The start of 2017, bring some good news for foreign and domestic investors, job providers and job seekers, and above all – it’s going to be a good year for the economic situation of Pakistan.
The Rise and Fall of the Economic Situation of Pakistan
The year 2017, brings some booming happenings from the previous years since the holding of the new government (PML-N). With this year, hopes from country’s top experts and researchers have boosted to the highest. They’re confronting that this year (and onwards) would be the start of foreign investments in the country.
Last time a boom like this (relatively lower) was seen during 1992 to 2008. The capital markets of Pakistan was in a continuous stage of growth. But, this couldn’t last long. A global depression in the finance sector shook every country including Pakistan.
The country couldn’t beat this overlapping force as there were other factors as well, all disturbing its financial stability which includes power crisis, acts of terrorists, disturbance in law and order, and unstable political situations.
The political instability, however, saw its first positive sign when Asif Ali Zardari completed his five years’ constitutional terms as the president of Pakistan (2008-2013). Since the independence of the country, this was the first ever democratic period witnessed by Pakistan. Although, the economic situation got worse than the previous tenure of Gen. Pervaiz Musharraf (2001-2008). But this period of Pakistan People’s Party (PPP) from 2008 to 2013 is yet to be admired by all.
Admired by PPP’s stable government, Pakistan Muslim League-N (PML-N) showed it strong determination when they took over the government in 2013. And this strengthens the political situation of the country.
Although the government has been facing major issues right from the beginning of their tenure, they still aren’t quitting. First and the major issue was handed over by their predecessor. The power shortage was at its peak. Businesses losing their control. A mess in law and order.
The second issue was created by PML-N’s opposing force i.e. Pakistan Tehreek-e-Insaaf (PTI). This also disturbed the economic stability of the country. But as the matters are now being tackled in a much more professional way, the economic situations started getting better.
The government also did make some positive moves like eliminating terrorism to the max (all the tribute goes to Gen. (ex) Raheel Sharif and the Pak Army), provision of power (cutting down load-shedding), improved order and law in the country, better infrastructure, and the establishment of China-Pakistan Economic Corridor (CPEC).
A rise in capital markets already showed its boom when CPEC was finally concluded. And with this, all started revamping the country’s economic situation.
Declaring a Steady Growth in the Economic Situation of Pakistan
Recently, PM Nawaz Sharif also announced an investment of Rs. 180 billion to boost exports of the country. He planned to deduct taxes on several industries including the textile industry. This grant with the provision of energy power would make the textile industry of Pakistan to boom once again.
Adding to his address, PM Nawaz Sharif also proclaimed that new power plants will be structured to overcome the power crisis. Helping everyone enjoy the taste of energy all the time and with a comparative lesser rate.
These favorable remarks and actions by the current government are making them stronger (and perhaps even favorable for the next elections), and with comments from some top influencers, it’d surely help them stabilize the country’s overall position.
In an interview, the MD of Nestle Pakistan, Bruno Olierhoek, also emphasized on the strengthening position of the country. “With increasing per capita income, gradual improvement in economic growth, better law and order situation, easing energy crisis, political stability, exponential gains in equity market, massive infrastructural development under China-Pakistan Economic Corridor (CPEC) and other favorable indicators, we are hopeful of entering the hot zone, which tends to open new vistas of robust growth for food and other industries” he shared his hopeful comments with an interview to The News (dated: Jan 4, 2017).
Nestle has always been a huge group worldwide. And recently, they’re named among the top 33 largest public companies by Forbes Global 2000. Beside so many rumors, the company is also among the top eyed companies by job seekers from Pakistan. And with a boom in country’s economic stability, more jobs from Nestle Pakistan could be seen inviting more job seekers.
In addition to Bruno Olierhoek’s comments, the Executive Director Research & Business Development at AKD Securities Ltd. Umer Pervez also shared his comforting thoughts about the economic growth of the country. He also emphasized on the outcomes of CPEC both for local and international businesses with an improvement in the overall economy of the country.
Economic Situation of Pakistan, Inviting Investors from the Globe
No doubt, CPEC is one of the key factors which is stabilizing the economy, but other major steps like provision of power energy to industries, grants in taxes, and reduced terrorism are all positive signs showing a strengthening economic situation of Pakistan.
And with this booming economy of Pakistan, a call to foreign and overseas investors is being spread all across the globe.