LAHORE: Pakistan’s economy has been declared better than India’s in Bloomberg report published on Friday. Pakistan has been included among the Top 10 emerging economies of the world, according to media reports.
According to the report published by Bloomberg, economic reforms and good relations with the international monetary organizations gave boost to Pakistan economy. It said that the success is better than India’s.
Report says that the payment of loans’ issue was resolved after Prime Minister Nawaz Sharif took over the government. It said that the construction industry also improved, leading to better ratings for Pakistan by Moody’s and Standards and Poors.
Bloomberg report says that interest rate is at 42-year lowest in Pakistan. It says that Nawaz Sharif government kept the economy afloat despite protests in the country. Pakistan wrote a new chapter in the history of reforms, privatization and economic progress, it says, and has become the best undiscovered investment opportunity of the world for investors with a 232-billion dollars economy.
Report goes on to say that Karachi Stock Exchange (KSE) saw 16% improvement during the last one year and is among the 10 best performing stock markets of the world. It says that progress has been observed in cement, construction and steel sectors. It said that the biggest of companies are trying to double their volume.
Appreciating the government reforms, the report says that a 27% increase was seen in the government expenditure on infrastructure, inflation came down and buying power of Pakistanis increased due to better incomes after Nawaz Sharif government took control in 2013. It says that the current government has also focused on rural progress along with the urban due to which suburban centers are growing fast in the country.
The report also acknowledged China’s support for Pakistan, saying that China once again proved to be Pakistan’s best friend by investing in 45-billion-dollar economic corridor project. Quoting the business circles in Pakistan, the report says that almost all the fields have observed three-time growth which is a clear indicator of economic progress.
