Pakistan has potential to become sixth largest economy
Business Tuesday, December 11th, 2007Caretaker Finance Minister Dr Salman Shah has said that Pakistan is the
sixth largest country in terms of population though it has the
potential to become the sixth largest economy.
“Out of Pakistan’s 160 million population, one hundred million people are below
25 years who have to participate in the growth and development of the
country and run the affairs for up to next 50 years,” he told the
inaugural session of BMA Trade’s Lahore branch here on Monday.
Pakistan’s
economy was the fastest growing economy in Asia and its macro economic
foundation was very strong, he said adding one day it would emerge as
the sixth largest economy of the world. He said that the current growth
of the stock market showed a strong economic potential of the economy.
“Despite political upheavals Pakistan’s stock market is growing well
and now the index has recovered from the after effects of politics,” he
added.
Terming the forthcoming elections as good omen for the
economic outlook of the county he said that participation of all big
parties in the general elections showed their maturity in politics.
Dr
Salman said that Pakistan’s public debt deficit, which was 100 percent
of the GDP in 1999 dropped to 55 percent while it would soon lower to
25 percent. Likewise, Pakistan ratings were very good and are improving
because of its strong economic fundamentals, he added.
He
further claimed that the GDP, which stood at $63 billion in 1999 had
now increased to $160 billion. He added that apart from foreign and
local investment, portfolio investments was also pouring all sectors
from construction to services.
Appreciating BMA Trade’s
initiative to open its branch in Lahore, Dr Salman Shah said it had
enhanced its operations in the last few years and he was hopeful that
it would open more branches. In a speech earlier, BMA Capital Managing
Director Moazam Malik said they were present in all major cities and
hopefully would open branches in small cities as well.
He said
BMA Trade was launched over two years ago, which had rapidly grown into
a network of 10 branches in the seven cities across Pakistan. He said,
“in Lahore, we will offer complete menu of our services which are being
offered in Karachi including futures trading and online trading. We
want to be one-stop shop in financial market of the country.”
Short URL: http://www.daily.pk/?p=2424
on Dec 11 2007. Filed under