Re: Pakistan economic snapshot 03-07 IMF data
The trickle down phenomenon is not a reliable way of lifting people out of poverty unless growth is in double digits.
A policy that tackles issues effecting the very poor directly is the onl effective way to deal with such problems, such as the grameen bank in Bangladesh.
Re: Pakistan economic snapshot 03-07 IMF data
^^ Oh stop it..you dont have chat out your rear end. Trickle down is a very appropriate solution to tackling poverty long term. Do not even compare Graemen Bank microcredits (a Nobel Peace prize which in essence was just a bit of charity work), to alleviating long term poverty. Short term povery alleviation using this strategy will not lead to long term poverty alleviation. You cannot let your population growth determine how you spend your money. This will put you at the mercy of society's illiterates who have too much time on their hands to do nothing except find several wives and make 500 kids that they cannot feed. These people just burdern the economy. The way out of poverty even for these people is for the government to concentrate on the people that can make a difference at the top to the economy.
Re: Pakistan economic snapshot 03-07 IMF data
Also, in the last few years the Pak Govt has spent record amounts to tackle poverty.
Pakistan spends US$16.7b on poverty alleviation
Pakistan government spent over 1 trillion Rupees (about 16.7 billion U.S. dollars) on poverty alleviation programs during the past four years, cutting poverty from 32.1 percent in 2000-01 to 25.4 percent in 2004-05, state-run news agency APP reported on Monday. “Rural poverty has declined from 39 percent to 31.8 percent and urban poverty from 22.7 percent to 17.1 percent,” said the advisor to the Finance Ministry Ashfaque Hasan Khan. He said the real Gross Domestic Product (GDP) grew at an average rate of almost 6 percent annually in the last four years as against 3.3 percent in the preceding four years. Due to strong domestic consumption and investment, real private sector consumption grew by 8.2 percent in 2003-04 and 16.8 percent in 2004-05. He said that higher consumption, feeding back into economic activity was likely to support the ongoing growth momentum, adding that it suggested the emergence of a strong middle class with buying power. The advisor said that unemployment had gone down from 8.3 percent in 2001-02 to 6.2 percent in the second quarter of 2005-06 and the pace of job creation had increased
http://news.xinhuanet.com/english/2006-05/29/content_4617149.htm
…
The above stated progress is confirmed/explained by the Country Director of the World Bank (John Wall) on the ground in Pakistan.
Compared to 2000-01, the consumption distribution has improved substantially in 2004-05, meaning almost all families are better off.
This is the case in Pakistan, where the improvement in consumption distribution in 2004-05 has led to a sizeable decline in poverty
The 2004-05 poverty data show that rapid growth did reduce poverty quite sharply — whether by five or 10 per cent is somewhat academic.
Re: Pakistan economic snapshot 03-07 IMF data
dont know if you guys know this, but there is a long tradition of manipulating, and making up facts & figures by pakistan gov't(every single regime is guilt of this in some form or other)
Re: Pakistan economic snapshot 03-07 IMF data
Assembly of trucks, bus starts at new plant
By Our Staff Reporter
KARACHI, Jan 6: The Afzal Motors Private Limited in a joint venture agreement with a Korean company has started assembly of trucks and buses. The company has invested Rs500 million in the project in which 250 people have, so far, been accommodated on various job categories.
The company started trial production of trucks in May 2006, but commercial production got under way from Dec 1, as 60 units have been produced, so far.
Around 30 bus chassis had also been rolled out from the plant located on main National Highway.
This was stated by director marketing and sales, Afzal Motors, Tahir Javed, at a press conference at a local hotel on Saturday. Director Mohammad Afzal Khan and GM Marketing Z A Rehani were also present.
The plant will assemble light, medium and heavy-duty commercial vehicles (prime movers, truck chasses, dump trucks, diesel and CNG buses.
The installed capacity of the plant is 6,000 units on single shift basis.
Tahir said production of buses and trucks would depend on the market demand which unfortunately remained stagnant during the last decade. Trucks and buses comprise 44 per cent and 49 per cent local parts and accessories as per government’s approved deletion programme.
He said the company had signed the bus agreement with Daewoo Bus Corporation Korea on October 2005 while the truck agreement had been signed with Tata Daewoo Commercial Vehicle Company Limited Korea.
The plant, he added, is equipped to meet the target of 3,000 CNG buses annually required for Karachi and other cities of Pakistan.
