Pakistan Economy: News & Discussion

[lcafanboy]

I don't have the exact number of back packers but here's another report to give an idea about the stats:

Pakistan improves ranking on tourism competitiveness index
Amin Ahmed
April 09, 2017

ISLAMABAD: With less than a million foreign tourists visiting the country on an average, Pakistan has been able to improve its ranking by one point in 2017 – currently at 124 out of 136 countries – covered in the Travel and Tourism Competitiveness Index 2017 released by the World Economic Forum.

Earlier, the country was ranked 125 out of 141 countries in 2015.

Average receipts per arrival have been estimated at $328.3 whereas total receipt has been amounted to $317 million, with travel and tourism competitiveness has a share of 2.8 per cent of GDP.

Read more: This French couple dared to travel to Pakistan and fell in love with it

The worst ranking for Pakistan pointed out by the report was visa requirements where ranking was 135 out of 136 countries. The government’s prioritisation of travel and tourism industry was ranked at 132 among the 136 countries surveyed by the report, while the sustainability of travel and tourism industry development got the ranking of 128. Effectiveness of marketing and branding to attract tourists got the ranking of 125.

The quality of tourism infrastructure got the ranking of 123 while hotel rooms got ranking of 129.

Pakistan has a total of 36 world heritage cultural sites and attractiveness of natural assets scored 127.

In 2017, the travel and tourism industry continues to make a real difference to the lives of millions of people by driving growth, creating jobs, reducing poverty and fostering development and tolerance. For the sixth consecutive year, industry growth outperforms that of the global economy, showcasing the industry’s resilience in the face of global geopolitical uncertainty and economic volatility.

The industry contributed $7.6 trillion to the global economy, which was 10.2 per cent of global GDP, and generated 292 million jobs in 2016.

International arrivals followed suit, reaching 1.2 billion in 2016, 46 million more than in 2015. These promising figures are expected to continue increasing in the coming decade, report says.

Research shows that for every 30 new tourists to a destination one new job is created; and already today, the travel and tourism industry has almost twice as many women employers as other sectors. In 2016, nearly 4 billion people traveled by plane, a number expected to reach 7.2 billion by 2035.

The report says that travel and tourism competitiveness is improving, especially in developing countries and particularly in the Asia-Pacific region. As the industry continues to grow, an increasing share of international visitors are coming from and travel to emerging and developing nations.

In an increasingly protectionist context – one that is hindering global trade – the travel and tourism industry continues building bridges rather than walls between people, as made apparent by increasing numbers of people traveling across borders and global trends toward adopting less restrictive visa policies.

Despite the growing awareness of the importance of the natural environment to tourism growth, the travel and tourism sector faces enormous difficulties in developing sustainably, as natural degradation proceeds on a number of fronts, report points out.

Spain, France and Germany continue to top the travel and tourism rankings but Asia steals the show as the region’s largest economies show the greatest rise in tourism-friendliness. Asia’s largest markets are not only becoming larger source markets but also more attractive destinations.

Almost all of the region’s countries improved their ranking. Except for Japan, Hong Kong, China, South Korea and Malaysia also made it to the top 30, while India made the largest leap in the top 50 to land in fortieth place.

The United Arab Emirates, ranked 29th globally, continues to be the most travel and tourism competitive country in the region by far. Its performance continues to improve since 2015; the country welcomed 14.4 million international visitors in 2015, 4 million more than two years earlier.

Despite air travel being one of the safest modes of transportation, with incredibly stringent security standards, measures following security shocks have often been implemented to soothe the public rather than to contribute to a more effective and secure environment.

Airports around the world faced additional layers of security regulations following 9/11 that have cost the industry $7.4bn between 2001 and 2010.

To support the expected growth in international travel in the next 14 years, there is a need to fundamentally rethink the policy framework and innovate the way people move across international borders, suggests the report.

Published in Dawn, April 9th, 2017

Pakistan ranked world’s leading adventure travel destination

LONDON: The British Backpacker Society, an adventure travel project followed by thousands of people online, has declared Pakistan to be the world’s leading adventure travel destination.

