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| EconomyOfPakistan » Economy » Today |
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Economy of Pakistan Today |
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The Economy of Pakistan Today has overcome decades of internal political disputes and low levels of foreign investment. IMF-approved government policies, bolstered by generous foreign assistance and renewed access to global markets since 2001, have generated solid macro-economic recovery over the last five years. The government has made substantial macro-economic reforms, most notably privatizing the banking sector. Poverty level have decreased by 10 percent.
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Pakistan has steadily raised development spending, including a 52-percent increase in the budget allocation for development. The budget allocation was a necessary step toward reversing the broad underdevelopment of its social sector. The fiscal deficit - the result of chronically low tax collection and increased spending, including reconstruction costs appears manageable. GDP growth, spurred by gains in the industrial and service sectors, remained in the 6-8% range. Inflation remains the biggest threat to the Economy of Pakistan Today, jumping to more than 9%. The central bank is pursuing tighter monetary policy raising interest rates, while trying to preserve growth. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit - driven by a widening trade gap as import growth outstrips export expansion - could draw down reserves and dampen GDP growth in the medium term.
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