As per information on Pakistan economic conditions in financial year 2008, value of Pakistani rupee has decreased in value because of political and economic instability. Pakistan is known to have one of fastest developing economies in world. Though it is a poor country, Economic conditions in Pakistan point out that growth rate has been better than global average growth rate.
Fiscal deficit as targeted in 2009 is 5.5 percent of GDP, which was 7.4 percent in 2008 fiscal. Pakistan economic conditions are not going to get any better in 2009 as it has been estimated that inflation will get down to 20 percent by July 2009. It has been found out in first quarterly review that condition stabilized and huge sum was borrowed from central bank.
Economy of Pakistan is going through political and economical turmoil at present. After Mumbai attacks, this country went through financial crisis as there were international pressures. Karachi Stock Exchange in 2009 experienced a great blow with five percent off in a single day. This has been recorded as worst single-day act in last 32 months. Political upheaval also forces economy of Pakistan to depend on International Monetary Fund (IMF).
It has been recorded that Pakistan economic conditions suffered worst hit during October 2007 to October 2008 as there was 25 percent inflation and from international reserves about 10 billion dollars had to be taken off. Economic managers of Pakistan approached IMF to stabilize economic crunch. A stand by loan of 7.6 billion dollars was approved by IMF to pull Pakistan out of economic crisis.
According to present economic conditions of Pakistan, GDP purchasing power parity has been estimated to be $454.2 billion in fiscal 2008. $160.9 billion was GDP official exchange rate. Real growth rate to GDP has been at rate of 4.7 percent in 2008. $2,600 has been contributed to per capita GDP. There were 50.58 million workers in Pakistan.
Pakistan economic conditions are also marked by contribution of various sectors to GDP by different sectors of national economy. In fiscal 2008 agricultural sector contributed 20.4 percent, while 26.6 percent came from industrial sector. Service sector offered 53 percent to GDP in 2008.
Pakistan aims to reduce poverty, which is main concern for economic department of government. Focus is also given on betterment of infrastructure as well. Plans have been made to make more roads, dams and power generating plants so that people get more job openings and thereby help development.
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Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.