Ministry of Finance issued a report titled ‘75 years- Economic journey of Pakistan’ which explains the story of Pakistan’s economic advancement in a clear, meaningful and persuasive manner. It highlights major economic events occurred since independence which significantly shaped the economic contours of the country.
The report mentioned that the country’s nominal GDP rose from $3 billion in 1950 to $383 billion in 2022. Meanwhile, per capita income rose from $86 in 1950 to $1,798 in 2022.
Tax revenue collected by the government was Rs. 0.31bn in 1950 while, Rs.6126bn in the year 2022.
Moreover, overseas Pakistanis’ remittances greatly surged and were the highest at $31.2bn in 2022 as compared to $0.14bn in 1973.
Export figures increased from $162 million in FY1950 to $31.8 billion in FY2022. Whereas Pakistan’s imports increased from $276 million in FY1950 to $80.2 billion in FY2022.
The report appreciates that Pakistan has made significant headway in spite of the numerous challenges it has faced. The nation was able to transform itself into a semi-industrial economy and a hub for business activities.
According to the report, the government intends to maintain growth rates in the medium and long term without creating pressure on the balance of payments. It aims to eliminate poverty by promoting higher and inclusive growth and enhancing social safety nets.
Furthermore, economic vision as shared in the report is to shape a brighter future for Pakistan’s economy by improving efficiency, enhancing productivity, increasing investment, creating wealth by unleashing the entrepreneurial potential of the private sector.
The Ministry emphasized to boost GDP growth to 6-7 percent in the medium term and focusing on various youth skill development programs in order to make them the strength.
The report says that all the proposed measures have an objective to establish and strengthen the economy that is not only self-reliant but also capable of competing with its competitors around the globe.