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02-09-2017, 03:52 PM
https://www.thenews.com.pk/assets/uploads/akhbar/2017-02-09/l_185085_054718_print.jpg ISLAMABAD: Credible global financial institutions and reputed foreign media houses are in unison that Pakistan’s eco**my is continuously performing well and is the most underrated in the world’s emerging eco**mies.
According to these media houses that mainly focus on finance, investment, industry and marketing issues, the major factors of the eco**mic boom and growth in Pakistan are the construction activity, strengthened private sector credit growth and Chinese-led investment in the name of China Pakistan Eco**mic Corridor (CPEC).
The Karachi Stock Exchange could easily be termed one of the best performers in the Asian Stock Market since 2013. With a fast-improving security, a dynamic Pakistan has the potential to become a global turnaround success story as the country’s GDP growth accelerated to almost 5 percent, from an average of about 3 percent in the last five years.
Just in the current week, two reputed media houses including ‘Bloomberg’ has described Pakistan’s eco**my’s boost as a pleasant surprise for the world. According to an article published in Bloomberg on February 6, 2017, “Gross-domestic-product growth has hovered in the range of 4 percent and **w may be reaching 5 percent.
That’s **t going to rival recent Chinese performance, but it is e**ugh to put the eco**my on a fairly positive path. Since 2002, the rate of poverty has fallen by half, and over the past three years the rate of terrorist deaths has declined by two-thirds. It’s **w the case that 47 percent of Pakistani households own a washing machine, up from 13 percent in 1991, and retail is booming more generally”.
On February 7, 2017, Business Insider ranked world’s top 32 eco**mies in 2030 and ranked Pakistan in top 20 world eco**mies in next 13 years. PricewaterhouseCoopers, one of the world's largest professional-services firms, just released its predictions for the most powerful eco**mies in the world by 2030.
The report, titled "The long view: how will the global eco**mic order change by 2050?" ranked 32 countries by their projected global gross domestic product by purchasing power parity.
Similarly, the Bloomberg in its report published on October 3, 2016 stated that even with limited progress on reforms, Pakistan’s gross domestic product growth accelerated to almost 5 percent, from an average of about 3 percent in the five years through 2013, supported by buoyant construction activity, strengthened private sector credit growth and Chinese-led investment, according to the IMF. The rupee and Pakistan’s stocks have been among Asia’s best performers since 2013, boosted by the IMF program and MSCI Inc.’s June an**uncement it would include the nation’s equities in its emerging-markets index.
On February 10, 2016 World Bank President Jim Yong Kim visited Pakistan and during his stay he held meeting with the leadership of Pakistan including the prime minister. The World Bank president said that Pakistan is **w on the path of increased eco**mic growth and prosperity. Mr Kim applauded the prudent eco**mic policies of Pakistan government, saying that the country’s eco**mic outlook had become stable which was the result of the efforts of its financial team. He said Pakistan had an opportunity to become more ambitious in reforming its eco**my and reducing poverty in the country. Similarly, the ‘Eco**mist’ in May 2015 reported that Pakistan’s eco**my was doing even better than the eco**mies of Canada and the USA. It also said there was ** corruption scandal at all in Nawaz Sharif’s current tenure and that transparency was being ensured.
“Forbes.com,” a re**wned business magazine website in an article published on August 3, 2015 stressed that American policymakers and business leaders should be looking at Pakistan beyond the security lens.
According to the article published in Forbes, “The Pakistan of today is similar to that of Colombia in the late 1990s. Back then, words like “*****, gangs, and failed state” were freely associated with the Andean country. Today, Colombia has a free trade agreement with the United States, a stable 3.5 percent annual GDP growth, and security is vastly improved. Similarly, Western headlines on Pakistan today gloss over the progress on the security front, the increased political stability, and incremental progress on the eco**mic front. In spite of this potential for Pakistan, it continues to suffer from a terrible country brand that has **t caught up with realities on the ground.”
‘Bloomberg,’ in its report published on June 30, 2015 said that the construction boom had marked the nation’s emergence as a leading market after Prime Minister Nawaz Sharif had succeeded in averting a Balance-of-Payment crisis with help from the International Monetary Fund.
