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Home » Economy of the World » Pakistan
 

Pakistan Economy
Pakistan economy is gradually gaining momentum with the stability and formation of trade laws. Due to irregular political policies there are less scope for foreign investors to invest in them. Pakistan is surrounded by countries that are all developing nations. The neighboring countries of Pakistan are Afghanistan, Iran and India. The trade relations with the neighboring countries have developed with the improvement of the diplomatic relations. Pakistan is densely populated and is a Islamic country with the majority of the population being Muslims. Pakistan was created out of India by the British and so similar cultures can be found in both the countries.

With the improvement in the diplomatic relations with the neighboring countries and developed nations, the economy of Pakistan has been growing at a steady rate. The currency of Pakistan is approximately equal to $60 of US.

The city of Karachi is the financial hub of the country. All the leading financial and business houses have set up shop in this city. In order to develop the economy of the country, loans are being given to the various service sectors at very low interest rates and for longer time period. The agricultural sector is the most vital part of Pakistan economy. It has been estimated that the agricultural output of the country has contributed to over 50% of the GDP. Apart from agriculture, revenue earned by the Pakistan economy are from industries that are into manufacturing, communications and finance. Pakistan economy would have got its much needed boost if there was some stabilization in the politics of the country. The instability of the political forefront creates an apprehension among investors, thereby hampering growth.



Pakistan manufactures textiles, cement and agricultural derivatives. Communication with neighboring countries have in some way managed to improve trade relations. Now there are regular transportation means with the neighboring countries like India and Afghanistan. The service sector of Pakistan are mostly in the telecommunication, transportation, insurance, real estate and business. The livestock of Pakistan is another important aspect that contributes to the economy of the country. The leather and meat processing industry has grown to a great extent. Fishery too plays a very important role in the economy of the Pakistan. The country has as many as 5 major fishing harbors managed by the government.

Pakistan economy has also gained from the mining of natural resources. The country has many natural minerals that are mined regularly. Gold, silver, iron, coal, graphite, sulphur and pure salt are mined from the extensive deposits in the country. The energy resources of Pakistan are extensive too. There are oil, natural gas reserves and coal from which energy is manufactured to meet the demand of the industries. Automobile sector is increasing at a rapid rate in Pakistan.