Pakistan economy has seen drastic changes in 75 years

The Finance Ministry report, released on August 13, says the structure of Pakistan’s economy has drastically changed since the country’s inception in 1947 with industry and then services sector dominated the economy.

The report gives a glimpse of Pakistan’s journey, with all major economic indicators seeing massive changes during the 75 years.

When Pakistan came into existence, it inherited only 34 industrial units out of 921 in undivided India.

The nominal GDP rose from $3 billion in 1950 to $38bn in 2022 while GDP growth was reached 5.97 per cent in 2022 from 1.8pc in 1950.

Per capita income increased from $86 in 1950 to $1,798 in 2022.

The tax revenue rose from Rs0.31bn in 1950 to Rs.6,126.1bn in 2022, while remittances sent by Pakistanis working abroad jumped from $0.14bn in FY73 to $31.2bn in FY22.

Exports rose from $162m in FY50 to $31.8bn in FY22, and imports from $276m in FY50 to $80.2bn in FY22.

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