI ECONOMY THAT YOU CAN’T LEARN FROM BOOKS

Pakistan officially known as the “Islamic Republic of Pakistan.” It is located in South Asia. By population, it is the 5th most populous country of the world with a population of 212.2 million. Pakistan is the 3rd largest Muslim population. In terms of landmass, it is the 33rd largest country of the world as of being 881,913 square kilometers. The economy of Pakistan is the 23rd largest in the world. It is 23rd due to Purchasing Power Parity (PPP). It is on the 42nd number in nominal Gross Domestic Product (GDP). As of 2019, Pakistan’s nominal GDP per capita is $1,482.40. It falls on the 151th number which gives PPP GDP per capita of 5,839. 36% of the Pakistani economy is undocumented. Karachi is the financial center of Pakistan. Its fiscal year is from 1 July-30 June.

Pakistan’s main trade organizations are WTO, SAARC, ECO, OIC, and SAFTA… Pakistan is a lower-middle-income country. Its estimated 2019 nominal GDP is $284 billion and its estimated 2020 PPP GDP is $1.2 Trillion. Pakistan’s PPP GDP per capita ranking is 32nd. Agriculture acquire 18.74% of GDP sector following that Industry = 19.74% and Services = 61.52%. Pakistan’s inflation consumer price index is 9.00%. Unfortunately, 34.7% of the Pakistani population is earning less than $3.20/day. 29.5% of Pakistan’s population is living below the poverty line which makes about 55 million people. Pakistan’s labor force is 7,143,667. It is the 9th largest labor workforce globally. The employment rate is only 48.9%. Labour force occupation is as below:

Agriculture = 37.4%

Industry = 24.0%

Services = 38.6%

Pakistani youth unemployment rate is 8.88%. Pakistan’s main industries are textiles and apparel, food processing, pharmaceutical surgical instruments, and construction materials. Pakistan’s doing business ease rank is 108. Pakistani exports are of $24.217 billion. Export goods of Pakistan are:

Textiles = $13,553.2 million

Food = $4,627.8 million

Petrolurem = $675.8 million

All Others = $1,303.8 million

Other exports = $3,812.3 million

Main export partners of Pakistan are Unites States 16.7%, China 7.6%, United Kingdom 7.2%, United Arab Emirates 5.7%, Germany 5.4%, Afghanistan 4.9% and Netherlands 3.9%

Pakistani imports are of $552.436 billion. Import goods are:

Food = $4,749.7 million

Machinery = $6,766.2 million

Transport = $2,314.7 million

Textile = $3,841.4 million

Agriculture and other Chemicals = $8,390.3 million

Metal = $3,903.5 million

Miscellaionius = $1,027.4 million

All Others = $5,345.4 million

Other Imports = $3,533.2 million

Main import partners of Pakistan are China 19.4%, United Arab Emirates 16.9%, Singapore 6.3%, Saudi Arabia 5.7%, United States 4.0%, India 3.2% and Japan 2.9%

Foreign Reserves of Pakistan are $12,820 million (72nd rank).

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