Pakistan emerges as 24th largest economy in 75 years of journey
Since establishment in 1947, Pakistan’s economy has drastically changed the industrial and service sector by continuously advancing and progressing towards the betterment of economy.
- Nominal GDP showed an increase from $3 billion in 1970 to $385 billion to this day.
- And per capita income rose from $86 to $1798. Compared to last year, 5.97% of growth is observed in GDP this year (2022).
In the agriculture sector, wheat production increased by 26.05 million tonnes within 64 years of spontaneous journey. Rice production grew by 8.63 million tonnes, maize by 10.28 million tonnes, sugarcane by 83.12 million tonnes, cotton by 7.17 million bales, and water availability increased from 63.9 million acre-feet to 131 million acre-feet.
On the external side, remittances sent by Pakistanis working abroad jumped from $0.14 billion in the fiscal year 1973 to $31.2 billion in fiscal 2022, exports from $162 million in fiscal 1950 to $31.8 billion in fiscal 2022, and imports from $276 million in fiscal 1950 to $80.2 billion in fiscal 2022.
Finance Minister Miftah Ismail stated the lack of resources to meet the local needs after independence was not a secret as India refused to give due share of its wealth to Pakistan soon after its birth.
The severely disrupted country’s economic system along with settlement of the refugees were major challenges faced by the newly born country, he said but added that Pakistan’s economy quickly revitalized with the hard work and determination of people.
He said a country with a population of 30 million in 1947 could not feed its population and had to import most of its food requirements, adding that local agriculture production has risen significantly today.
Further he continued: Pakistan constructed both large and small dams, like Tarbela and Mangla, which increased the water storage and availability to 131 million acre-feet in 2022 from 63.9 million acre-feet in 1965-66, adding that it helped in achieving sustainable agriculture sector growth.
“The perseverance of people made Pakistan the world’s 24th largest economy in terms of purchasing power parity and 44th in terms of nominal GDP.”
said the Finance Minister.
Pakistan has emerged as one of the leading exporters of textiles, pharmaceutical goods and food-related items, and economic policies of the successive governments have promoted industry, agriculture and services sectors.