Pakistan has become as one of the fastest growing economic power in Asia from last few years. It is a developing country, which is doing so many efforts to increase economic level. A growth rate of 5.7% is observed in this year.
The growth rate is mainly due to the harvesting of cotton, wheat and rice crops. Pakistan has lowered the prices of Oil, which means that electricity costs are also reduced.
According to a famous Magazine of Economic analysis “The Economist”, Pakistan is the fastest in economic growth among Muslim countries. Its economy rate is 5.7% in 2015, making it 5th fastest growing economy country. Although it is not on top but still it has progressed a lot.
It is struggling a lot to meet the demand and to be on top. Overall, the economy has shown sign of improvement but problems were still there. Recently, the State Bank of Pakistan has identified some serious energy shortages.
Agricultural sector is contributing 20% to GDP, whereas service sector contributes for 5.3% and retail trade has a contribution of 30%.
Now days, Pakistan is such a big Atomic Power, that it is exporting defence equipments to other countries especially Muslim countries like Turkey, UAE, etc. it will contribute a lot to Pakistan’s economy. Level of poverty is reducing day by day and GDP is showing stability from last 2 years due to peaceful situation of country.
With the construction of Gwadar Port, Electric & Solar Plants and improvement in foreign exchange, a steady growth is observed.
Pakistan is facing lot of problems from last many years, which badly affected its progress, some major problems are:
2. Lack of Investment.
3. Dual economy.
4. Over population.
5. Political instability.
7. Inappropriate social structure.
Still we can say that Pakistan is on the right track, and to make it smooth and sustainable, continuity of policies is required. The main hindrance for any economic growth is power crisis for which government is doing efforts to overcome these days.
No country is free from problems, but success lies in the fact that how you tackle them and find answer. If we discuss about Pakistan’s economy after facing lot of hurdles and problems now the country is going on a right way to success. It is just because of strict accountability from organization like NAB or FBR.