In the midst of all the negativity, Pakistan has finally something to cherish over. World Bank has announced that Pakistan’s economy is set to accelerate by 5.4 percent in the coming years.
The recent developments in the infrastructure sector and multi-dollar Chinese investments in Pakistan has greatly stabilized the economy. World Bank has shown satisfaction over Nawaz Sharif’s aggressive decisions regarding the implementation of developmental projects. The bank’s report said
The pace of Pakistan’s economic growth will accelerate to 5.4 percent in fiscal 2018
Previously Pakistan recorded a 4.7 percent growth in the gross domestic product(GDP) at the end of the fiscal year in June 2016. This has been the highest figures for GDP in the last eight years. The target of the government is to further increase in this rate and elevate the confidence of foreign investor in Pakistani market.
The figures are greatly in favor of the government as the report stated the percentage of people living below the poverty line decreased from 64.3 percent in 2002 to 29.5 percent in 2014, This sharp decrease in poverty is because of the greater employment opportunities provided to the working class as a result of initiation of CPEC projects.
Effective planning of social reforms regarding taxation, infrastructure development and energy sector will further aid the country in improving the figures and give a boost to the national economy.
Pakistan has long suffered due to terrorist activity and hostile conditions, investors stayed demotivated and pace of the economy moved at a slower rate. However, conditions have drastically changed after improved security conditions and increasing Chinese investment.
The billion dollar CPEC project has injected the required fund into the Pakistani economy allowing it to grow. Confidence n South Asia’s second biggest market is gradually growing as people are now able to view the progress.
Despite the positive signs, Pakistan still needs to travel a long road before achieving success. Annette Dixon said that:
Countries will need to activate the full potential of private investment and exports to accelerate economic activity further, reduce poverty and boost prosperity