The British Backpacker Society announced the result after having counted down the top 20 adventure travel countries throughout the course of the year and implored travellers to visit.

Samuel Joynson of the British Backpacker Society, who visited Pakistan with his colleague Adam Sloper, told Geo News that the team has travelled to over 100 countries worldwide and described Pakistan as a “clear winner”.

The British Backpacker Society announcing the #1 ranking described Pakistan as “one of the friendliest countries on earth, with mountain scenery that is beyond anyone’s wildest imagination”. The article particularly recommended travel on the Karakoram Highway, contending that taking the road from Islamabad to the Pakistan-Chinese border on the Khunjerab Pass is “the world’s greatest road-trip”.

Samuel Joynson, 26, and Adam Sloper, 25, both from southern England visited Pakistan in the summer of 2016, crossing the Indian-Pakistani border at Wagah before spending a few days in Lahore, Rawalpindi and Islamabad. From Islamabad, they travelled overland through the Kaghan valley to Naran, before heading over Babusar Top to Gilgit. They finished their journey by heading to the idyllic Hunza Valley, where they climbed to the top of the Hon Pass (4257m) from Karimabad.

Samuel commented that adventure travel is at its best when it changes your perceptions and “I have never experienced this more than during my two weeks in Pakistan”.

He told Geo News: "Travel in Pakistan is an experience that just keeps surprising. Whether it is gazing at the astonishing peaks of the Karakoram, dining in the delicious back-street restaurants of Rawalpindi, or finding a new group of friends on a long-distance bus journey, it is a country that offers tourists a new intrigue at every corner. I have no doubt that as the story of Pakistan's wonders spreads to travellers around the world, the country will enjoy a true renaissance of international tourism and adventurous travellers will soon be filling the markets of Lahore and the hiking shops of Hunza. I wish the Pakistani tourism industry all the best on this journey, and hope that the British Backpacker Society can assist Pakistan in this endeavour wherever possible!"

Adam Sloper added: “The only real concern for tourists in Pakistan is the number of selfies that they will be asked to be in. I would advise all prospective visitors to prepare to smile for the camera, and get ready to enjoy some of the best hospitality on earth.”

The British Backpacker Society has ranked the top 20 adventure travel destinations: Pakistan, Russia, India, Turkey, Kyrgyzstan, Lebanon, Tajikistan, China, Georgia, Uganda, Bosnia & Herzegovina, Jordan, Iraq, Democratic Republic of Congo, Algeria, Montenegro, Egypt, Rwanda, Uzbekistan and Kosovo.

The British Backpacker Society will be returning to Pakistan in 2018 to travel to Skardu and the base camp of K2. Noting the occasionally complex process for obtaining a tourist visa for the country, the team hopes that the Pakistani authorities continue to cut-back any red-tape in respect of issuing Pakistani tourist visas and permitting travel to Gilgit-Baltistan.

https://www.geo.tv/latest/173955-pakistan-ranked-worlds-leading-adventure-travel-destination

French tourist kidnapped in Pakistan: police
https://www.reuters.com/article/us-...pped-in-pakistan-police-idUSTRE54M16E20090523
Czech women kidnapped in Pakistan freed after 2 years
http://www.telegraph.co.uk/news/wor...idnapped-in-Pakistan-freed-after-2-years.html
Chinese tourist kidnapped in Pakistan rescued
https://www.khaleejtimes.com/international/pakistan/chinese-tourist-kidnapped-in-pakistan-rescued
Kidnapping of Swiss tourists in Balochistan
https://en.wikipedia.org/wiki/Kidnapping_of_Swiss_tourists_in_Balochistan
Kidnapping of Czech tourists in Balochistan
https://en.wikipedia.org/wiki/Kidnapping_of_Czech_tourists_in_Balochistan
Gunmen kill at least nine foreigners in Pakistan
https://www.theguardian.com/world/2013/jun/23/gunmen-kill-foreign-tourists-pakistan

want some more? or is this enough to prove Porkistan is SHITHOLE and no one wants to and will go to shithole like Porkistan............