The company has also planned to export heavy vehicles to Middle East and other neighboring countries. Prime Minister Shaukat Aziz will inaugurate the Daewoo Assembly Plant on Jan 8, he added.
Re: Pakistan economic snapshot 03-07 IMF data
What universe do you live in? No credible economists these days believe that the trickle down effecrt is useful…
The reason why Pakistan is elitist society it is is because of self proclaimed geniuses such as yourself who have absolutely no faith in the people you claim to be helping. Its this arrogant and self deluded view of people that makes Pakistan the place it is today, everyone thinking they know better… Its why the Army runs the country, why the country is run by feudals etc.
For your info, I didnt say the micro financing was the ONLY way to deal with poverty, I said the way to deal with it is to tackle the problem at the ground level, by involving the people themselves. The Grameen bank works because it involves the very people it is trying to help. It makes it easier for the people (majority of their borrowers are women, so I doubt such customers would be marrying several wives) to get low intrest loans and thus bypass the beaurocracy, the hassle and the extensive paperwrok which these people could hardly deal, because lets face it they are probably illiterate to boot. The Grameen Bank has shown that when you deal with people at their level, the effect can be extremely surprising. The return rate for the bank is 99%.
One of the reasons the IMF sponsored poverty alleviation programs didnt work was because it simply was to distant for the common man. It was plagued by the same problems with all such programs that focus on the govt to distribute the funds… There was little accountancy, very little coordination etc, and the high corruption that is another reason for the trickle down effect not working.
You can see for yourself the ineffectivness of the trickle down theory when you consider how poverty is stil rampant in India, why the BJP was kicked out, why in Pakistan the richers are getting richer and why the poor arent able to improve their lot.. The only country that has made major dent in poverty that I can think of is China which HAS undergone double digit growth, but even their there is still a huge gap between urban and rural development.
So basically its you who needs to stop talking unless you have something credible to back up you verbal flatulence.
Re: Pakistan economic snapshot 03-07 IMF data
Trickle down is a very valid economic solution to alleviating long term poverty under certain models. You seem to have a one economic solution fits all mindset which is complete nonsense. As for your little rant, it isnt correct what you say. Pakistan is run by the Army because they are the best decision makers for an illiterate country today..when education improves then democracy will come. Also, I do have faith in all people that given education they can all have the common sense to not marry hundreds of wives and make thousands of kids when they cannot afford it, but until the country is educated one cannot let the economic horizon be determined by the amount of illiteracy in the country.
FYI, what Graemen Bank does is nothing new - this microcredit system has been in use for decades. It's a simple charitable organization cherry picked in the current climate of political correctness to lend a bit of credence to the Nobel Peace Prize who include many very odd choices. Using Bangladesh as an example of poverty alleviation is the height of stupidity when poverty is exponentially being reduced in Pakistan through what has always been an economic trickle down solution.
Re: Pakistan economic snapshot 03-07 IMF data
Your full of Sh1t dude.. I suggest you pick up a book on basic economics and then get back to it… I dont appreciate you tone and im not gonna pay attention to your stupidity…
And just because your brain cells dont function at the level required to come up with genuine solutions, doesnt mean you have to crap on the accomplishments of others.. Grameen bank has done much good in Bangladesh and the person who started it has gotten the Nobel prize… So until your on stage getting the nobel prize, I suggest you keep your mouth shut… Or continue your rant and see how much respect you get!
Re: Pakistan economic snapshot 03-07 IMF data
How much of this rant was actually useful? If you can't answer the points made, that trickle down is implemented in several countries already, the basis of poverty alleviation occuring in Pakistan's economy right now is trickle down, that trickle down has actually worked and that microcredit banking has been in existence for centuries and does not alleviate poverty long term by building up the infrastructure required to combat poverty (rather a quick fix), then why not say nothing?..what is the use of getting emotionally disturbed and lashing out with swear words as a counter argument. This does not further any points your trying to make, however weak and stupid they might be. PS I couldnt give two craps of a constipated baboon's arse for your cyber respect in the real or specially the virtual world.
Re: Pakistan economic snapshot 03-07 IMF data
roadrunner and PP,
Please mind your tones and languages; have a contructive discussion. Thanks.
Re: Pakistan economic snapshot 03-07 IMF data
That is why I posted sources from the IMF. They are neutral, no?
