There’s no doubt that Pakistan has been defying all odds as it has enticed several foreign investors to set up their operations in the country. Moreover, the economic situation of the country has also improved substantially. Now, it appears that Pakistan is finally competing with developed economies of the world.
Pakistan’s economic growth rate currently stands at 5.97% and is above China that is set to grow by 4.41%, according to researchers at the Center for International Development (CID) at Harvard University.
It is pertinent to mention here that the growth projections made by the CID are based on the measures of economic complexities of each country including diversity and sophistication of productive capabilities that are embedded in exports and the ease at which economies further diversify by expanding those capabilities.
As per Harvard study, economic complexity is not only used to describe why a country is rich or poor, but it also helps in projecting future growth.
Interestingly, India’s economy is expected to grow by 7.72%, highest in the entire globe. The CID believes that the economic pole of growth has moved to Asia-Pacific region over the last few years and speculations suggest that it will likely stay in the region over the coming decades.
Nevertheless, except India, Pakistan has beaten all economies of the region in terms of GDP growth projections. Following is the list of countries with their GDP growth projections that Pakistan will be ahead of this year:
South Asian And Muslim Countries
Indonesia – 5.82%
Turkey – 5.64 %
Malaysia – 4.82 %
Sri Lanka – 3.77 %
Saudi Arabia – 3.17 %
Bangladesh – 2.82 %
United Arab Emirates – 2.41 %
Shanghai Cooperation Organization (SCO) countries:
Tajikistan – 3.61%
Uzbekistan – 3.32%
Kazakhstan – 2.65%
Kyrgyzstan – 5.77%
Russia – 2.60 %
Special Economic Zones (SEZs) being built under the China-Pakistan Economic Corridor (CPEC) are often referred to as an attractive opportunity for the country to move away from the commodity output by manufacturing value-added goods in collaboration with Chinese firms to increase exports. The move will certainly help the country to experience income growth even faster.