Despite being perceived as an unsafe nation all around the globe, Pakistan’s economy is flourishing and showing an uptrend, a Washington Post article noted. It comes as no surprise that Pakistan doesn’t hold a good reputation when it comes to peace and employment opportunities across the world due to terror attacks. However, despite all these tragic incidents happening around the country, a positive growth in the country’s economy has been witnessed on a global level.
In an opinion piece for the US daily, Afshin Molavi- co-director of the emerge85 Lab and a senior fellow at the Foreign Policy Institute of the Johns Hopkins University School and Advance International Studies – said that Pakistan is on the track to become one of the world’s exciting emerging markets.
“Look beyond the headlines and see Pakistan today. It boasted the best stock market in Asia in 2016… is winning plaudits from the International Monetary Fund, and its economy is forecast for a healthy 5.2% growth rate in 2017, according to the World Bank,” Molavi wrote.
Molavi believes that three factors are helping the country in turning around its economic prospects- an improved security climate despite the recent terror attacks, growing middle-class, and political stability. He added that even though the terrorist attacks like the one that happened last week may persist, country’s Prime Minister and its army leadership “may finally have a reasonable handle” on security.
As per the analysts, the middle class of the country has reached breaking point, and some estimates suggest that it accounts for almost half of the country’s population. He believes that the middle class of the country is attracting foreign investment, pointing out the fact that in mid-May, the largest research-based provider of index funds MSCI, will officially upgrade the status of the country from frontier-market category to the emerging market index.
The analyst claims that if the country succeeds in removing the electricity gaps by working with China, it is a lot likely to emerge as an attractive destinations for large foreign investors to invest.