Re: Pakistan economic snapshot 03-07 IMF data
I will, if you read up there, youll notice it wasnt me that accused him of “speaking out his rear end..”
Re: Pakistan economic snapshot 03-07 IMF data
You have no point, your so called points are no different then all your other posts… Just bitter “ranting” with no substance. And it wasnt me who used swear words… You attack everyone who has a different view and think thats reasonable discourse.
Still, the trickle down effect can work if there is a structured economy where goods and services actually get to the people. In Pakistan, there is no strong link between govt and the people. Musharaf has done well by setting up the local govt system, but that is stillin its infancy and still has many problems.
The money spent on development gets lost somplace in transport and the people its meant to benefit are not getting any of the benefit.
There is also corruption that can be a problem for obvious reasons, this gets in the way of development aswell.. I mean, when you have funding to build schools but the schools are not being used, or a miisused by local offcials as has occured in the past and probably even now, this is called corruption, and is another example how the money the govt spends is misused and misappropriated, there is no system to make sure the money goes where its supposed to.
In Pakistan, the lack of trained man power is a big hurdle in the way of development. The belief that economic growth that empowers only the upper strata of society will help everyone makes no sense if those people who benefit dont pass on the benefit to others, which hasnt happened since most investment has come as investment in field such as realestate etc… Even if people were to setup industries, there isnt enough trained manpower in Pakistan because of the low investment is Human resources.
The only way to really help Pakistans people in the long run is to invest in education, law and order, and the local administrative system, along with seting up programs such as microfinancing and others which help people directly without the hassle and beaurocracy. Pakistan has made some important advances, for example, I forget what the system is called but its the HCRp or something which looks afer human development, has made some important strides dealing with people directly. And the Presidents Rozgar scheme is also improtant despite its many problems.
Re: Pakistan economic snapshot 03-07 IMF data
Pakistan** economical problem and trickle down effect of economical growth.**
Using data of IMF: Expected per capita income of Pakistan, India, USA, UK, and Canada for 2007:
Pakistan = 916 dollars (or 55934 Pak rupees)
India = 826 dollars (or 38618 Indian rupees)
USA = 46,085 dollars
UK = 41,959 dollars (or 22448 pound sterling)
Canada = 41,347 dollars (or 46206 Canadian dollars)
Now to say that, 55934 Pakistani rupees a year or 4661 rupees a month is not a sufficient per capita income to live on is certainly wrong (Note: In India, it is Indian rupees 3218 per month).
Per capita income means income per head. That means, average family has income equal to per capita income multiplied by each and every person in the family; that includes even just born. In other words, if a family has 6 people in the household, their income if it is average, it would be 6 times per capita, or in case of Pakistan, it would be Rs 335604 a year or Rs 27,967 per month.
Thus, problem is not per capita income, problem is that most families in Pakistan are living on one person income and have plenty of children, breeding like rabbits. Then, when they could not afford so many kids, survival becomes difficult, they start living poorly and life becomes miserable, they cry.
Just imagine that a person ‘Anwar’ earning 25000 rupees a month, wife is also earning 20000 rupees a month and they have one child. Thus they would have income of Rs 45000 a month, and with one child, their household per capita would be Rs 15,000 a month (45000 divided by 3), more than thrice Pakistan average. [Only one person (child) in the household is economically unproductive]. This family would be living in middle class area and they would be able to afford good life (with few mouths to feed and one child to care and educate). This family is living on over thrice the per capita income of Pakistan (or have household income of 10 times per capita income of Pakistan).
Another person ‘Bakar’ earns 20000 rupees a month, wife is not earning and they have two children. Thus, they would have income of Rs 20000 for 4 people, thus would have per capita of Rs 5000 a month. [Here we have wife and two children economically unproductive]. This family is living on almost equal to the per capita income of Pakistan.
On the other hand, third person ‘Chaman’ is also earning 20000 rupees a month, wife is not earning and they have 4 children. The person also supports his both parents who are old and do not work or have any income. Now, this household has 8 people in the family, thus their per capita income would be Rs 2500 a month. [Here, we have 7 people, that is wife, parents and four children, all are economically unproductive]. This family is living on half the per capita income of Pakistan.
