PakistanCapital: Islamabad;Largest city: Karachi . GDP growth (annual %) 2014 :5.4%;
World economic increase will be disappointing next year and the outlook for the medium-term has as well deteriorated, the chief of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday.
IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide.
Added to that, increase in world trade has slowed considerably and a decline in raw material prices is posing problems for economies based on these, while the financial sector in a lot of nations still has weaknesses and financial risks are rising in emerging markets, she said.
The newly created Eurasian Economic Union (EEU) has in a little while got the momentum as an economic hub for the nations of the region. The EEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia as its members, whereas; the Organization is a continuation of contemplation for establishing the integration projects by the Belarus, Kazakhstan, and Russia since 2007.
The Organization fundamentally promotes the ideas of streamlining the flow and transportation of services and goods between the member states, therefore, it greatly attracts the interests of a lot of stakeholders and according to the Russian Ministry of Economic Development, a lot of international organizations and the economic giants like China has shown great interest in the creation of free trade zones through the EEU.
The present political and economic importance of the South and Central Asian region along with free trade and economic potential across the Eurasian region greatly appeals almost each regional and international country, whether may they be developed or developing country seems eager approaching in bilateral and multilateral engagements with these organizations and the states in the region.
The cooperation that is vital to the a lot of states’ national interests consists of the fields of security, economic, energy, bilateral, free trade, scientific education and cultural interactions. Most particularly, the Russian Federation and China have leading ambitious roles in region’s economic and infrastructural developments. In addition, the growing significance of the Shanghai Cooperation Organization (SCO) in the present scenario has further enabled China and Russia to become a dominant player on the world economic and political arena. This in turn has as well provided small or developing nations to benefit from the mutual benefit efforts of the SCO, EEU and other forums for their industrialization and national economic development goals.
While renewables currently only generate 1-2% of the country’s energy, Pakistan is committed to using more solar and wind sources to reduce its dependence on hydrocarbons
Pakistan has faced severe and repeated energy shortages that have left rural areas without power for up to 20 hours a day, and have even forced local factories to close down due to highly diminished output. This is largely because at present, 87% of the country’s energy comes from hydrocarbons such as imported coal, oil, and gas – a dependence which Pakistani energy officials hope to reduce to 60% by 2025 through the use of alternative energy sources.
Although Pakistan currently generates only 1-2% of its energy from renewable energy sources, it is committed to making solar and wind energy a larger component of its future power bank. The Pakistani Federal Minister for Water and Power, Khawaja Muhammad Asif, recently affirmed that the government welcomes renewable energy projects. “Pakistan offers good opportunities for investment in renewable energy as the country is blessed with vast natural resources,” he told Sabah News. Following talks in early September with a delegation from Zorlu Energy Pvt Limited – the largest solar company in Turkey – it was announced that Zurlo would make a 200 megawatt (MW) investment in solar power and a 100MW investment in wind power.
- Key Facts
Ambassador :H.E.Mr.Masood KhalidFull name: Islamic Republic of Pakistan
Population: 184.7 million (UN, 2010)
Area: 796,095 sq km (307,374 sq miles)
Major languages: English, Urdu, Punjabi, Sindhi, Pashto, Balochi
Major religion: Islam
Life expectancy: 65 years (men), 67 years (women) (UN)
Monetary unit: 1 Pakistani Rupee = 100 paisa
Main exports: Textile products, rice, cotton, leather goods
GNI per capita: US $1,050 (World Bank, 2010)
Internet domain: .pk
International dialling code: +92
Pakistan’s economy is fuelling growth across sectors, with its financial sector providing numerous opportunities for global investors
Pakistan’s revival in fortunes since the election of Prime Minister Nawaz Sharif has seen the country’s economy enjoy surging growth since 2013, with a multitude of opportunities for foreign investors now emerging.
On his flight back home from Kabul, Prime Minister Modi broke the journey at Lahore. This unusual drop off has become a subject for speculation. A Congress spokesman has said that the Indian country will have to pay heavily for the tea Modi had with Pakistan premier Nawaz Sharif at his family residence in Raiwaind.
As Pakistan’s economy gets back up to speed, the banking sector will continue to play a leading part in its recovery. In three years, the total price of assets held by the banking system has climbed from $116 billion to $147 billion
Alittle additional than two years next the initial-ever handover from one civilian government to an extra, the numbers coming out of the macroeconomic cruncher are confirming that Pakistan is back on course to sustainable increase. Business-friendly policies and reforms initiated by Prime Minister Nawaz Sharif’s government have led some to compare Pakistan with Colombia as champions in the economic turnaround category, citing their stable governments, market-oriented reforms and manageable security situations.At the same time as a statement by the world’s most influential development agency provides evidence that a lot of of its staff are “biased” in their perceptions of the poor and their needs, one may expect eyebrows to be raised. At the same time as the president of that institution — the World Bank, no less — acknowledges the flaw and goes on to call for “measures to mitigate these biases, such as additional rigorously diagnosing the mindsets of the people we are trying to help”, jaws should be dropping.
At the same time as the new chief justice of Pakistan took oath of office on 12 December 2013 Pakistan completed an historic changeover during a year that saw the initial civilian government in 67 years complete its constitutionally mandated term. 2013 as well saw Pakistan get a new prime minister, president and chief of army staff. Perhaps no other country has experienced such a total change of its constitutional officers within a schedule year.
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- pakistan News
- ECONOMY: Global growth will be disappointing in 2016: IMF's Lagarde
- BUSINESS / TRADE: The newly created Eurasian Economic Union (EEU) has shortly got the momentum
- ENVIRONMENT: Renewables to reduce hydrocarbon use by more than 25% by 2025
- ENVIRONMENT: COP21 Roundtable Ethiopia, Guyana & Pakistan turn climate change concerns into action
- BUSINESS / TRADE: Tajikistan and Pakistan signed eight agreements on cooperation
- BUSINESS / TRADE: Pakistan Prime Minister Nawaz Sharif talks with U.S. President Barack Obama at the Nuclear Security Summit in March 2014
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