HIGHLIGHTS OF THE PAKISTAN ECONOMIC SURVEY . the availability of water as an essential input for Kharif was in pursuance of Sub-Rule (2) of Rule 25 of the. Rules of .. different censuses/surveys in important socio-economic areas are being. 14 Pakistan Economic Survey PRI scheme through continuous improvement in payment system, infrastructure, fact finding, visits and market research.
|Language:||English, Spanish, Indonesian|
|Genre:||Science & Research|
|ePub File Size:||23.65 MB|
|PDF File Size:||11.15 MB|
|Distribution:||Free* [*Regsitration Required]|
HIGHLIGHTS OF PAKISTAN ECONOMIC SURVEY Growth and Investment. ▻ The outgoing year witnessed global recovery as the world economy. PAKISTAN ECONOMIC SURVEY Impact of War in Afghanistan and Ensuing Terrorism on Pakistan's Economy, Zaila Husnain Assistant Economic. PREFACE. It gives me great pleasure to present the Year Book of . Publishing Pakistan Economic Survey and Year Book annually.
Average annual growth fell to 4. Following a military coup in October , Pervez Musharraf became the President of Pakistan in and worked to address the challenges of "heavy external and domestic indebtedness; high fiscal deficit and low revenue generation capacity; rising poverty and unemployment; and a weak balance of payments with stagnant exports. The exchange rate also remained fairly stable throughout this period. Menu Skip to primary content. Bonus vouchers facilitated access to foreign exchange for imports of industrial machinery and raw materials.
Being the dominant sector it contributes Overall agriculture development strategy revolves to foster private sector-led development with public sector providing enabling environment through policy interventions and play capacity building role to improve agriculture related practices.
During , agriculture sector exhibited a growth of 3. The agriculture subsector which included important crops, other crops, grew by 2. Important crops accounted for The lower growth in important crops is attributed to decline in production of rice and cotton by Other crops that contributed The cotton ginning under new base has been included in agriculture value addition showed a negative growth of 2.
The Livestock sector which has a The Fishing sector grew by 0. Forestry sector posted a nominal growth of 0.
Keeping in view the increasing demand of credit has provisionally set an indicative agriculture credit disbursement target of Rs Out of which Rs. Rs Download Complete Survey Click Here. Since independence, economic growth has meant an increase in average income of about percent from — But Pakistan, like many other developing countries, has not been able to narrow the gap between itself and rich industrial nations, which have grown faster on a per head basis.
Per capita GNP growth rate from —95 was only 1. Pakistan suffered its only economic decline in GDP between and Overall, Pakistan has maintained a fairly healthy and functional economy in the face of several wars, changing demographics, and transfers of power between civilian and military regimes, growing at an impressive rate of 6 percent per annum in the first four decades of its existence. During the s, Pakistan was seen as a model of economic development around the world, and there was much praise for its rapid progress.
Many countries sought to emulate Pakistan's economic planning strategy, including South Korea , which replicated the city of Karachi 's second "Five-Year Plan. The Indus Valley civilization , the first known permanent and predominantly urban settlement that flourished between BC to BC, featured a vibrant economic system. Its citizens practised agriculture, domesticated animals, made sharp tools and weapons from copper, bronze , and tin , and traded with other cities.
Although ancient India had several urban centers, much of the population resided in villages, where the economy was largely isolated and self-sustaining.
Agriculture was the predominant occupation, as it helped satisfy the villages' food requirements while also providing raw materials for cottage and small scale industries like textiles and handicrafts. Besides farmers, other occupational groups included barbers, carpenters, doctors Ayurvedic practitioners , goldsmiths, weavers, etc.
Through the joint family system , members of a family often pooled their resources to sustain themselves and invest in business ventures. The system ensured that younger members were trained and employed in the family business, while the elderly and disabled were supported by their families.
This also prevented agricultural land from being split and reaped a higher yield due to the benefits of scale.