Now Classic average Pakistani case: There is fourth person ‘Dagga’ who is earning Rs 15000 a month. Unfortunately, he is competing with his local imam in producing children. His only activity is to work and come home to produce kids. He has 11 children, 12th on the way. He also looks after his old parents. Thus, in his household, there are 15 people. They are him, his wife, 11 kids, and 2 parents. Now though his income is Rs 15000 per month, his household per capita income is Rs 1000 per month. [14 of those 15 people in his household are economically unproductive]. Thus, this family is living on slightly over one-fifth of the per capita income of Pakistan.
So, we have four examples above. Income of all earners is Rs 25000 to Rs 15000 a month. But per capita income of household varies from Rs 15,000 a month to Rs 1000 a month. So, whose fault is it?
Obviously, family that has Rs 15000 a month per capita household income would be living nicely whereas the person with Rs 1000 per capita household income would barely survive, living in slumps.
Problem does not end there. Those who would have Rs 15000 household per capita income per month (Anwar above) would give better education and other facilities to their only child and when the child grows up, he would be earning much more. On the other hand, this guy (Dagga) with 12 kids, most likely, he would leave his kids to play in slums, stay uneducated, and would be living a deprived life with little care and attention.
[Note: Worse problem is that, those in Pakistan that have multiple incomes and few kids (like Anwar), have higher earning capability too as they are mostly educated and economically more creative. Reason being that most of them themselves come from family that had good income and few kids, thus their parents cared for them and gave them good education. Most of them have inherited a bit too, as their parents also earned a bit and had few kids to share their wealth. Most likely, he would have married an educated woman that having one child, would have enough time to get engaged in productive employment (as university teacher, medical doctor, banker etc), creating and thus contributing good income to the household.
Thus, even though in example, income difference is little (Rs 15000 to Rs 25000), reality is that, Anwar could be earning 75000 a month, his wife could be earning 30000 a month, and thus his household per capita income would be Rs 35000 a month (combined income of Rs 105,000 a month). This family would keep getting richer and affluent, as they would have reasonable savings from their income, most likely they would be knowledgeable investor too, and thus would be investing their savings, giving them increase income and accumulating wealth. When their child would grow, he could expect to inherit a lot of wealth too.
On the other hand, the guy (Dagga) most likely would be earning Rs 10,000 a month rather Rs 15000, and thus his per capita household income (with 15 people in the family) would be Rs 666 a month (or one-seventh the per capita income of Pakistan). Unfortunately, he and his children are born to stay in slums for generations and no government could do much about that. Dagga and his family would stay poor for generations, whatever the economy of the country. This guy (Dagga) would keep grumbling and complaining, expecting that government would come and make him equal to Anwer (guy in the first example). But that would be impossible for any government.]
Well, only hope for this guy (Dagga) is that country becomes so rich (per capita income of Pakistan increases by 10 to 15 times in real terms) that even at the lowest level, he gets decent life. Though comparatively, Dagga would never be able to compete economically with Anwer. Barring exceptional cases, Dagga and his kids are born to serve Anwer (directly or indirectly).
A thing to remember is that, people like Dagga are there in all countries (worse in richer countries); that includes USA or UK, living on household per capita income of even less then one-tenth the national average or lower. Only difference is that, USA economically became so rich that those Daggas of USA are also living reasonably.
Just imagine, a person in USA earning 50000 US dollars a year, is earning only one times the USA per capita income of 46085 US dollars a year. Actually, earning 50,000 dollars a year in USA is like a person in Pakistan earning Rs 5000 rupees a month (as per capita income of Pakistan is 4661 rupees a month or 55934 rupees a year). Both are earning similar amount of money with respect to the economy of the respective country they are living (that is one times the per capita income).
Now, our above Dagga in the example is earning Rs 15000 rupees a month; that is more then 3 times the per capita income of Pakistan. If that dagga was in USA, earning 3 times the per capita income of USA, he would have been earning 150,000 dollars a year. That means, someone earning Rs 15000 a month (Rs 180000 a year) in Pakistan is getting same proportion from Pakistan economical output for that year (2007), as a person earning 150,000 dollars in USA is getting proportion from American economical output for that year (2007). That is, both are earning 3 times per capita income of their country.
But there is big difference. The one in USA would have a wife who would be earning too, plus very few children, hence his household per capita income would be much higher.
Though, even if the position is same, that is the American earning 150000 dollars a year also have 15 in the household and none earning except him, making household per capita income of 10000 dollars a year, or one fifth USA average, he would still going to live nicely, not because he is rich American compare to other American, but because his country, USA is rich.
