Announcement

Collapse
No announcement yet.

Pakistan has become one of Asia's fastest growing economies

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Pakistan has become one of Asia's fastest growing economies

    We must have sustained econominc growth year after year, and continue to pump more funds into bringing down poverty.


    Pakistan has become one of Asia's fastest growing economies: VOA reports

    WASHINGTON, May 14 (APP)- The Voice of America, quoting financial analysts, Friday said that in the recent years, "Pakistan has become one of the Asia's fastest growing economies." The country expects annual gross domestic product growth to top eight percent next year and its foreign reserves have ballooned from $1 billion in 2001 to more than $12 billion today. Benjamin Sand of VOA in a report states that international economists say the changes were set in motion in 1999 when President Pervez Musharraf instituted a series of structural reforms.

    The government of President Musharraf vowed to tackle corruption while privatizing state businesses and overhauling the country's banking and tax systems. The report says, in the wake of nuclear tests in 1998, the international community imposed sanctions, due to which, Pakistan's economy remained weak. The sanctions remained imposed until just after September 11, 2001 when Pakistan became a key ally in the U.S.-led war on terrorism. The report quotes director of the Asian Development Bank in Pakistan saying that President Musharraf's support for the United States transformed Pakistan's reputation and helped boost its economy. "As a result of 9/11, Pakistan, working with the world community, has been able to demonstrate that it is serious about assisting the world in tackling terrorism," he said. "There has been a lot of confidence generated and as a result, a lot of assistance has come to the country." Europe joined the United States in granting debt relief for Pakistan and sending billions of dollars in aid. The government cut its fiscal deficit by more than half and falling interest rates made it easier for business to borrow. That has helped Pakistan's manufacturers enjoy double-digit growth. Bumper wheat and cotton crops also helped boost the agricultural and textile sectors.

    Today, the economy is so strong President Musharraf says Pakistan no longer needs international charity."Our economy can now stand on its own two feet," President Musharraf said. "Therefore, I go around the world not begging and borrowing, asking for aid, asking for money. I go for trade and I say we don't want aid, give us trade, not aid." Some leaders predict huge growth in Pakistan's fledging telecommunications industry as well as its textile and energy exports. However, the report refers to three challenges pointed out by the director of ADB-- improving Pakistan's infrastructure, from roads and highways to ports and power supply, is a condition for growth; it must be ensured that environment remains safe for foreign direct investment; and that economic growth requires to be more evenly distributed. One-third of the population still lives below the poverty line. According to the United Nations, nearly 60 percent of Pakistan's 150 million people are non-literate. VOA report states that President Musharraf says improving living standards is his top priority. "In a capitalist market, in a free market economy, distribution is the issue, and therefore we have to focus on the issue of human resource development and poverty alleviation," he said. President Musharraf also lays stress on better education, which could lead to reduction in poverty. The report says that there has been a sharp increase in funding for public schools; while madressahs were being brought into the mainstream education system, with stress on learning of basic skills and new subjects.


    http://www.app.com.pk/n27.htm

    #2
    Re: Pakistan has become one of Asia's fastest growing economies

    Originally posted by Silly Billy
    We must have sustained econominc growth year after year, and continue to pump more funds into bringing down poverty.


    Pakistan has become one of Asia's fastest growing economies: VOA reports

    WASHINGTON, May 14 (APP)- The Voice of America, quoting financial analysts, Friday said that in the recent years, "Pakistan has become one of the Asia's fastest growing economies." The country expects annual gross domestic product growth to top eight percent next year and its foreign reserves have ballooned from $1 billion in 2001 to more than $12 billion today. Benjamin Sand of VOA in a report states that international economists say the changes were set in motion in 1999 when President Pervez Musharraf instituted a series of structural reforms.

    The government of President Musharraf vowed to tackle corruption while privatizing state businesses and overhauling the country's banking and tax systems. The report says, in the wake of nuclear tests in 1998, the international community imposed sanctions, due to which, Pakistan's economy remained weak. The sanctions remained imposed until just after September 11, 2001 when Pakistan became a key ally in the U.S.-led war on terrorism. The report quotes director of the Asian Development Bank in Pakistan saying that President Musharraf's support for the United States transformed Pakistan's reputation and helped boost its economy. "As a result of 9/11, Pakistan, working with the world community, has been able to demonstrate that it is serious about assisting the world in tackling terrorism," he said. "There has been a lot of confidence generated and as a result, a lot of assistance has come to the country." Europe joined the United States in granting debt relief for Pakistan and sending billions of dollars in aid. The government cut its fiscal deficit by more than half and falling interest rates made it easier for business to borrow. That has helped Pakistan's manufacturers enjoy double-digit growth. Bumper wheat and cotton crops also helped boost the agricultural and textile sectors.