During the Maurya Empire c. For the first time, most of India was unified under one ruler. With an empire in place, trade routes became more secure, thereby reducing the risks associated with the transportation of goods. The empire spent considerable resources building roads and maintaining them throughout India. The improved infrastructure, combined with greater security, uniformity in measurements, and the increasing usage of coins as currency, all enhanced trade.
During the Mughal period — in the 16th century, the gross domestic product of India was estimated at about The gross domestic product of Mughal India in was estimated at about By the late 17th century, the Mughal Empire was at its peak and had expanded to include almost 90 percent of South Asia.
Mughal India was now the world's largest economy, responsible for almost a quarter of global production, as well as a sophisticated customs and taxation system within the empire. In the 18th century, the Mughals were replaced by the Marathas as the dominant power in much of India, while small regional kingdoms, who were mostly late Mughal tributaries such as the Nawabs in the north and the Nizams in the south, declared autonomy. The efficient Mughal tax administration system was left largely intact, but India fell from its top rank to become the second-largest economy in the world.
After gaining the right to collect revenue in Bengal in , the East India Company largely ceased importing gold and silver , which it had hitherto used to pay for goods shipped back to Britain. During the period —, India's status shifted from being an exporter of processed goods for which it received payment in bullion , to being an exporter of raw materials and a buyer of manufactured goods.
Yet, by the second quarter of the 19th century, raw materials, which chiefly consisted of raw cotton, opium, and indigo, accounted for most of India's exports. While British colonial rule stabilized institutions and strengthened law and order to a large extent, British foreign policy stifled India's trade with the rest of the world.
The British built an advanced network of railways , telegraphs , and a modern bureaucratic system that is still in place today. However, the infrastructure they created was mainly geared towards the exploitation of local resources, and left the economy stagnant, stalled industrial development, and resulted in an agricultural output that was unable to feed a rapidly accelerating population. The common public in British India was subject to frequent famines, had one of the world's lowest life expectancies , suffered from pervasive malnutrition , and was largely illiterate.
Despite this, Pakistan's average economic growth rate since independence has been higher than the average growth rate of the world economy during the same period. Average annual real GDP growth rates  were 6. Average annual growth fell to 4. See also . Economic growth during the s averaged 3. After the State Bank of Pakistan was founded in , a currency dispute between India and Pakistan broke out in Trade relations were strained until the issue was resolved in mid Monsoon floods between and created further economic problems, as did uneven development between East and West Pakistan.
Pakistan's economy was quickly revitalized under Ayub Khan , with economic growth averaging 5. Manufacturing growth in Pakistan during this time was 8. Pakistan established its first automobile and cement industries, and the government constructed several dams, notably Tarbela Dam and Mangla Dam , canals, and power stations, in addition to launching Pakistan's space program. Along with heavy investment in manufacturing, Ayub's policies focused on boosting Pakistan's agricultural sector.
Land reforms, the consolidation of holdings, and strict measures against hoarding were combined with rural credit programs and work programs, higher procurement prices, augmented allocations for agriculture, and improved seeds as part of the green revolution.
Tax collection was low, averaging less than 10 percent of GDP. Bonus vouchers facilitated access to foreign exchange for imports of industrial machinery and raw materials.
Tax concessions were also offered for investment in less-developed areas. These measures had important consequences in bringing industry to Punjab and gave rise to a new class of small industrialists. Some academics have argued that while HYV technology enabled a sharp acceleration in agricultural growth, it was accompanied by social polarization and increased interpersonal and interregional inequality. In , the country began the construction of its new capital city. The partition of British India and the emergence of India and Pakistan in severely disrupted the country's economic system.
The united government of Pakistan expanded its cultivated area and some irrigation facilities, but the rural population generally became poorer between and because improvements did not keep pace with the rural population increase.
Tarbela Dam , the largest earth filled dam in the world, was constructed in Spread over acres, Quaid-i-Azam University was constructed in Pakistan Steel Mills was constructed in , making it the largest industrial mega-corporation, having a production capacity of 5.