Note: Earning 150,000 dollars a year in USA means taking from the American economy same amount what a person earning Rs 15000 a month (or Rs 180,000 a year) in Pakistan takes from Pakistan economy.
Nevertheless, though both are earning same proportion from the economy (3 times per capita), there would be big difference in the living standard of a person earning 150,000 US dollars a year in USA and a person earning Rs 15,000 a month in Pakistan (Rs 180,000 a year).
Reason is that, Pakistan even though has grown a lot in economical terms during last five years, Pakistan is still very poor. Per capita income of Pakistan is US dollars 916 whereas per capita income of USA is US dollars 46,085, or over 50 times (expected 2007 figures).
When President Musharraf came to power in 1999, this difference was much higher (63 times) but it is narrowing (now 50 times). As it would narrow, poor of Pakistan would start living better, even though income difference may not change as much.
This is call trickle down effect of increasing economy that even though poor comparatively stay poor in comparison to rich, still their living becomes better as country becomes richer. This trickle down effect has happened in all western countries. Result is that, people earning modest 2 to 3 times per capita income in western countries can afford a lot in life and feel rich, even though comparatively they are amongst poor of the country.
Actually, even if a couple earning half the per capita income each, that is combined income of husband and wife is 50000 dollars a year in USA, and they have one child, still they could afford a lot and live reasonable in USA, just because USA is rich (have high per capita income), even though this family is amongst poorest Americans.
It is this trickle down effect, where rich becomes engine of economy, making the economical growth increase substantially, and in process they drag the poor into living a good life.
Economy where government interferes in the process, trying to reduce the rich-poor gap forcefully, rich and able leave the country or stop working hard and giving their best output. That results in country economically stagnating and thus poor living in poverty and misery, always. So, no one gains, country, rich or poor.
Note: Comparison of USA and Pakistan per capita income at various times:
1980
USA = 12255 dollars
Pakistan = 411 dollars (Rs 4075)
Thus, USA per capita income was 30 times that of Pakistan (in dollars)
1988 (Zia died)
USA = 20834 dollars
Pakistan = 466 dollars (Rs 8992)
USA per capita income increased to 44 times that of Pakistan (in dollars)
1999 (Last year of Nawaz Shareef)
USA = 33196
Pakistan = 526 dollars (Rs 26831)
USA per capita income increased to 63 times that of Pakistan (in dollars)
2007 (expected for coming year)
USA = 46093 dollars
Pakistan = 920 dollars (Rs 57610)
Contrast to earlier trend, during Musharraf rule, USA per capita income decreased to 50 times that of Pakistan (in dollars)
Thus, from 1980 to 1999, USA per capita income multiple kept increasing (from 30 times in 1980 to 63 times in 1999). After Musharraf came to power, this trend has changed and now it has started decreasing (it has decreased from 63 times to now 50 times).
We should realise that this multiple takes a long time to increase (USA per capita income multiple increased from 30 times in 1980 to 63 times in 1999, that was 29 years span. Now to get back to 30 times or less (1980 position) could take some time too. Thus, we can just pray, hope for the best and keep our finger cross and be patient. To get better off takes time, sometime longer then to get worse off. [Note: I am using data up to 1980, because that is what I can quote using IMF figures given on their website].
Pakistan** economical turnabout and Myth of 9/11: **
Another thing I would like to say is that, some people have made it a habit of giving credit for all economical turnabouts in Pakistan, to 9/11 and USA.
First of all, USA aid to Pakistan during afghan war was 10s of time more than what Pakistan got from USA and all other sources, after 9/11. Still, through out, Pakistan was struggling (as per capita dollars multiple of USA with respect to Pakistan per capita shows that it was increasing throughout during Afghan war).
Second is that, all those help after 9/11 does not even account to around 5 billion dollars (in debt write off, charges to USA for facilities and other help Pakistan received from all sources). Actually some help that was coming to Pakistan before 1998 (before Pakistan nuclear explosion) got stopped and did not start until recently. Japan use to give yearly aid of 500 million dollars before nuclear explosion that got stopped and I do not know if it got started even now. Plus, due to 9/11 Pakistan incurred a lot of trading losses because of being a country in war zone.