    Today, the economy is so strong President Musharraf says Pakistan no longer needs international charity."Our economy can now stand on its own two feet," President Musharraf said. "Therefore, I go around the world not begging and borrowing, asking for aid, asking for money. I go for trade and I say we don't want aid, give us trade, not aid." Some leaders predict huge growth in Pakistan's fledging telecommunications industry as well as its textile and energy exports. However, the report refers to three challenges pointed out by the director of ADB-- improving Pakistan's infrastructure, from roads and highways to ports and power supply, is a condition for growth; it must be ensured that environment remains safe for foreign direct investment; and that economic growth requires to be more evenly distributed. One-third of the population still lives below the poverty line. According to the United Nations, nearly 60 percent of Pakistan's 150 million people are non-literate. VOA report states that President Musharraf says improving living standards is his top priority. "In a capitalist market, in a free market economy, distribution is the issue, and therefore we have to focus on the issue of human resource development and poverty alleviation," he said. President Musharraf also lays stress on better education, which could lead to reduction in poverty. The report says that there has been a sharp increase in funding for public schools; while madressahs were being brought into the mainstream education system, with stress on learning of basic skills and new subjects.


    http://www.app.com.pk/n27.htm
    way to go pakistan,...slow and steady wins the race,....
    °º¤ø,¸¸,ø¤º°`° ¤ø,¸°º¤ø,¸¸,ø¤ ºÂ°`°º¤ø,¸,¸¸,ø¤º °`°º¤ø,¸,¸¸,ø¤º° ºÂ¤Ã¸



    A Faith that cannot survive collision with the truth is not worth many regrets.

    Comment


      #3
      Re: Pakistan has become one of Asia's fastest growing economies

      very good news....inshallah we will keep it up
      Oh, everything's too damned expensive these days. This Bible cost 15 bucks! And talk about a preachy book! Everybody's a sinner! Except this guy.

      Comment


        #4
        Re: Pakistan has become one of Asia's fastest growing economies

        blood money never lasts.
        "I despise the man who does not guide his life by honour. The very word honour drives me mad". Khushal Khan Khattak

        Comment


          #5
          Re: Pakistan has become one of Asia's fastest growing economies



          Some people can never see a prosperous Pakistan! Awesome news and thanks for posting SB.

          Comment


            #6
            Re: Pakistan has become one of Asia's fastest growing economies

            well done and way to go pakistan and musharaf!

            education education education

            Comment


              #7
              Re: Pakistan has become one of Asia's fastest growing economies

              awesome news! mashaAllah! allah humari country ko dushmun ki nazroo say bachaye!
              amen

              Courage is going from failure to failure without losing enthusiasm. Courage is the ladder on which all the other virtues mount.

              Comment


                #8
                Re: Pakistan has become one of Asia's fastest growing economies

                GDP exceeds $100bn mark



                Pakistan's Gross Domestic Product (GDP) size is likely to cross $100 billion mark by end-June with the revised growth forecasts likely to be placed at 8.3 per cent (provisional) for 2004-05. The Annual Plan Coordination Committee (APCC) meeting scheduled today (Tuesday) under the chairmanship of Prime Minister Shaukat Aziz will review the overall economic performance during the current fiscal year. The meeting will also approve the overall macroeconomic targets for the next year, including growth, investment, savings and the development outlay. Senior official sources said the National Accounts Committee (NAC) meeting has provisionally estimated 8.3 per cent GDP growth rate for the current fiscal year. Last year, Pakistan achieved 6.4 per cent growth rate, including just 2.6 per cent from agriculture and a huge 18.1 per cent from the Large Scale Manufacturing (LSM).