“He is boosting infrastructure spending as the $232 billion eco**my expands at the fastest pace since 2008 amid the cheapest borrowing costs in 42 years. Shrugging off sectarian violence, bombings, killings and kidnappings, the benchmark KSE-100 stock index has advanced about 16 percent in the past 12 months, featuring among the world’s top 10 performers,” the report had said.
Meanwhile, in one of its earlier reports of June 12, 2015, ‘Bloomberg’ revealed that Moody’s Investors Service upgraded Pakistan’s sovereign credit ratings for the first time since 2008, making a strong mention of the soaring Forex reserves and the state’s eco**mic overhauling under an IMF programme.
The reputed London-based ‘Eco**mist,’ in its May 2, 2015 edition wrote that Pakistan’s eco**my was doing even better than eco**mies of Canada and America. The ‘Eco**mist’ contended: “Pakistan’s eco**my is growing at over 4 percent when the whole Europe and Canada are below 3 percent. Terrorism incidents have dramatically gone down in the last year. Operations in Fata and Karachi and throughout Pakistan are producing fruit and the eco**mic policies of Nawaz Sharif regime have put the eco**my back on track and eco**mists and IMF are predicting that Pakistan’s eco**my would grow 4.7 percent next year.”
According to the ‘Eco**mist,’ the key eco**mic indicators in Pakistan’s eco**my include $17.7 billion Forex reserves, raised electricity tariffs and collection of some unpaid bills that have helped ease the cash burden on hard-pressed distribution companies, increase in tax receipts to broaden the base and cut exemptions, dis***** of over 150,000 tax **tices to **npayers, roping in more retailers into the indirect-tax net, bringing the budget deficit below 4 percent of GDP in 2015-16 from a peak of over 8 percent, an under-control inflation, creation of jobs in services sector, increase in sale of cement, lowering of interest rates twice this year only, a 22 percent upward trend in car sales, a projected saving a total of $12 billion in the next three years due to low oil prices and doubling of Pakistan’s stock market in dollar terms since the start of 2012 etc.
On December 20, 2016, ‘Wall Street Journal’ published a story that how Pakistan is planning to overcome the energy crisis. According to this report, “Pakistan’s eco**mic growth has risen to almost 5 percent annually under Mr Sharif and his government set a 7 percent target for the years ahead. That, his government hopes, will boost the moribund private sector, reduce unemployment and provide youth with more alternatives to extremism”.
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According to these media houses that mainly focus on finance, investment, industry and marketing issues, the major factors of the eco**mic boom and growth in Pakistan are the construction activity, strengthened private sector credit growth and Chinese-led investment in the name of China Pakistan Eco**mic Corridor (CPEC).
The Karachi Stock Exchange could easily be termed one of the best performers in the Asian Stock Market since 2013. With a fast-improving security, a dynamic Pakistan has the potential to become a global turnaround success story as the country’s GDP growth accelerated to almost 5 percent, from an average of about 3 percent in the last five years.
Just in the current week, two reputed media houses including ‘Bloomberg’ has described Pakistan’s eco**my’s boost as a pleasant surprise for the world. According to an article published in Bloomberg on February 6, 2017, “Gross-domestic-product growth has hovered in the range of 4 percent and **w may be reaching 5 percent.
That’s **t going to rival recent Chinese performance, but it is e**ugh to put the eco**my on a fairly positive path. Since 2002, the rate of poverty has fallen by half, and over the past three years the rate of terrorist deaths has declined by two-thirds. It’s **w the case that 47 percent of Pakistani households own a washing machine, up from 13 percent in 1991, and retail is booming more generally”.
On February 7, 2017, Business Insider ranked world’s top 32 eco**mies in 2030 and ranked Pakistan in top 20 world eco**mies in next 13 years. PricewaterhouseCoopers, one of the world's largest professional-services firms, just released its predictions for the most powerful eco**mies in the world by 2030.
The report, titled "The long view: how will the global eco**mic order change by 2050?" ranked 32 countries by their projected global gross domestic product by purchasing power parity.
Similarly, the Bloomberg in its report published on October 3, 2016 stated that even with limited progress on reforms, Pakistan’s gross domestic product growth accelerated to almost 5 percent, from an average of about 3 percent in the five years through 2013, supported by buoyant construction activity, strengthened private sector credit growth and Chinese-led investment, according to the IMF. The rupee and Pakistan’s stocks have been among Asia’s best performers since 2013, boosted by the IMF program and MSCI Inc.’s June an**uncement it would include the nation’s equities in its emerging-markets index.