Only the most economically backward and poorest of poor cheap back packers on shoe string budget will go to Porkistan as it is dirt cheap due to super devalued currency and won't bring any benefits to host country.

Now compare it with actual tourist which India gains which visit Rajasthan, Agra, Khajurao, National Parks like Jim Corbett, Kajiranga, etc. and even Back packers who come for various himalayan mountain peaks..............
Gosh TINY Goa generates more tourist revenue than entire porkistan..........

Goa Tourist Arrivals (Year Wise)
680683 Total foriegn tourist arrival in 2016
http://www.goatourism.gov.in/statistics/225

BTW it is goa tourism don't read goat tourism, We know you people love GoatF***g.............

 

[nongaddarliberal]

French tourist kidnapped in Pakistan: police
https://www.reuters.com/article/us-...pped-in-pakistan-police-idUSTRE54M16E20090523
Czech women kidnapped in Pakistan freed after 2 years
http://www.telegraph.co.uk/news/wor...idnapped-in-Pakistan-freed-after-2-years.html
Chinese tourist kidnapped in Pakistan rescued
https://www.khaleejtimes.com/international/pakistan/chinese-tourist-kidnapped-in-pakistan-rescued
Kidnapping of Swiss tourists in Balochistan
https://en.wikipedia.org/wiki/Kidnapping_of_Swiss_tourists_in_Balochistan
Kidnapping of Czech tourists in Balochistan
https://en.wikipedia.org/wiki/Kidnapping_of_Czech_tourists_in_Balochistan
Gunmen kill at least nine foreigners in Pakistan
https://www.theguardian.com/world/2013/jun/23/gunmen-kill-foreign-tourists-pakistan

want some more? or is this enough to prove Porkistan is SHITHOLE and no one wants to and will go to shithole like Porkistan............

Only the most economically backward and poorest of poor cheap back packers on shoe string budget will go to Porkistan as it is dirt cheap due to super devalued currency and won't bring any benefits to host country.

Now compare it with actual tourist which India gains which visit Rajasthan, Agra, Khajurao, National Parks like Jim Corbett, Kajiranga, etc. and even Back packers who come for various himalayan mountain peaks..............
Gosh TINY Goa generates more tourist revenue than entire porkistan..........

Well, he wasn't really comparing with India, so I don't see the point in you going all out on him. But yeah, there are plenty of pakis online who troll western tourists making videos in India, especially if it's a woman, saying shit like "those Indians will rape you!", out of jealousy that they don't get anywhere near that many tourists in their own country. There is a video on youtube of a white woman dancing in the camel festival in Rajasthan, wearing skimpy clothes, and clearly high. The whole comment section is full of pakis saying that she will be raped, even though no one was bothering her at all in the video. LOL, they know no white lady will dare dance in public in pakistan.

 

[Butter Chicken]

World Bank puts $250m policy loan for Pakistan on hold

ISLAMABAD: Amid Pakistan’s weakening macroeconomic situation, the World Bank has put on hold a $250-million policy loan, which the lender till recently was ready to give for disaster risk management.

Pakistan has been facing serious problems on the external account. The country has been struggling in the face of challenges stemming from a growing trade deficit, which is eating up precious foreign currency reserves. Even after raising $2.5 billion bonds in the ongoing fiscal year, gross official foreign currency reserves have again fallen to below $14 billion.

Sources in the finance ministry said that the World Bank’s policy loans were now contingent upon a good health certificate from the International Monetary Fund (IMF). They said Pakistan and the IMF could not converge on a consensus for the macroeconomic framework during the post-programme monitoring talks, although Pakistan had accepted the IMF’s major demand of devaluing the rupee against the US dollar.

 

[nongaddarliberal]

World Bank puts $250m policy loan for Pakistan on hold

ISLAMABAD: Amid Pakistan’s weakening macroeconomic situation, the World Bank has put on hold a $250-million policy loan, which the lender till recently was ready to give for disaster risk management.

