![]() ![]() The following table shows the main economic indicators from 1980 to 2022. See also: List of Pakistani provinces by gross domestic product The crisis has led to sharp deappreciation of Pakistani ruppee and downgrading of country's credit ratings by various agencies which has further increased the possibility of default. Amid adverse effects of ongoing Russo-Ukrainian War, Pakistan has been facing shortage in supply and high inflation in prices of food, oil, gas and electricity. However, the country continues to face the challenges of rapidly growing population, high illiteracy, corruption, political instability, a hostile neighborhood and heavy foreign debt.įalling low on budgets for paying interest on its debt, Pakistan has been facing an economic crisis since 2022. Pakistan is currently undergoing a process of economic liberalization, including the privatization of all government corporations, which is aimed at attracting foreign investment and decreasing budget deficits. Primary export commodities include textiles, leather goods, sports equipment, chemicals, and carpets/rugs. ![]() Pakistan was classified as a semi-industrial economy for first time in late 1990s albeit an underdeveloped country with heavy dependence on agriculture, textile industry being dependent on cotton production. ![]() Although, the economy began to privatise in 1990s. With the beginning of Zia-ul Haq's regime in 1980s, a more "Islamic" economy was adopted which outlawed economic practices forbidden in Sharīʿah and mandated traditional religious practices instead. Nationalisation of significant portion of the sector including financial services, manufacturing and transportation had begun in early 1970s. In the formative decades of Pakistan, the economy was largely based on private industries. As of FY22, the nominal GDP of Pakistan stands at US$376 billion with a nominal GDP per capita of US$1,658 (177th) its GDP based on PPP stands at US$1.512 trillion with a GDP (PPP) per capita of US$6,662 (168th). In 2021, the country had a population of 227 million people. It is the 23rd-largest in terms of GDP based on purchasing power parity (PPP). The economy of Pakistan is classified as a low income developing economy. All values, unless otherwise stated, are in US dollars. ![]()
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