WEB DESK: According to AKD Securities, Pakistan’s Gross Domestic Product (GDP) has surpassed 400 billion US dollars for the first time, marking a major milestone in the country’s history.
Previously, Pakistan’s GDP was 372 billion dollars, and between 2016 and 2022, it remained within the range of 300 to 376 billion dollars.
With this growth, Pakistan has now become one of the top 40 economies in the world based on GDP.
Countries included in this list alongside Pakistan are Malaysia, Iran, Denmark, Vietnam, the Philippines, Bangladesh, and Norway. These figures are based on the 2024 data released by the World Bank; however, some adjustments are possible.
Additionally, per capita income has reached a record high of approximately 1,824 US dollars, or around 510,000 Pakistani rupees. This indicates an improvement in living standards and better economic conditions for citizens.
According to the National Accounts Committee, the country’s GDP is expected to grow by 2.68% during the current fiscal year, with the total economic size projected to reach around 411 billion dollars. In the first quarter, the GDP growth rate was 1.37%, and in the second quarter, it increased to 1.54%. Overall, the annual growth rate is estimated at 2.68%.
Experts attribute this positive growth to significant development in the industrial and energy sectors. The industrial sector saw a growth of 4.77%, and the gas, electricity, and water sectors grew by over 28%.
However, there was a decline in major crops, particularly wheat and rice, with wheat production decreasing from 31.81 million tons to 28.98 million tons, and rice from 9.86 million tons to 9.72 million tons. Overall, crop production is expected to decline by around 13%.
Regarding the overall economic outlook, the IMF has projected that Pakistan’s GDP will increase by 3.6% by 2026. Sectors such as fisheries, forestry, and livestock have also shown improvements, contributing to sustainable economic growth.
Overall, Pakistan’s economy is on a path of strengthening, with increasing global importance. Continued growth is anticipated in the future, and improvements in infrastructure are expected to further enhance citizens’ quality of life.
