Information about Pakistan economy

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1. Guest3166
   

    In nominal term the economy of Pakistan is placed on 47th position and in absolute dollar terms it is ranked as  27th largest in the world .It has a semi-industrialized economy, which majorly encompasses textiles, chemicals, food processing, agriculture and many other industries. Growth poles of Pakistan's economy are present along the Indus River; diversified economies of Karachi and Punjab's urban centers situated in lesser developed part of the country. The economy has faced few internal political disputes, a fast growing population, sufficient levels of foreign investment, and a costly, continues confrontation with neighboring country. However, IMF-accepted government policies bolstered by foreign investment and renewed access to global markets have generated solid macroeconomic recovery the last decade. Appropriate macroeconomic reforms happen since 2000, most notably at privatizing the banking sector have helped the country economy.
   
   GDP growth, spurred by gains in the industrial and service sectors, remained in the 6-8% range in 2004-06 due to economic reforms in the year 2000 by the Musharraf government. During the year 2005, the World Bank positioned Pakistan on the top reformer countries in its region and in the top 10 reformers country global wise. Islamabad has gradually raised development spending in current years, including a 52% real increase in the budget allocation for development in FY07, an essential step toward reversing the broad underdevelopment of its social sector. The fiscal deficit - the result of chronically low tax collection and increased spending, including reconstruction price from the devastating Kashmir earthquake in 2005 was adjustable.

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