                This phenomenal growth rate is strongly supported by the bumper cotton and wheat harvests, which propelled the agriculture sector growth to about 7.6 per cent during the year. The LSM has grown by almost 15 per cent during first seven months of the year. Similarly, the international trade of Pakistan is expected to touch $33 billion, in turn, jacking up the share of the services sector. The Plan Committee is expected to review the estimates and grant approval after adjustments, if required. Last time, it was in 1984-85, when Pakistan achieved 8.7 per cent growth. In the 90s, the highest growth year was 1991-92, when the GDP grew by 7.6 per cent due to bumper agricultural outputs. However, the real dilemma for the Planning Commission was the growth forecasts for the next fiscal year. According to the official sources, repeating the same sort of growth next year would not be possible without sharp increase in investment. Similarly, agriculture production needs to remain buoyant to sustain the overall growth trend at 8 per cent level for the next several years. However, given the water sector situation, much of it would remain just a hope. The Planning Commission officials were reluctant to target 8 per cent or higher growth target for the next fiscal year. "It should not be more than 7 per cent, as we have proposed it in the Medium-Term Development Framework (MTDF)." Given the overall inflationary trends at over 9 per cent during the first three-quarters of the current fiscal year, the APCC is expected to project 7 per cent rate of inflation for the next fiscal year. However, there was a serious debate on the subject. No one expects the food prices to fall to a level, which would bring down the sensitive index of kitchen items below the current levels of 11.8 per cent.

                However, the Planning Commission was pushing its demand for Rs 272 billion under the Public Sector Development Programme (PSDP) 2005-06, which would be exactly Rs 70 billion higher than the current year's level of Rs 202 billion. Though, the Ministry of Finance was in favour of a lower allocation, at somewhere close to Rs 250 billion, the final decision would depend on the prime minister. It was a strong possibility that he would like to allocate a higher sum under the PSDP to ensure that the growth momentum attained during the current fiscal year continues.









                http://www.jang.com.pk/thenews/may20...main/main5.htm

                Comment


                  #9
                  Re: Pakistan has become one of Asia's fastest growing economies

                  Originally posted by Silly Billy
                  GDP exceeds $100bn mark



                  Pakistan's Gross Domestic Product (GDP) size is likely to cross $100 billion mark by end-June with the revised growth forecasts likely to be placed at 8.3 per cent (provisional) for 2004-05. The Annual Plan Coordination Committee (APCC) meeting scheduled today (Tuesday) under the chairmanship of Prime Minister Shaukat Aziz will review the overall economic performance during the current fiscal year. The meeting will also approve the overall macroeconomic targets for the next year, including growth, investment, savings and the development outlay. Senior official sources said the National Accounts Committee (NAC) meeting has provisionally estimated 8.3 per cent GDP growth rate for the current fiscal year. Last year, Pakistan achieved 6.4 per cent growth rate, including just 2.6 per cent from agriculture and a huge 18.1 per cent from the Large Scale Manufacturing (LSM).

                  This phenomenal growth rate is strongly supported by the bumper cotton and wheat harvests, which propelled the agriculture sector growth to about 7.6 per cent during the year. The LSM has grown by almost 15 per cent during first seven months of the year. Similarly, the international trade of Pakistan is expected to touch $33 billion, in turn, jacking up the share of the services sector. The Plan Committee is expected to review the estimates and grant approval after adjustments, if required. Last time, it was in 1984-85, when Pakistan achieved 8.7 per cent growth. In the 90s, the highest growth year was 1991-92, when the GDP grew by 7.6 per cent due to bumper agricultural outputs. However, the real dilemma for the Planning Commission was the growth forecasts for the next fiscal year. According to the official sources, repeating the same sort of growth next year would not be possible without sharp increase in investment. Similarly, agriculture production needs to remain buoyant to sustain the overall growth trend at 8 per cent level for the next several years. However, given the water sector situation, much of it would remain just a hope. The Planning Commission officials were reluctant to target 8 per cent or higher growth target for the next fiscal year. "It should not be more than 7 per cent, as we have proposed it in the Medium-Term Development Framework (MTDF)." Given the overall inflationary trends at over 9 per cent during the first three-quarters of the current fiscal year, the APCC is expected to project 7 per cent rate of inflation for the next fiscal year. However, there was a serious debate on the subject. No one expects the food prices to fall to a level, which would bring down the sensitive index of kitchen items below the current levels of 11.8 per cent.

