PakistanCapital: Islamabad;Largest city: Karachi . GDP growth (annual %) 2012 :4.2%;
Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday.
In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.
The richest 1 % are likely to control additional than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday. The warning about deepening world inequality comes just as the world’s business elite prepare to meet this week at the annual World Economic Forum in Davos, Switzerland.
The 80 wealthiest people in the world all own $1.9 trillion, the statement found, nearly the same all shared by the 3.5 billion people who occupy the bottom half of the world’s gain scale. (Last year, it took 85 billionaires to equal that figure.) And the richest 1 % of the people, who number in the millions, control nearly half of the world’s total wealth, a share that is as well increasing.
The national gas companies of Turkmenistan, Afghanistan, Pakistan, and India have established a company that will be engaged in construction, owning and operation of the planned 1,800-kilometer Turkmenistan-Afghanistan-Pakistan-India gas pipeline, ADB said on November 13.
“Establishment of the TAPI pipeline company is a key milestone in the development of the pipeline. It is a tangible sign of transformational cooperation part the parties that presages the enhanced energy security, business prospects, and in general peace and stability in the region promised by the pipeline,” Klaus Gerhaeusser, Director General of ADB’s Central and West Asia Department said.
- Key Facts
Ambassador :H.E.Mr.Masood Khalid
Full 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
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.
The World Bank has cut its estimate for world increase, warning that the world economy remained overly reliant on the “single engine” of the US recovery.
The Bank said it expected lower oil prices to provide a boost to world activity. But it warned several headwinds would mitigate the result of the falling cost of crude. These include weak confidence part consumers and businesses and the inability of large central banks to cut interest rates below their record-low levels to boost inflation expectations.
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: Revised IMF forecasts signal gloom on global economic outlook
- SOCIAL / CSR: Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016
- PETROLEUM / MINING : TAPI member countries' state gas companies establish joint company
- SOCIAL / CSR: Nigeria's President Goodluck Jonathan Saturday congratulated the joint-recipients of this year's Nobel Peace Prize,
- ECONOMY: Pakistan is wracked by economic instability and security problems
- BUSINESS / TRADE: Pakistan today pitched for liberalising visa regime with India
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