Pakistan experiences period of economic growth

According to The Economist “Pakistan is enjoying a rare period of optimism about its economy”, with a strong business culture, low inflation, thriving stock market and stable currency. This is clearly an encouraging period as normally Pakistan is seen to have fewer economic opportunities due to its unstable political condition.

The International Monetary Fund (IMF) predicts that the economy will grow by 4.7% in 2016, the fastest rate in eight years. Consumer prices rose by 2.5% in the year to March, recorded as the smallest increase for more than a decade with the central bank lowering its standard interest rate twice as of this year. Some key indicators as compared to last year give an insight into the spent ratio. Cement sales rose by 5.5%, whereas car sales rose by 22% from July to March and the fall in two-fifths in the oil price saw a great boost for Pakistan.

In 2013-14 Pakistan’s net import bill for oil came to $12.6 billion, or around 5% of GDP. With this low rate continuing for the next three years, Pakistan’s economy could rope in a further $12 billion. The stability in the economy was achieved by implementing the 2013 IMF programme, a credit to the current government which consequently led to doubling the Foreign-exchange reserves to $17.7 billion.

Electricity tariffs have risen and tax receipts have seen an increase with more retailers being drawn into the indirect-tax net. A draft budget aims to bring the budget deficit below 4% of GDP in 2015-16, from a peak of over 8%. Pakistan’s current stock market has had a huge return in foreign currency (dollar) since the start of 2012, predictably due to increased foreign investments in the country.

To maintain this status, it is essential for Pakistan to sustain a growth of 5-7% a year to marginalise its poverty rate. The current stability in economy points towards a good time to invest in international marketing in education in Pakistan.

Increase your international student recruitment efforts in Pakistan by engaging with SIEM Pakistan on various effective platforms. To promote recruitment  through a digital campaign, please click here

To know more about the Pakistan economy or education market, do get in touch with the SIEM team.

Source: http://tribune.com.pk/story/880088/pakistans-economy-enjoying-period-of-optimism-report/