Pakistan Economic Development
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In last few years there has been a steady rate of Pakistan economic development that has manifested itself in its impressive gross domestic product statistics. In financial year 2007 there was a real increase of 52 percent in amount allotted in Pakistani budget for development of national economy.
This has been an important step as far as development of Pakistan economy is concerned as this move has sought to address underdevelopment of national economy that has spread at all levels especially in social sector.
Economic development of Pakistan has always been among its major assets as far as garnering recognition from global financial circles is concerned. In decade of 60s Pakistan’s economy had progressed at a decent rate and it was regarded as being exemplary.
Economic policies adopted by national government have helped economic development in Pakistan to a significant extent. In 1990s 2 percent of gross domestic product of Pakistan had been earmarked for economic progress. This had been doubled to 4 percent of Pakistan’s gross domestic product by 2003.
In 1999 PKR 80 billion had been set aside for economic development of Pakistan and by 2007 this amount had gone up to PKR 520 billion. In fiscal 2008 this amount was PKR 549.7 billion. Poverty in rural areas has been an important area of Pakistani economics. From 2005 to 2008 $16.7 trillion has been spent in order to address various issues related to poverty.
This money has played a vital role in overall economic development at Pakistan. Poverty has been reduced to 24 percent by 2006 from 35 percent at 2000-01. As per Human Development Index of 2007 Pakistan has been accorded status of a “Medium Development Countryâ€.
Infrastructural upgradation is an important area of Pakistan economic development. However, it has not been paid much attention by Pakistan national government. Over years a number of international financial organizations have played a major part in development of Pakistan’s economy such as International Monetary Fund, Asian Development Bank and World Bank.
From 2006 to 2009 Asian Development Bank would be providing almost $6 billion for Pakistan economic development. World Bank is supposed to provide a loan for infrastructural development worth $6.5 billion in same period. Pakistan would also receive a yearly financial help from Japan worth $500 million.
