GDP of Pakistan in

comparison to
other countries

Hareem Malik
927-2019
Pakistan currently has a very mixed economy in which state-owned enterprises account for a large portion
of gross domestic product (GDP). At first, Pakistan’s economy was largely based on private enterprise in
fact at the time of independence it was primarily agricultural based. Agriculture, now no longer the largest
sector, contributes roughly one-fifth of GDP, while manufacturing provides about one-sixth. Trade and
services, which combined constitute the largest component of the economy, have grown considerably.

Pakistan's Nominal GDP reached 283.3 USD billion in Jun 2019, compared with 315.2 USD billion in the
previous year. Nominal GDP in Pakistan is updated yearly, available from Jun 2000 to Jun 2019, with an
average number of 173.7 USD bn. In the latest reports, Pakistan's GDP expanded 3.3 % YoY in Jun 2019.
Its GDP deflator (implicit price deflator) increased 7.8 % in Jun 2019. Pakistan's GDP Per Capita reached
1,480.9 USD in Jun 2018. Its Gross Savings Rate was measured at 5.2 % in Jun 2019. However in contrast
to other Asian states Pakistan is not very stable. If we look at the figures, india is way ahead of us.
Pakistan’s GDP (purchasing power in 2017 was $1.056 trillion however that of india was $9.447 trillion.
Moreover, china’s GDP was $23.12 trillion. And in afganistan it is $69.51 billion. (factbook, n.d.)

If we compare the GDP of all these south Asian states we come to the solution that the largest is that of
china which is economically the strongest among them. It is quite evident from the factual figures that
china lead them. The second one is india with its growing open market economy. Over the years india has
really developed and boosted its economy. Then comes Pakistan which again is a peripheral country with
its developing economy. Since the exports of Pakistan is lower than the imports therefore it will take time
to develop economically. We simply cannot ignore the fact that Pakistan is under a great loan by IMF and
worldbank. For Pakistan to be economically strong it is essential that we increase our exports and focus
on industrialization. (economics, n.d.)

Now the 2019 GDP forecast of south Asian countries states that Bangladesh will have the growth rate of
8%, india will have 7.2%, Maldives with 6.2%, Bhutan with 5.2% and Pakistan with 3.9%. (outlook, n.d.)

While Pakistan's current economic position is undoubtedly difficult, it is not obviously worse than that of
other countries (for example, Taiwan in the late 1950s, or Korea in the early 1960s, or Indonesia or
Singapore in the late 1960s) at the time when they succeeded in engineering major policy changes that
laid the basis for their future prosperity. One of the dimensions in which a clear policy stance will be
needed is with regard to Pakistan's international economic relations. I have argued that there would be
great economic benefits from a policy of deep regional integration, if that proves politically possible, and
that such an economic initiative could in turn improve the prospects for political cooperation in the way
that happened in Europe. The second-best trade policy, if regional cooperation proves impractical, would
be close to free trade, which would eliminate the anti-export bias from which Pakistan has suffered in the
past. Either option would help to make Pakistan an attractive export platform, which might help to attract
FDI, especially from expatriate Pakistanis.

References
economics, p. i. (n.d.). pakistan and the worl economy.

factbook, C. (n.d.). indux mundi.

outlook, A. d. (n.d.). asian development bank.