Pakistan has been facing serious problems on the external account. The country has been struggling in the face of challenges stemming from a growing trade deficit, which is eating up precious foreign currency reserves. Even after raising $2.5 billion bonds in the ongoing fiscal year, gross official foreign currency reserves have again fallen to below $14 billion.

Sources in the finance ministry said that the World Bank’s policy loans were now contingent upon a good health certificate from the International Monetary Fund (IMF). They said Pakistan and the IMF could not converge on a consensus for the macroeconomic framework during the post-programme monitoring talks, although Pakistan had accepted the IMF’s major demand of devaluing the rupee against the US dollar.

We need to work with the US and block all IMF loans to them. That will seriously screw them up. Their current account deficit is only rising, and their fiscal deficit is also a lot. Their economy will actually crash if they can't get any more dollar loans. And that will leave them completely in Chinese hands.

 

[Yggdrasil]

We need to work with the US and block all IMF loans to them. That will seriously screw them up. Their current account deficit is only rising, and their fiscal deficit is also a lot. Their economy will actually crash if they can't get any more dollar loans. And that will leave them completely in Chinese hands.

The Chinese will not give aid - they will give loans. The Chinese already have everything they want from Porkistan - what does Porkistan have that the Chinese would possibly want? China will dump the Porkis if it comes to that - they won't give the Porkis one single cent for free.

 

[Butter Chicken]

FDI in Pakistan drops massive 71.5% in Dec

KARACHI:
Foreign investment in Pakistan’s economy dropped a massive 71.5% in December, amounting to just $197.4 million from $692.1 million in the same month of 2016, according to data released on Tuesday by the State Bank of Pakistan.


December was the first month of the current fiscal year that saw a fall in foreign direct investment (FDI).

Majority of the foreign investors seem to have taken a wait-and-see approach in making new injections in Pakistan considering mounting political tension ahead of the planned next generation elections this year. Additionally, worrying macroeconomic indicators are keeping investors at bay, say analysts.

 

[Butter Chicken]

Pakistan's foreign reserves slide continues

KARACHI: The State Bank of Pakistan (SBP) reported on Thursday its foreign exchange reserves amounted to $13.69 billion on Jan 12, down $2.45bn from $16.14bn at the end of June 2017.

The dip comes despite $2.5bn borrowing from global bond markets at the end of November.

Static remittances, increasing trade deficit, insufficient rise in exports and relentless build-up of external debt are some of the reasons behind the softening position in the external account.

During the current fiscal year, Pakistan has also raised about $1bn through commercial short-term borrowing.

In view of a rising trade deficit coupled with slow growth in exports, the current account deficit has emerged as the biggest problem for economic managers. In the first five months of the current fiscal year, it rose 91 per cent year-on-year to $6.4bn.

The current account deficit hit a record high of $12.4bn in 2016-17, which hurt the external sector and put enormous pressure on the government to build reserves through more borrowing.

 

[Butter Chicken]

Pakistan ‘faces $11.43b damages claims’ in Reko Diq mining case

The Public Accounts Committee (PAC) has observed that Pakistan faces $11.43 billion damages claims in Reko Diq mining case in international courts due to corrupt practices and inefficiencies of successive governments of Balochistan.

The PAC on Thursday also raised serious questions over the manner in which the provincial governments allowed change of ownership from one Australian company to two others from 1998 to 2006 despite the fact that there was no such clause in the original Chagai Hills Joint Venture Exploration Agreement (Chejva).

 

[Kshatriya87]

Pakistan ‘faces $11.43b damages claims’ in Reko Diq mining case

The Public Accounts Committee (PAC) has observed that Pakistan faces $11.43 billion damages claims in Reko Diq mining case in international courts due to corrupt practices and inefficiencies of successive governments of Balochistan.

The PAC on Thursday also raised serious questions over the manner in which the provincial governments allowed change of ownership from one Australian company to two others from 1998 to 2006 despite the fact that there was no such clause in the original Chagai Hills Joint Venture Exploration Agreement (Chejva).

Lol.. their forex treasury will be zero after this.

Sent from my Redmi 4A using Tapatalk

 

[Satybharat]

katora country.........................................................................................................................................................

