Business Communication 2 EPM3: Pakistan

Hello everyone

This week we are in Pakistan and I will tell you something more about the economy.

Pakistan has the 27^th largest economy of the world in terms of purchasing power parity and the 44^th largest in terms of nominal GDP. Pakistan has a semi-industrialized economy which encompasses textiles, chemicals, food processing, agriculture and other industries. The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment and high defense spending. Due to inflation and economic crisis worldwide, Pakistan's economy reached a state of Balance of Payment crisis.

There is a lot of poverty in Pakistan and the government have spent over 1 trillion Rupees, which is about $ 16.7 billion, on poverty alleviation programs during the past four years. They have cut the poverty from 35% to 24%. Pakistan is a medium development country, it has a large informal economy which the government is trying to document and asses. High inflation and limited wage growth have drawn more women into the workforce to feed their families, in spite of cultural resistance and domestic abuse over the issue.

poverty

Tourism in Pakistan is stated to be the tourism industry’s next big thing. Pakistan has diverse cultures, people and landscapes. This has attracted 0.7 million tourists to the country, this is almost double to that of a decade ago.

The tourism industry is still growing. The country is popular because of the ruin of civilization such as Mohenjo-daro, Harappa and Taxila but also the Himilayan hill stations. Pakistan has several mountain which attracts adventurers and mountaineers from around the world. Before the Global economic crisis, Pakistan received more than 500,000 tourists annually. Karachi, Peshawar and Lahore are major attractions for authentic Pakistani food and culture.