On February 10, 2016 World Bank President Jim Yong Kim visited Pakistan and during his stay he held meeting with the leadership of Pakistan including the prime minister. The World Bank president said that Pakistan is **w on the path of increased eco**mic growth and prosperity. Mr Kim applauded the prudent eco**mic policies of Pakistan government, saying that the country’s eco**mic outlook had become stable which was the result of the efforts of its financial team. He said Pakistan had an opportunity to become more ambitious in reforming its eco**my and reducing poverty in the country. Similarly, the ‘Eco**mist’ in May 2015 reported that Pakistan’s eco**my was doing even better than the eco**mies of Canada and the USA. It also said there was ** corruption scandal at all in Nawaz Sharif’s current tenure and that transparency was being ensured.
“Forbes.com,” a re**wned business magazine website in an article published on August 3, 2015 stressed that American policymakers and business leaders should be looking at Pakistan beyond the security lens.
According to the article published in Forbes, “The Pakistan of today is similar to that of Colombia in the late 1990s. Back then, words like “*****, gangs, and failed state” were freely associated with the Andean country. Today, Colombia has a free trade agreement with the United States, a stable 3.5 percent annual GDP growth, and security is vastly improved. Similarly, Western headlines on Pakistan today gloss over the progress on the security front, the increased political stability, and incremental progress on the eco**mic front. In spite of this potential for Pakistan, it continues to suffer from a terrible country brand that has **t caught up with realities on the ground.”
‘Bloomberg,’ in its report published on June 30, 2015 said that the construction boom had marked the nation’s emergence as a leading market after Prime Minister Nawaz Sharif had succeeded in averting a Balance-of-Payment crisis with help from the International Monetary Fund.
“He is boosting infrastructure spending as the $232 billion eco**my expands at the fastest pace since 2008 amid the cheapest borrowing costs in 42 years. Shrugging off sectarian violence, bombings, killings and kidnappings, the benchmark KSE-100 stock index has advanced about 16 percent in the past 12 months, featuring among the world’s top 10 performers,” the report had said.
Meanwhile, in one of its earlier reports of June 12, 2015, ‘Bloomberg’ revealed that Moody’s Investors Service upgraded Pakistan’s sovereign credit ratings for the first time since 2008, making a strong mention of the soaring Forex reserves and the state’s eco**mic overhauling under an IMF programme.
The reputed London-based ‘Eco**mist,’ in its May 2, 2015 edition wrote that Pakistan’s eco**my was doing even better than eco**mies of Canada and America. The ‘Eco**mist’ contended: “Pakistan’s eco**my is growing at over 4 percent when the whole Europe and Canada are below 3 percent. Terrorism incidents have dramatically gone down in the last year. Operations in Fata and Karachi and throughout Pakistan are producing fruit and the eco**mic policies of Nawaz Sharif regime have put the eco**my back on track and eco**mists and IMF are predicting that Pakistan’s eco**my would grow 4.7 percent next year.”
According to the ‘Eco**mist,’ the key eco**mic indicators in Pakistan’s eco**my include $17.7 billion Forex reserves, raised electricity tariffs and collection of some unpaid bills that have helped ease the cash burden on hard-pressed distribution companies, increase in tax receipts to broaden the base and cut exemptions, dis***** of over 150,000 tax **tices to **npayers, roping in more retailers into the indirect-tax net, bringing the budget deficit below 4 percent of GDP in 2015-16 from a peak of over 8 percent, an under-control inflation, creation of jobs in services sector, increase in sale of cement, lowering of interest rates twice this year only, a 22 percent upward trend in car sales, a projected saving a total of $12 billion in the next three years due to low oil prices and doubling of Pakistan’s stock market in dollar terms since the start of 2012 etc.
On December 20, 2016, ‘Wall Street Journal’ published a story that how Pakistan is planning to overcome the energy crisis. According to this report, “Pakistan’s eco**mic growth has risen to almost 5 percent annually under Mr Sharif and his government set a 7 percent target for the years ahead. That, his government hopes, will boost the moribund private sector, reduce unemployment and provide youth with more alternatives to extremism”.
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