Some Pakistanis would say that Pakistan’s economy is shredded. Others would simply deny this. But if you want to know the exact standing point of Pakistan’s economy, you better get an unbiased opinion like the World Bank (WB).
Pakistan’s long-term financier – the World Bank – recently reported that the country’s economy is in the growth period. And would continue its circle all through 2017. WB reported a growth of 5.2% in Pakistan’s economy.
In Pakistan, economic activity expanded by 4.7 percent in 2016 and is expected to continue to grow at 5.2 percent in 2017
This statement rolled out in the South Asia Economic Focus report, held twice a year, every year.
WB has largely credited CPEC for this growth rate. According to them, this one long-neglected project isn’t only going to open new trade routes but would also help to boost other smaller activities like construction of new roads, highways, and buildings.
These construction opportunities incorporate a long list of benefits within themselves. For example, construction of new motels, hotels, restaurants, shops, and more would generate more income while offering new job opportunities to tons of the employed force.
When talking about the new trade routes, it’s also vital to remember that new power projects would also continue to undergo besides CPEC’s growing value. Again, this would create new opportunities during and after the completion of these power-related projects.
One more satisfying prediction was also being made when WB said that Pakistan is most likely to observe a growth in its GDP. In 2016, it’s 6.7% which reached 6.8% until now. And an expected 0.3% rise would bring this GDP level to 7.1% in 2018.
The report by the World Bank finally ended with a much-promising motivational factor for the region, when it said that South Asia would continue its growth level remaining the fastest-growing economy. Not only this, the report is of the opinion that the region is expected to expand parallel to East Asia.