The economy of pakistan
Like most developing countries,
A -Economic Development
During the 1980s the country’s economy grew an average rate of 6 percent annually. This high growth rate was largely created by three factors: aid from the
At the same time, the government did little to devise policies to boost the confidence of private investors or promote the welfare of Pakistani citizens. The negative fallout of the Afghan war on
The economy of
The economic performance of the 1990s was also related to the structural adjustment programs (SAPs) of the World Bank and the International Monetary Fund (IMF). Loans from these international lending agencies were subject to conditions on
A high-powered Privatization Commission was created in 1990 to encourage privatization of public-sector industries, economic deregulation, and other reforms designed to boost confidence in the principles of a free-market economy. However, the commission was slow to implement its privatization program.
About 28 percent of
Land reform is a controversial issue in
The amount of land any individual could own was significantly reduced, and landlords were not compensated for the land they surrendered. Most of the expropriated land was distributed to tenants, but the government retained land that was not suitable for farming. Landlords strongly resisted the reforms, however, and the government bureaucracy was somewhat lax in enforcing them. In the end, the reforms shook the landlords but did not break their hold. By the end of the 20th century, about half of the country’s arable land was held by only a small percentage of wealthy landowners.
The Bhutto government also developed favorable credit and loan policies for farmers. The tractor became the new status symbol in rural
Fishing resources, although underdeveloped, are extensive. In 1999 the catch was 674,606 metric tons, three-quarters of it obtained from the
In the early 1990s the most important nonfuel minerals (with annual production in metric tons) included gypsum (532,000), rock salt (895,000), limestone (8.8 million), and silica sand (154,000). In 2001 coal production was 3.20 million metric tons, crude petroleum production reached 23.3 million barrels, and production of natural gas was 23.4 billion cubic meters (826 billion cubic feet).
The manufacturing capacity of
G -Currency and Banking
The basic monetary unit is the Pakistani rupee, consisting of 100 paisa (61.93 rupees equal US$1; 2001 average). The State Bank of
H -Foreign Trade
The foreign trade of
The lack of modern transportation facilities is a major hindrance to the development of
Pakistan International Airlines (PIA), the national airline, is in large part government owned. PIA offers flights within
Television broadcasting began in