Skip to main content

Pakistan’s GDP growth to fall behind Nepal, Maldives this year: UN


AMIN AHMED

ISLAMABAD: The annual Economic and Social Survey of Asia and the Pacific 2019 titled ‘Ambitions beyond Growth’, released by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) on Thursday, forecast Pakistan’s GDP to remain lowest in the region at 4.2 per cent in 2019 and 4pc in 2020 compared to Bangladesh’s 7.3pc, India 7.5pc, Maldives and Nepal 6.5pc each in 2019.

The survey revealed that overall economic conditions in the region are stable with the projected 5-5.1 per cent GDP growth in 2019 and 2020 respectively. However, export-oriented sectors face headwinds from weaker demand in Europe and possibly in US, and looming uncertainty over ongoing US-China trade war.

Read:Pakistan's GDP growth expected to slow down to 3.9pc: ADB report

Pakistan’s economy is experiencing severe balance of payment difficulties amid large fiscal and current account deficits and mounting pressures on the currency, the report adds.

Inflation in the developing Asia-Pacific region is forecast to increase moderately in 2019 to 4.2pc before dropping to 3.8pc in 2020. However, potentially higher tariffs against the backdrop of trade tensions and rising uncertainties, currency depreciation and unfavourable weather could push up consumer and food prices.

According to the survey, the region’s medium-to-long term prospects depend on structural transformation and broad-based productivity growth. The report cautions against countries shifting from an agriculture-based economy to one in which services play a dominant role, bypassing manufacturing sector.

New frontier technologies may reduce the scope for industrialisation in “late entrant” developing countries, while high-value-added services require skilled workers. This calls for investment in people and enabling infrastructure, the survey suggests.

Stating that the next phase of structural transformation in the region must be environment-friendly, the survey illustrates that investments to speed up transition to more resource-efficient systems of production and consumption would not only reduce carbon emissions by a tenth, but deliver high economic returns and over time can reduce net financial costs to zero.

The 2019 survey points out that achieving Sustainable Development Goals by 2030 would require an annual additional investment of $1.5 trillion for Asia-Pacific developing countries — equivalent to 5pc of their combined GDP in 2018.

Despite rapid economic growth, the survey notes, too many people are left behind, without a fair chance in life, while environmental degradation has reached alarming levels, threatening the sustainability of past development gains. Hence, keeping the old paradigm of prioritising GDP growth at all costs is neither feasible nor desirable, the report argues.

Published in Dawn, April 5th, 2019

https://www.dawn.com/news/1474039

Comments

Popular posts from this blog

SSG Commando Muddassir Iqbal of Pakistan Army

“ Commando Muddassir Iqbal was part of the team who conducted Army Public School operation on 16 December 2014. In this video he reveals that he along with other commandos was ordered to kill the innocent children inside school, when asked why should they kill children after killing all the terrorist he was told that it would be a chance to defame Taliban and get nation on the side. He and all other commandos killed children and later Taliban was blamed.
Muddassir Iqbal has deserted the military and now he is  with mujahedeen somewhere in AF PAK border area”
For authenticity of  this tape journalists can easy reach to his home town to interview his family members or   ISPR as he reveals his army service number”
Asalam o Alaikum: My name is Muddassir Iqbal. My father’s name is Naimat Ali. I belong to Sialkot divison (Punjab province), my village is Shamsher Poor and district, tehsil and post office  Narowal. Unfortunately I was working in Pakistan army. I feel embarrassed to tell you …

The Rise of China-Europe Railways

https://www.csis.org/analysis/rise-china-europe-railways

The Rise of China-Europe RailwaysMarch 6, 2018The Dawn of a New Commercial Era?For over two millennia, technology and politics have shaped trade across the Eurasian supercontinent. The compass and domesticated camels helped the “silk routes” emerge between 200 and 400 CE, and peaceful interactions between the Han and Hellenic empires allowed overland trade to flourish. A major shift occurred in the late fifteenth century, when the invention of large ocean-going vessels and new navigation methods made maritime trade more competitive. Mercantilism and competition among Europe’s colonial powers helped pull commerce to the coastlines. Since then, commerce between Asia and Europe has traveled primarily by sea.1Against this historical backdrop, new railway services between China and Europe have emerged rapidly. Just 10 years ago, regular direct freight services from China to Europe did not exist.2 Today, they connect roughly 35 Chinese…

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میںPlease help the deserving persons...Salary:Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows;Welder: Rs. 1,700 dailyHeavy Duty Driver: Rs. 1,700 dailyMason: Rs. 1,500 dailyHelper: Rs. 850 dailyElectrician: Rs. 1,700 dailySurveyor: Rs. 2,500 dailySecurity Guard: Rs. 1,600 dailyBulldozer operator: Rs. 2,200 dailyConcrete mixer machine operator: Rs. 2,000 dailyRoller operator: Rs. 2,000 dailySteel fixer: Rs. 2,200 dailyIron Shuttering fixer: Rs. 1,800 dailyAccount clerk: Rs. 2,200 dailyCarpenter: Rs. 1,700 dailyLight duty driver: Rs. 1,700 dailyLabour: Rs. 900 dailyPara Engine mechanic: Rs. 1,700 dailyPipe fitter: Rs. 1,700 dailyStorekeeper: Rs. 1,700 dailyOffice boy: Rs. 1,200 dailyExcavator operator: Rs. 2,200 dailyShovel operator: Rs. 2,200 dailyComputer operator: Rs. 2,200 dailySecurity Supervisor: Rs. 2,200 dailyCook for Chinese food: Rs. 2,000 dailyCook…