The 49-page document includes colourful boxes and infographics to highlight key milestones in the country’s economic history.
By Ahmer Kureishi
ISLAMABAD: The Finance Division has published a synopsis of Pakistan’s economic progress over the 75 years of its history to mark the country’s platinum jubilee Independence Day.
Released Saturday, a day ahead of the Independence Day, the document “attempts to capture the story of Pakistan’s economic advancement in a clear, meaningful and persuasive manner”, according to its preface penned by Finance Minister Miftah Ismail.
Titled “Towards a Vibrant Pakistan, the document purportedly highlights major economic events that have shaped the country’s economic journey since independence in 1947.
Dr Ismail talks about the dearth of resources the nation had to suffer after India refused to give the nascent Pakistan its due share of wealth, and how this severely disrupted country’s economic system, already overburdened by the momentous task of settlement of the refugees.
“However, Pakistan’s economy quickly revitalized with the hard work and determination of its people”, says Ismail.
He notes how the country of 30 million in 1947 could not feed itself and had to import food, how agriculture production has since risen significantly, with Pakistan producing 26.4 million tonnes of wheat this year compared to 3.4 million tonnes in 1948.
“In FY 1950, the nominal GDP was Rs.10.1 billion ($3.0 billion) whereas GDP per capita was Rs. 286 with a population of 36.3 million”, says the Finance Minister. “In FY 2022, Nominal GDP stands at Rs. 66,960 billion ($383 billion) whereas, per Capita Income has reached at $1,798 in 2022.
“Pakistan successfully established its trade and economic ties with different countries and has entered into several global trading arrangements like WTO. SCO, WCO, the South Asian Association for Regional Cooperation, China Pakistan Economic Corridor, bilateral and multi-lateral agreements including EU-GSP Plus scheme.
“All these successes were possible due to dedication, hard work and resilience of people of Pakistan. Enhanced economic governance have paved the way for a prosperous and strong Pakistan. Given the current economic fundamentals and sound economic policies being adopted by the present Government, Pakistan is all set to become an economic power house of the world.
The document also includes a message from Hamed Yaqoob Sheikh, Secretary, Finance Division; and a foreword by Dr lmtiaz Ahmad Economic Adviser Finance Division.
The document may be read in entirety or downloaded below.
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