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The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according ...
Economic aid to Pakistan was further increased by the United States through the consortium companies. [36] West Pakistan's high rate of economic growth during this time period brought wide regard to Pakistan as a model of successful implementation of capitalism in a developing country; in 1964, GDP growth was 9.38%. [36]
Overall, Pakistan has maintained a fairly healthy and functional economy in the face of several wars, changing demographics, and transfers of power between civilian and military regimes, growing at an impressive rate of 6 percent per annum in the first four decades of its existence.
Chinese officials blamed the West for Pakistan’s economic crisis, [104] and state media continues to talk about the strengths of the China-Pakistan Economic Corridor. [105] “Only China has given a full plan. From this perspective, it is the Western world that ‘abandoned’ Pakistan, and China is the one that extended a helping hand.
During that period economy of Pakistan remained in poor shape and Pakistan had to go to IMF again for record third in the period of Bhutto government. [3] As per few sources, this was the most corrupt government in the history of Pakistan. This time Pakistan got an amount of US$294,690 (equivalent to $589,251 in 2023) on 13 December 1995. [3]
In late 2009, Pakistan held up many visas for U.S. diplomats, military service members and others, because of hostility inside Pakistan toward the expansion of U.S. operations in the country, [5] while many suspected Americans living in Pakistan were detained following five American terrorists linked to Al-Qaeda arrested in Sargodha. [6] [7] [8]
In line with its status as a major port and the country's largest metropolis, it accounts for most of Pakistan's revenue generation. According to the Pakistan Federal Board of Revenue's 2006-2007 year-book, tax and customs units in Karachi were responsible for 70.75% of direct taxes, 33.65% of federal excise tax, and 23.38% of domestic sales tax. [3]
Constant economic pressure and failure of the planned economy led the dismissal from power of Benazir Bhutto in 1996 when she failed to materialize her and the relatively poor economic growth. By the 1996, the economic GDP growth had reached to 1.70% [13] (lowest growth since 1970) and the rate of inflation had risen to 10.79% (highest since 1991).