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PAKISTAN ECONOMY CURRENT SITUTAION

Pakistan is one of the most underdeveloped countries in the world. In recent years, Pakistan’s economy has been undergoing a transformation that is set to bring it back on track. The government’s ECONOMY policies have helped spur an increase in trade and manufacturing, and foreign investment has increased accordingly. Aside from these developments, growth in consumer spending have helped lower poverty levels as well while inflation has also declined considerably since 2013 when oil prices had declined by nearly 70% from their peak values.

It is not surprising that in the past year, Pakistan has received significant foreign investments both from Pakistanis and foreigners. However, most of these investments have been in the energy sector. One reason for this is that investors worry about uncertainty in the oil prices and an increase in production could lead to a decline in oil prices. PAKISTAN ECONOMY “The government has been working on attracting foreign investment and includes an investment facilitation package for foreign investors to kick-start projects,” Industry Secretary Mohammad Younus Dagha said recently.

The State Bank of Pakistan issued a country-wide ban on dealing with crypto currencies such as Bitcoin in July 2018. The Pakistani rupee devalued against the US dollar and Indian rupee, an event that had occurred once before in 1998 when President Bill Clinton authorized a bombing campaign against Afghanistan, which is one of Pakistan’s neighboring countries and has been accused by both India and the U.S.

The government claims that it has ensured a reduction in the cost of doing business by increasing efficiency and transparency. The government is quick to point out that PAKISTAN ECONOMY is one of the most business-friendly countries in South Asia. “If you see our ranking in terms of [the World Bank’s] Doing Business report last year, we came third among all South Asian countries,” Dagha told reporters adding, “So we are on a very good track. We are very serious and focused in this regard.”

The government has also tried to reform the tax system by abolishing several business taxes, but it continues to be accused of corruption. A few days ago, the Pakistan Muslim League-Nawaz government promised that it would not levy any new taxes and ECONOMY would instead work on reducing existing taxes. This promise was repeated by Prime Minister Nawaz Sharif in his February 2016 budget speech.

Despite all these promises however, Pakistan’s revenue increased by only 4% from Rs3.

Please visit http://www.pakistaneconomy.com for more details about PAKISTAN ECONOMY.

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