 

[Butter Chicken]

Bilateral trade between Afghanistan and Pakistan drops by $2 billion

The Pakistani officials are saying that the bilateral trade between Afghanistan and Pakistan has dropped by almost two billion US dollars.

Sarhad Chamber of Commerce and Industry (SCCI) President Zahidullah Shinwari has said the bilateral trade between the two countries reached to $500 million a year.

He said the trade volume between the two neighboring countries was $2.5 billion as he blamed the strained relations between Kabul and Islamabad behind the reducing trade volume between the two countries.

They also called on the relevant federal government officials to play their role in enhancing the Pak-Afghan trade.

Tensions between Kabul and Islamabad remains rife as the two countries often blame each other of remaining reckless to act against the terror groups using each other’s soil to plan and coordinate attacks.

The Afghan officials are saying that the Taliban and Haqqani network leaders are based in the key cities of Pakistan, including Quetta and Peshawar from where they plan and coordinate attacks in Afghanistan.

The US officials have also often criticized Pakistan for remaining reckless to act against the sanctuaries of the terror groups, specifically the Haqqani terrorist network.

However, Pakistan rejects the allegations and claim that the Tehrik-e-Taliban Pakistan use the Afghan soil to coordinate attacks in Pakistan.

On the other hand, the Afghan government has stepped up efforts to find alternative routes to gain access to international markets to boost trade as the key Chabahar Port in Iran started operations during the recent months besides Kabul and New Delhi have launched the air corridor to help Afghan traders gain access to international markets.

 

[Neo]

China invites Pakistan at first-ever Import Expo-2018

ISLAMABAD: China on Tuesday invited Pakistan to attend a six-day international ‘Import Expo’ scheduled to be held at its National Exhibition and Convention Center , Shanghai from November 5 to 10 this year.

“Pakistan has been invited as a guest of honor in the first-ever such an exhibition and China wants to see Pakistan as a guest of achievement at the international event,” Chinese ambassador to Pakistan Yao Jing said while addressing a news conference along with Minister for Commerce and Textile Industry Pervaiz Malik.

He said Chinese President Xi Jinping had announced at the Belt and Road Forum for International Cooperation that China would hold International Import Expo (CIEE) in 2018.

The envoy said Pakistan as a neighbour, friend and partner definitely occupied a special position in China’s policy, adding that China would do whatever required to promote Pakistan’s exports.

“China will love to buy Pakistani products whether these are edible, textile or any other items. China will like to buy whatever competitive products Pakistan introduces in the Chinese markets,” he said.

Chinese Envoy Yao Jing, who discussed with the Commerce Minister further ways and means to streamline trade balance between the two countries before the news conference, suggested Pakistani exporters to visit China for exploring its commodity markets. Similarly, China would like to send purchasing delegations to identify more items for the bilateral trade, he added.

In the long term, the envoy said China would support Pakistan in Special Economic Zones and through joint ventures, which would help increase its capacity to manufacture quality products for export to international markets.

He sought specific suggestions from Pakistan to attract Chinese manufactures to invest in Pakistan’s industrial sector, which provides business friendly environment.

This year, he said, Pakistan and China would hold another round of Free Trade Agreement (FTA), adding “I understand that there are some kind of concerns from Pakistan’s private sector, manufacturers on the FTA. China looks Pakistan as a special partner and it would never like to damage its industry through this kind of bilateral agreement. Basically, our intention is to have a more convenient and facilitating mechanism of bilateral trade. We want to encourage and facilitate trade cooperation on principles of following Pakistan’s convenience, concerns and satisfying its requirements.”

So, in this regard, the Chinese government could open every door to address Pakistan’s concerns, whatsoever, adding that it would not disturb growth of Pakistan’s industrial sector at any cost.

Chinese ambassador Yao Jing said he had discussed with the Commerce Minister some ideas to “ease and relax” visa mechanism for Pakistani businessmen especially exporters so that they could have better understanding about trade opportunities in China.