Economic mismanagement in general, and fiscally imprudent economic policies in particular, caused a large increase in the country's public debt and led to slower growth in the s.
Two wars with India - the Second Kashmir War in and the separation of Bangladesh from Pakistan also adversely affected economic growth. Large generous aid from the United States also declined after the global oil crisis in , which had a further negative impact on the economy. According to Muhammad Abrar Zahoor, the nationalization of industries can be divided into two phases. The first phase started soon after the PPP came into power and was motivated by distributional concerns — to bring under state control the financial and physical capital controlled by a tiny corporate elite.
However, in , the influence and authority of the left wing within the party significantly decreased: Corruption grew exponentially and access to state corridors became a primary avenue of accumulating a private fortune.
In this way, groups and individuals in command of state institutions used public intervention in the economy "as a means for extending their wealth and power. Bhutto introduced socialist economics policies while working to prevent any further division of the country. Major heavy mechanical, chemical, and electrical engineering industries were immediately nationalized, as were banks, insurance companies, educational institutions, and other private organizations.
Industries such as KESC were now under complete government control. Bhutto abandoned Ayub Khan's state capitalism policies, and introduced socialist policies in a move to reduce the rich get richer and poor get poorer ratio. However, economic growth slowed in the wake of nationalization, with growth rates falling from an average of 6. Most nationalized units went into loss because decisions were not market-based.
Bhutto's government also failed to meet distributional objectives. Poverty and income inequality increased compared to the previous decade and the rate of inflation rose, averaging 16 percent from to Pakistan developed the first motorway in South Asia in ; today it has expanded to a 1, km long network. The Soviet—Afghan War significantly affected the economy of Pakistan, with approximately 1. Benazir Bhutto twice led the country during this period and promoted social-capitalist policies. Jinnah International Airport was greatly expanded in , making it a regional aviation hub.
Pakistan's economy recovered significantly during the s via a policy of deregulation , as well as an increased inflow of foreign aid and remittances from expatriate workers.
Under Muhammad Zia-ul-Haq , "many of the controls on industry were liberalized or abolished, the balance of payments deficit was kept under control, and Pakistan became self-sufficient in all basic foodstuffs with the exception of edible oils. According to Sushil Khanna,  professor at the Indian Institute of Mass Communication , the completion of the long gestation period of Tarbela Dam also helped unleash unprecedented agricultural growth, while fertilizer and cement investments made in the s contributed to industrial growth.
Zia also successfully negotiated with the United States for larger external assistance. In addition to supplying direct aid to Pakistan, the U. Under Zia, economic policies became market oriented, rather than socialist.
Pakistan's economy in the s suffered from poor governance and low growth as it alternated between the Pakistan Peoples Party under Benazir Bhutto and the Pakistan Muslim League N led by Nawaz Sharif. The GDP growth rate sank to 4 percent and Pakistan faced persistent fiscal and external deficits, triggering a debt crisis. Exports stagnated and Pakistan lost its market share in a buoyant world trade environment.
Poverty nearly doubled from 18 to 34 percent, causing the Human Development Index of the United Nations Development Programme to rank Pakistan in one of its lowest development categories during this time period.
While both the Nawaz Sharif and Benazir Bhutto governments supported economic liberalization and privatization policies, neither were able to successfully implement them. Although the stock market did improve in Sharif's second term and inflation was contained at 3.
JF Thunder became the first indigenous combat aircraft produced by the country. The poverty expenditure rate statistically dropped to Statue of a bull outside Islamabad Stock Exchange.
Following a military coup in October , Pervez Musharraf became the President of Pakistan in and worked to address the challenges of "heavy external and domestic indebtedness; high fiscal deficit and low revenue generation capacity; rising poverty and unemployment; and a weak balance of payments with stagnant exports. Yet, sound structural policies coupled with improved economic management accelerated growth between and