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The Evolution of the G-7 and Economic
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Economic Policy Reforms in Pakistan
Source: scid.stanford.edu
Topic: Economic Policy
Sort Desciption: Economic Policy Reforms in Pakistan. 1999-2006. Ishrat Husain. 1. Most of the news stories that are splashed about Pakistan in the Western and ...
Content Inside: Economic Policy Reforms in Pakistan 1999-2006 Ishrat Husain 1 Most of the news stories that are splashed about Pakistan in the Western and regional media are normally about the attacks by Al-Qaeda and Taliban in the border areas with Afghanistan the assassination attempts on President Musharaf the nuclear network of Dr. A. Qahdeer Khan tensions with India and the earthquake of October 2005. The story of Pakistans remarkable economic turnaround during the last six years is hardly known abroad with any sense of clarity or authenticity. For example how many people even in this august gathering are aware of the following facts: Pakistans GDP growth rate has consistently averaged 6 percent plus during the last four years reaching 8.4 percent in the last fiscal year per capita incomes have shot up to almost US$850 the incidence of poverty has declined from 34 percent to 25 percent unemployment rate has gone down to 6.2 percent and the size of the economy has doubled to $130 billion. Large scale manufacturing has grown in double digits and the cumulative private sector credit by banking system in last three years was more than $15 billion compared to less than $10 billion in the previous ten years. These facts when revealed come either as shock surprise or disbelief to most observers. On the external front Pakistan successfully entered international capital markets in early 2004 and has received enthusiastic response every year since then. Every single sovereign bond issue was oversubscribed several times and the pricing was better than that of investment grade countries. This was a country on the verge of default in May 1 A paper presented at the Conference on Economic Policy Reforms in Asia held at Stanford University Palo Alto on June 1 -3 2006 1 1998 and had been put in selective default category by S&P and Moodys. Today Pakistans international credit rating is Ba2 only three notches below investment grade. In 2006 Pakistan was able to raise more t ...
economic policy reforms in pakistan
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