He said Chinese embassy and counselor generals would have regular meetings with the Ministry of Commerce to encourage all exporters and businessmen for further strengthening the bilateral trade.

Answering a question, the envoy assured that the Chinese government would accommodate and extend maximum concessions possible to Pakistani products under the FTA.

Commerce Minister Pervaiz Malik said a number of issues came under discussion during the meeting with the Chinese ambassador.

He informed Secretary Commerce Muhammad Younus Dhaga was scheduled to visit China on February 7 for next round of the FTA discussion.

The minister said Pakistan would actively participate in the Chinese exhibition , saying “It is our own expo and we will have full representation in it.”

Replying to a question, the Secretary Commerce said the last round of the FTA held in Beijing was very positive as the issues highlighted by Pakistan were taken well by the Chinese side.

He said the FTA would help reduce trade deficit and provide better access to Pakistani businessmen in Chinesemarkets.

https://www.thenews.com.pk/latest/272067-china-invites-pakistan-at-first-ever-import-expo-2018

 

[Neo]

Growth in Pakistan expected to pick up in 2018, 2019: IMF
By Shahbaz Rana
Published: January 23, 2018

The report noted that growth in Middle East, North Africa, Afghanistan and Pakistan region is also expected to pick up in 2018 and 2019 but it will remain subdued. PHOTO: REUTERS

SWITZERLAND / DAVOS: Growth in Pakistan is expected to pick up in 2018 and 2019, but it will be subdued, the International Monetary Fund (IMF) noted on Monday in its update of the World Economic Outlook.

The report was launched on the opening day of the World Economic Forum meeting in Davos, Switzerland.

Pakistan achieved a growth rate of 5.3% during fiscal year 2016-17, the highest in a decade, but it was short of the government’s targeted 5.7%.




Despite being held back by subdued growth in the manufacturing and agriculture sectors, Pakistan’s economy has been showing an upward trend in the first six months of the ongoing fiscal year.

IMF says Pakistan can manage without its support

With the target for 2017-18 set at 6%, most believe the economy would be able to continue its growth, if not meet the goal.

The IMF also revised up its forecast for world economic growth, saying sweeping tax cuts in the US were likely to boost investment in the world’s largest economy and help its main trading partners.

The report noted that growth in Middle East, North Africa, Afghanistan and Pakistan region is also expected to pick up in 2018 and 2019, but it will remain subdued.

The IMF underlined the need for economic efficiency, inclusiveness of growth and the urgency to take measures that will counter next global downturn.

This is the first time that the World Economic Outlook Update has been launched in Davos.

Global growth has been accelerating since mid-2016, and all signs point to a further strengthening both this year and the next, said Christine Lagarde, the managing director of the IMF.

While this is welcoming news, she cautioned that any kind of complacency would be a mistake. “We certainly should feel encouraged, yet we should not feel satisfied,” she added. The IMF said that the current economic position might appear to be a sweet spot for the global economy, but prudent policymakers must look beyond the near term. It encouraged global leaders to build policy buffers, reinforce defence against financial instability and invest in structural reforms.

The IMF managing director said that there are still far too many people left out from the recovery. In fact, about one fifth of the emerging markets and developing countries saw their per capita incomes decline in 2017

At the same time, while growth is higher, it is mostly cyclical. Absent reforms, the fundamental forces that had us worried about the “new mediocre” – and future growth potential – will remain in place, she added.

Economic challenges aplenty, but very little time

The IMF official said that there is also significant uncertainty in the year ahead. The long period of low interest rates has led to a build-up of potentially serious financial sector vulnerabilities.

“We are seeing a troubling increase in debt across many countries and we need to remain watchful.”

This week is a perfect opportunity for world leaders to focus on those repairs. The theme of this year’s WEF annual meeting is: ‘Creating a shared future in a fractured world.

She said that the shared future will depend upon shared growth. “The policymakers should use this moment to make the difficult structural and fiscal reforms that might not happen otherwise.

“This means taking steps to boost long-term growth, paying down debt in places where it is too high, and in other places, investing back into the economy through infrastructure and effective social spending.

