Last Five Years Economic Growth of Pakistan
Over a period of last five years (2015-2020) the economic growth of the country has varied with its GDP changing over the past 5 years as follows:
2015. 270.6 Bn USD
2016. 278.7 Bn USD
2017. 304.6 Bn USD
2018. 314.6 Bn USD
2019. 278.22 Bn USD
2020. 270 Bn USD (Expected)
A country with 2.83 % of world population makes 0.23% of world’s Economy. The foreign investment has been away due to over the past due to questioning policies of the government and insecurities of the investors due to Terrorism.
Pakistan being an Agricultural Country having maximum of its exports of raw agricultural products, has suffered alot over the past period of time. The country has fought four wars on its Eastern Front and taken Care of Refugees twice once from India after partition of 1947 and secondly from Afghanistan in 1979 when Russia invaded Afghanistan. whre as post 9 11 the country has supported a war which was never it’s own. This trend of fighting on all its borders forced the nation to focus on it’s military development and thus the industrial revolution was always compromised.
After Signing of CPEC in 2013 and success of war against Terrorism by Pakistan Army, a huge number of investors have attrated towards Pakistan, which shows a rapid boom of Economy from 2013 to 2018.
Again a fall in economy was seen by the end of 2019 as COVID-19 hits the world resulting in businesses in the whole world to collapse. A similar effect has stayed during 2020 as well as the country remained under lockdown starting from March till Mid of June. Thus resulting in fall of its economy.
Nevertheless with CPEC being functional in 2021 trade with over 100 countries will be carried through Pakistan and this will attract foreign investment and industry to the Nation. The foreign policy of the country being improved and a better Relationship with its neighbor has ensured a much safer environment for business development on both sides.
On the other hand erection of fence along Western Border has stopped much of the illegal trade coming via Afghanistan border which has further improved Taxation system and thus increasing the National Treasures. The country has shown an improvement of Economy and it has all the hopes that it will come out as one of the biggest economy of the world. May Allah be our Guide on this long Journey Pakistan Zindabad…