Pakistan is on the radar of investors hunting for an economy poised for long-term growth.
This was stated in an article, appearing in an Indian newspaper, Economic Times. The write-up says that with a return of over 50 per cent, the Pakistan Stock Exchange benchmark index was the best performer in Asia last year, hitting a record in January.
The World Bank has forecast the economy to grow five point two per cent this year and five point five per cent next year. The newspaper says that surge in auto sales, take-off in cement industry, rise in property prices, benign inflation and lower interest rates have excited foreign investors.
“Last 30 years Pakistan has suffered due to violence and terrorism that cost its economy $20 billion,” said Amin Hashwani, former president of the Pakistan-India CEOs Business Forum. “Today, a comparatively better security environment, heavy investment related to CPEC, increased domestic investment and enhanced overseas remittances have triggered growth.”
The article adds that CPEC investment would equal to nearly 20 percent of the country’s total GDP.
It writes that a comparatively better security environment, heavy investment related to China-Pakistan Economic Corridor increased domestic investment and enhanced overseas remittances.
Consumer spending in Pakistan has increased in Pakistan by 83 percent in the past five years compared to 49 percent in the Asia-Pacific region.