Economic Review of Pakistan (2013-18)

Business

Economy is something which indicates the brawn of a country,it is economy after all for which a country gets the title of a strong or weak country.Pakistan is one of the developing countries and has many fluctuations in its economy. It has been like a bumper ride honestly:

Nevertheless, situation seems to get better and the train is moving towards the rails if not in the rails.A national economic survey was released by the government in order to reflect the situation of the country in 2017-2018. The facts on which this article is written are independent figures. Gross domestic product is a monetary measure of the market value of all final goals and services produced in a period of time. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region. And to make international comparisons. Pakistan’s GDP in 2017-2018 has the highest growth of 5.8% in last 13 years. Maybe it’s obvious due to the rapid increase in the population of Pakistan which was 152,909,667 in 2005 and 200,813,818 in 2018, so it is a big change. Role of telecommunication to economy is very predominant. For 3rd world countries to develop so much on the telecommunication sector is astonishing.  Pakistan has received revenue from Telecom sector. In 2017-2018, Pakistan has reached top 235.5 billion and has surpassed India which is a very noticeable achievement. Talking about telecom,3G and 4G were also introduced by this government but the fruits are still being harvested.

There are multidimensional advantages of this technology to Pakistan. Studies have shown that as broadband penetration increases, so does GDP growth. The increased economic activity in the country will result in an increase in employment specifically in the technical sector. It is estimated that about 1 million million job opportunities would be created in Pakistan with 3G and 4G launch. Besides this, the increase in tax money collected from the increase in economic activity will also help the cash strapped government. One of the licenses is to be issues to a non-local operator, which is done in hope of increasing foreign direct investment in Pakistan. For now, it seems as though Turk Cell might be bidding for the n on- local operator license. Furthermore, 78.62 billion is contributed by the telecom sector to national exchequer in terms of taxes, regulatory fees, initial and annual license fees, activation tax and other charges. Agriculture, industrial and service sectors of Pakistan grew by 3.8 percent.

High growth in the last 13 years as achieved by the availability of agriculture inputs, better quality seeds and expansion.6.13% of Large Scale manufacturing most in 13 years. Tourism in Pakistan is a growing industry. In 2010, Lonely Planet termed Pakistan as being “…tourism’s ‘next big thing’ for more years than we care to remember. [But] world media headlines [always] send things off the rails”. In 2018, the British Back paper Society ranked Pakistan as the world’s top adventure travel destination, describing the country as “one of the friendliest countries on earth, with mountain scenery that is beyond anyone’s wildest imagination.

This geographically  and ethnically diverse country has much to offer, from natural beauty and historical heritage to cultural diversity. According to the Travel and tourism competitiveness report 2017 released by the World Economic Forum the direct contribution of travel and tourism to Pakistan’s GDP in 2015 was US$ 328.3 million, constituting 2.8% of the total GDP. According to the World Travel and Tourism Council, the direct contribution of travel and tourism to Pakistan’s GDP in 2016 was US$ 7.6 billion (PKR 793.0 billion), constituting 2.7% of the total GDP. By 2025, the government predicts tourism will contribute ₨1 trillion(US$9.5 billion) to the Pakistani Economy.