“The growth needs to be more inclusive, not only across countries but also within them. Some areas of focus include training for workers displaced by automation, new opportunities for young people, and bringing more women into the labor force.”

She said that there should also be shared global responsibility. “We need robust international cooperation if we are going to tackle shared problems – including fighting corruption, improving the international trading system, tackling tax evasion, and addressing climate change.”

The IMF said that in advanced economies where output is close to potential, still muted wage and price pressures call for a cautious and data dependent monetary policy normalisation path.

 

[nongaddarliberal]

Growth in Pakistan expected to pick up in 2018, 2019: IMF
By Shahbaz Rana
Published: January 23, 2018

The report noted that growth in Middle East, North Africa, Afghanistan and Pakistan region is also expected to pick up in 2018 and 2019 but it will remain subdued. PHOTO: REUTERS

SWITZERLAND / DAVOS: Growth in Pakistan is expected to pick up in 2018 and 2019, but it will be subdued, the International Monetary Fund (IMF) noted on Monday in its update of the World Economic Outlook.

The report was launched on the opening day of the World Economic Forum meeting in Davos, Switzerland.

Pakistan achieved a growth rate of 5.3% during fiscal year 2016-17, the highest in a decade, but it was short of the government’s targeted 5.7%.




Despite being held back by subdued growth in the manufacturing and agriculture sectors, Pakistan’s economy has been showing an upward trend in the first six months of the ongoing fiscal year.

IMF says Pakistan can manage without its support

With the target for 2017-18 set at 6%, most believe the economy would be able to continue its growth, if not meet the goal.

The IMF also revised up its forecast for world economic growth, saying sweeping tax cuts in the US were likely to boost investment in the world’s largest economy and help its main trading partners.

The report noted that growth in Middle East, North Africa, Afghanistan and Pakistan region is also expected to pick up in 2018 and 2019, but it will remain subdued.

The IMF underlined the need for economic efficiency, inclusiveness of growth and the urgency to take measures that will counter next global downturn.

This is the first time that the World Economic Outlook Update has been launched in Davos.

Global growth has been accelerating since mid-2016, and all signs point to a further strengthening both this year and the next, said Christine Lagarde, the managing director of the IMF.

While this is welcoming news, she cautioned that any kind of complacency would be a mistake. “We certainly should feel encouraged, yet we should not feel satisfied,” she added. The IMF said that the current economic position might appear to be a sweet spot for the global economy, but prudent policymakers must look beyond the near term. It encouraged global leaders to build policy buffers, reinforce defence against financial instability and invest in structural reforms.

The IMF managing director said that there are still far too many people left out from the recovery. In fact, about one fifth of the emerging markets and developing countries saw their per capita incomes decline in 2017

At the same time, while growth is higher, it is mostly cyclical. Absent reforms, the fundamental forces that had us worried about the “new mediocre” – and future growth potential – will remain in place, she added.

Economic challenges aplenty, but very little time

The IMF official said that there is also significant uncertainty in the year ahead. The long period of low interest rates has led to a build-up of potentially serious financial sector vulnerabilities.

“We are seeing a troubling increase in debt across many countries and we need to remain watchful.”

This week is a perfect opportunity for world leaders to focus on those repairs. The theme of this year’s WEF annual meeting is: ‘Creating a shared future in a fractured world.

She said that the shared future will depend upon shared growth. “The policymakers should use this moment to make the difficult structural and fiscal reforms that might not happen otherwise.

“This means taking steps to boost long-term growth, paying down debt in places where it is too high, and in other places, investing back into the economy through infrastructure and effective social spending.

“The growth needs to be more inclusive, not only across countries but also within them. Some areas of focus include training for workers displaced by automation, new opportunities for young people, and bringing more women into the labor force.”

She said that there should also be shared global responsibility. “We need robust international cooperation if we are going to tackle shared problems – including fighting corruption, improving the international trading system, tackling tax evasion, and addressing climate change.”

The IMF said that in advanced economies where output is close to potential, still muted wage and price pressures call for a cautious and data dependent monetary policy normalisation path.

