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Pakistan could become 16th largest economy by 2050 : PwC

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23rd-Mar-2017       Readers ( 252 )   0 Comments
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Pakistan's economy could become the 16th largest by 2050 based on its Gross Domestic Product (GDP) at Purchasing Power Parity (PPP), said a report released in February 2017, prepared by PricewaterhouseCoopers (PwC), a multinational professional services network headquartered in London and considered among the 'Big Four' auditors.
This means the country would overtake Italy and Canada, which currently rank at 12th and 17th places, respectively. On the basis of PPP, Pakistan would climb from its current 24th place (with GDP at PPP amounting to $988bn) to 20th place ($1.87tr) by 2030 and to 16th place ($4.2tr) by 2050. In terms of GDP at real market exchange rate (MER), Pakistan's economy is projected to rise from 28th place ($284bn) at present to 27th by 2030 ($776bn) and to 19th ($2.8tr) by 2050.
 Work on TAPI pipeline to kick off in Pakistan this month: Work on the long-awaited Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline kicked off in Pakistan in February 2017, as Tapi Company, which has the mandate to run the pipeline, has awarded the Project Management Consultant (PMC) contract to the German firm ILF.
Turkmenistan, Afghanistan, Pakistan and India signed a $10-billion investment agreement for the Tapi pipeline in a bid to kick off activities, update feasibility study and finalise pipeline route in Afghanistan.
Leaders of the four countries performed the ground-breaking of the project in December 2015, which would help ease energy deficiency in South Asia.
According to the agreement, Turkmenistan will invest around $25 billion to deliver 3.2 billion cubic feet of gas per day (bcfd) to energy-hungry Afghanistan, Pakistan and India.
Of the total, $15 billion will be invested in developing the gas field whereas $10 billion will be poured into laying the pipeline over 1,680 km connecting Afghanistan, Pakistan and India with Turkmenistan.
A consortium of Japanese companies was working on a fast-track basis to develop the gas field in Turkmenistan.
A gas sale and purchase agreement had already been inked in 2013 to set the pricing mechanism under which the gas price at Turkmenistan border would be around 20% cheaper than the price of Brent crude.
Pakistan and India will receive 1.325 bcfd of gas each while Afghanistan will get 500 mmcfd.
KSE Index has soared to 500% leaving China, India far behind: Pakistan's stock market has been red hot in recent years as it has become a lucrative market for the investors and its main KSE index has soared close to 500 percent since 2009, and 56 percent in the last twelve months-leaving neighbouring markets in India and China far behind, Forbes Magazine stated.
Pakistan's stock market rally has been driven by a number of favorable economic fundamentals, such as an improving macroeconomic environment-rising economic growth and falling inflation and interest rates. The country's economy grew close to 6 percent in 2016, up from 4.8 percent in 2015, with inflation running around 4 percent, down from 10 percent four years ago. And the 10 year Treasury bond is yielding 8 percent, down from 12.5 percent four years ago.
Then there are a couple of overseas endorsements for Pakistan's market reforms. Like $1 billion in support from the World Bank, a spike in domestic acquisitions from foreign suitors, and the inclusion of Pakistan's market into MSCI's emerging market index.Adding to these fundamentals is investor hype about the potential of the Pakistani economy which could take the equity market much higher.
Pakistan's GDP growth expected at 4.9%: Moody's
The China-Pakistan Economic Corridor (CPEC) will boost economic activities in Pakistan and the economic growth is expected to be 4.9% during the current fiscal year, says a report by international ratings agency Moody's Corporation.
Pakistan's annual economic progress has not touched 5% in more than a decade, but chances of achieving this reading are high this year owing to CPEC.
According to Moody's, CPEC will boost economic activities, increase industrial production and push development work. The report also praised the banking system of Pakistan, saying that banking strength of the country would result in further progress in the next fiscal year 2017-18.

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