After Musharraf took over, many aid and economical help stopped due to military rule clause related to aid from most countries, still Pakistan dollar reserves increased to record high of around 4 billion dollars before 9/11.
Nevertheless, even if we take account of all helps after 9/11 from all sources, it does not come to 5 billion dollars. The effect is that, no help to Pakistan economy, as, if we deduct 5 billion dollars from reserve, all aid becomes zero and Pakistan would still have all economical positions same, though reserve would be around 8 billion dollars instead of 13 billion dollars (as at moment, reserve is around 13 billion dollars and if one minus 5 billion dollars related to all aid and loan write off, still 8 billion dollars is left).
Only benefit of 9/11 was that, Pakistan relationship with world countries became better and Pakistan managed to trade freely, that it could have done under any civilian government, but was restricted due to nuclear test and later military takeover after 1999.
So, all this economical turnabout is nothing to do with 9/11, debt write off, debt rescheduling, aid etc, as propagandist and chailay chamchay of NS and BB wants all to believe, rather it is to do with prudent government policy, professional economical management and most importantly less corruption (trademark of NS, BB and Z).
Re: Pakistan economic snapshot 03-07 IMF data
excellent post
Re: Pakistan economic snapshot 03-07 IMF data
Good post Saleem, thanks...
I would like to add that with respect to birth rate, the key seems to be in female literacy... When the mother of the house is literate, birth rate also tends to decline, possibly because these women are more career oriented or job oriented.
It was shown to be the case in Kerala in India, where the birth rate is comaprable too most developed nations.
In Pakistan the female literacy is really low, and thus you have the large familes...
Although im sure other factors also play role.
Re: Pakistan economic snapshot 03-07 IMF data
And now this! Who would have expected!
I think this is old news, but im not sure… Still im cautiously optimistic…
http://www.pakistantimes.net/2007/01/08/top6.htm
Economy of Pakistan to lead world economies in 21st Century
By Shoaib Jabbar ‘Pakistan Times’ Special Correspondent
ISLAMABAD: Goldman Sach, one of the leading investment banks of world has predicted that Pakistan’s economy would dominate world’s economies in 21st century, Advisor to the Prime Minister on Finance, Dr Salman Shah said on Sunday.
He said, the same bank is used to advise world’s top business organisations about the potential countries where they should invest.
Goldman Sach, a leading investment Bank of the world has included Pakistan’s economy among 11 most fastly growing economies of the world, saying that Pakistan is set to take control of the world’s economy in next 40 years.
These economies of several countries especially of Pakistan will surpass the economies of even G-6 countries in 21st century, the investment bank report said.
They have invented a new term (BRIC) consisting of Brazil,Russia, India and China five years ago predicting that Pakistan, Turkey and Egypt will progress faster than the BRIC countries.
He said the bank has particularly appreciated population mixture of Pakistan terming it most vibrant.
Out of a population of 160 million almost 55 percent consist of under nineteen years of age.
Youngsters of Pakistan will play key role in economic dynamics of next 40 years.
The young manpower of Pakistan will come into arena when labours of other countries already retired.
They will provide Pakistan demographic dividend, he remarked.
These people not only help enhance production but also create demands of consumer goods.
Currently country’s per capita income is at $ 850.
Personal Income
When the personal income increases upto $ 3000 accelerating consumer goods production to meet increasing demands, he remarked.
Pakistan’s middle class is emerging fast while its industry will also move from textile to high tech goods production in the next 25 years, he said.
Responding to a question he said import of surplus wheat have been allowed to private sector for creating space for next crop adding said that due to good rains Pakistan expects a bumper wheat production this year.
He said that government is also checking the prices of the commodity in order to maintain their prices.
Dr.Shah said that Petroleum prices in country are still lower than India and other South Asian countries.
Core inflation ratio is upto 5.6 percent.The focus of the government is to bring down food inflation ratio from 10 percent to a lower level, he added.●
Re: Pakistan economic snapshot 03-07 IMF data
Excellent news from Goldman Sachs
And before that, a truly excellent post by Sa1eem. I applaud you for making one of the best posts over on Gupshup.
Re: Pakistan economic snapshot 03-07 IMF data
goldman sachs are lotas ...
Re: Pakistan economic snapshot 03-07 IMF data
So are the IMF, World Bank, Morgan Stanley and every other foreign agency that has praised Pakistan’s economy under Musharraf! 