Is there a dollar estimate of the size of Pakistans GDP in 2018? I havent been able to find any figures online.

 

[Mikesingh]

“Pakistan has been invited as a guest of honor in the first-ever such an exhibition and China wants to see Pakistan as a guest of achievement at the international event,” Chinese ambassador to Pakistan Yao Jing said.

'Guest of honor' and a 'guest of achievement'????

“China will love to buy Pakistani products whether these are edible, textile or any other items. China will like to buy whatever competitive products Pakistan introduces in the Chinese markets,” he said.

So what would the Chinese masters buy from their slaves? Ok, lemme guess......Yeah right! Poor quality cotton undies to cover Chinese balls!! Jeeez!

 

[Butter Chicken]

Foreign exchange: SBP's reserves decrease another 1.21%, now stand at $13.5b

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.21% on a weekly basis, according to data released on Thursday by the central bank, marking the sixth successive week when the amount has experienced a dip.On January 19, foreign currency reserves held by the central bank were recorded at $13,532.8 million, down $166.2 million or 1.21% compared to $13,699 million in the previous week.The decrease in reserves was attributed to external debt servicing and other official payments.

 

[Butter Chicken]

Fitch revises outlook on Pakistan’s ratings to negative

KARACHI: Fitch Ratings has announced that it has revised the outlook on Pakistan’s long-term foreign and local currency issuer default ratings to negative from stable and has affirmed ‘B’ rating for both the categories.

 

[ezsasa]

Foreign exchange: SBP's reserves decrease another 1.21%, now stand at $13.5b

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.21% on a weekly basis, according to data released on Thursday by the central bank, marking the sixth successive week when the amount has experienced a dip.On January 19, foreign currency reserves held by the central bank were recorded at $13,532.8 million, down $166.2 million or 1.21% compared to $13,699 million in the previous week.The decrease in reserves was attributed to external debt servicing and other official payments.

At this rate pakis will be asking for a bailout from saudis or chinkis by 2021, to keep their central bank up and running.

 

[Kshatriya87]

Fitch revises outlook on Pakistan’s ratings to negative

KARACHI: Fitch Ratings has announced that it has revised the outlook on Pakistan’s long-term foreign and local currency issuer default ratings to negative from stable and has affirmed ‘B’ rating for both the categories.

B grade porkis finally got the tag.

Sent from my Redmi 4A using Tapatalk

 

[Neo]

Emerging economies: WEF ranks Pakistan better than India

ISLAMABAD: The World Economic Forum (WEF) has ranked Pakistan ahead of India in terms of emerging economies of the world.

The WEF ranked India at 62nd position in the list of emerging economies, while China and Pakistan were ranked at 26th and 47th position respectively. According to the Inclusive Development Index shared by the WEF, Norway continues to be the world’s Number 1 inclusively advanced economy, with Lithuania as the Number 1 of all emerging economies in the world. The Forum announced these rankings during a meet to release the annual index.

The index is measured after assessing several parameters, including standard of living, the sustainability of the environment and the measures taken to protect the coming generations from going into a mounting debt.

At the annual meeting, the Forum encouraged the leaders to shift to inclusive development and growth models. It also stated that using GDP as a measure of growth only leads to inequality and short-term realisation of goals. Last year, India ranked at number 60 amongst the 79 emerging economies, while China was at number 15 and Pakistan at 52.

The Forum’s Inclusive Development Index 2018 measures progress of 103 economies towards this goal. By measuring three individual pillars; growth and development; inclusion; and inter-generational equity it draws the following conclusions:

Norway is the world’s most inclusive advanced economy. In Asia-Pacific, Australia is the highest ranked advanced economy on 9th out of 29 economies. It is followed by New Zealand on 13, Republic of Korea (16) and Japan (24), which is the lowest G7 economy. For the region’s emerging markets, the highest placed is Malaysia on 13 out of 74 economies, followed by Thailand on 17. Elsewhere, Indonesia ranks 36 and Philippines ranks 38.

https://www.thenews.com.pk/print/271686-emerging-economies-wef-ranks-pakistan-better-than-india