                  However, the Planning Commission was pushing its demand for Rs 272 billion under the Public Sector Development Programme (PSDP) 2005-06, which would be exactly Rs 70 billion higher than the current year's level of Rs 202 billion. Though, the Ministry of Finance was in favour of a lower allocation, at somewhere close to Rs 250 billion, the final decision would depend on the prime minister. It was a strong possibility that he would like to allocate a higher sum under the PSDP to ensure that the growth momentum attained during the current fiscal year continues.









                  http://www.jang.com.pk/thenews/may20...main/main5.htm
                  mashalllah
                  Oh, everything's too damned expensive these days. This Bible cost 15 bucks! And talk about a preachy book! Everybody's a sinner! Except this guy.

                  Comment


                    #10
                    Re: Pakistan has become one of Asia's fastest growing economies

                    wicked, GDP growth also to hit 8%.

                    way to go musharaf and aziz.

                    Comment


                      #11
                      Re: Pakistan has become one of Asia's fastest growing economies

                      All good, but once American/Western support dries up, its back to the begging bowl, whether its Mush, or anyone else.

                      Comment


                        #12
                        Re: Pakistan has become one of Asia's fastest growing economies

                        RD, remember 99-01, we were doing pretty ok back then too, and there was no aid coming in back then was therE?

                        Comment


                          #13
                          Re: Pakistan has become one of Asia's fastest growing economies

                          Hi Spock,I don't have the figures in front of me, but from what i recall before Pak became a key ally, Mush govt was doing nothing special, same as the others. Certainily nothing like after 2001 when debt relief, remittances, loans, etc came rolling in.

                          The idea of Pak booming or becoming an Asian 'tiger'will bring smirks from objective
                          non-Pakistanis'

                          In addition I would take these 'figures' with a grain of salt

                          http://www.dawn.com/2005/05/18/top2.htm

                          the prime minister said that 8.35 per cent growth had been achieved against the budgeted target of 6.6 per cent, and it might go further up with the completion of wheat arrivals.

                          The announcement surprised many in the audience who were provided with a different data after the prime minister left the meeting.

                          Mr Aziz said the unprecedented growth of 7.5 per cent in agriculture sector was because of a record harvest of 14.6 million bales of cotton and 21.4 million tons of wheat.

                          www.jang.com.pk/thenews

                          However, the sustained high inflows of remittances sent by overseas Pakistanis, and surge in international trade and banking sector (21 per cent up), strongly contributed in the higher national income
                          Last edited by TheRealDeal; May 18, 2005, 09:51 AM.

                          Comment


                            #14
                            Re: Pakistan has become one of Asia's fastest growing economies

                            In short USs ass kissing and butt licking can work wonders
                            First they ignore you, then they laugh at you, then they fight you, then you win.

                            Comment


                              #15
                              Re: Pakistan has become one of Asia's fastest growing economies

                              Originally posted by TheRealDeal
                              Hi Spock,I don't have the figures in front of me, but from what i recall before Pak became a key ally, Mush govt was doing nothing special, same as the others. Certainily nothing like after 2001 when debt relief, remittances, loans, etc came rolling in.

                              The idea of Pak booming or becoming an Asian 'tiger'will bring smirks from objective
                              non-Pakistanis'

                              In addition I would take these 'figures' with a grain of salt

                              http://www.dawn.com/2005/05/18/top2.htm

                              the prime minister said that 8.35 per cent growth had been achieved against the budgeted target of 6.6 per cent, and it might go further up with the completion of wheat arrivals.

                              The announcement surprised many in the audience who were provided with a different data after the prime minister left the meeting.

                              Mr Aziz said the unprecedented growth of 7.5 per cent in agriculture sector was because of a record harvest of 14.6 million bales of cotton and 21.4 million tons of wheat.

                              www.jang.com.pk/thenews

                              However, the sustained high inflows of remittances sent by overseas Pakistanis, and surge in international trade and banking sector (21 per cent up), strongly contributed in the higher national income
                              Realdeal, since unlike the other idiotic smuts who have no clue about Pakistan or his history, u have an idea what youre talking about but still, remember economists saying how that coup would put Pakistan on the verge of an economic collapse, but Pakistan held out pretty strongly. 2000 and 2001 were pretty good too.

                              Comment

                              Working...
                              X