Re: Risks to economy growing.. State Bank.
:CareBear::CareBear::CareBear::CareBear::CareBear: :CareBear: the only thing laughtable is your ignorant posts.
for you information, all the economic figures are given by the state bank and approved by the world bank, you must be really blinded in hate so reject figures like that, even CIA lists them in their world fact book, all leading investment banks such as goldman sach, jpmorgan etc, approve them and advise business/corporates/multinationals etc. to conduct business there, thats why you see many foreign business coming to pak nowadays and FDI hitting $8 billion, because these investment banks have seen a potential and tell that to companies.
well you will obviously be blinded by the facts and even reject pakistan if it becomes the worlds most powerfull nation, so theres nothing new there. you are the one who rejected there figures when they said poverty has droped from 36% to 24%, you are the one who rejected them when they said economy is growing at 7%, you are the one who rejected them when they said FDI has hit $8 billion and now they said economy is going to grow slower this year due to political situation, not only do you read the article wrong but also start jumping in joy :CareBear:
Yaar, there are so many people that do not understand figures and even if it is spelled to them, their hate of Musharraf is such that they could not see or appreciate figures, or what happened during last 8 years of Musharraf rule. These people would love to migrate to west to make their own personal life better, but when it comes to Pakistan or life of poor Pakistanis in Pakistan, they hate to see them benefiting with good economical prospects and opportunity.
There are some figures that may get fabricated but some figures are impossible to fiddle, else past corrupts like NS and BB would have done that.
Here are 10 of many unprecedented economical figures of Musharraf government that can not be fiddled and would be remembered forever after Musharraf would leave are:
One: Unprecedented economical growth: Pakistan GDP grew from $62 billion dollars in 1999 to $146 billion dollars in 2007. Such growth is highest ever that happened during any past regimes (Ayub, Yahya, Bhutto, Zia, BB or NS). That is 11.3 percent compound growth a year in dollars … highest ever.
Two: Unprecedented per capita income growth: Pakistan per capita income grew from $440 in 1999 to $930 in 2007. Such growth is highest ever that happened during any past regimes (Ayub, Yahya, Bhutto, Zia, BB or NS). That is 9.8 percent compound growth a year in dollars … highest ever.
Three: It is first time in Pakistan history that Pakistan paid more interest on inherited debt than new loan borrowed. For instance, Pakistan debt in 1999 was around 72 billion dollars [34 billion dollars internal debt (over Rs 1600 billion) and 38 billion dollars external debt]. Musharraf government paid around 80 billion dollars interest on inherited debt over last 8 years, but debt only increased by 10 billion dollars. It shows that Musharraf government paid a lot of interest without increasing the debt and thus kept the debt under control.
In past, no government paid more interest on inherited debt than what they borrowed. So, what happened in Pakistan debt front is unprecedented in Pakistan history. If Musharraf government had not borrowed anything but just borrowed enough to pay interest on inherited debt … today Pakistan debt would have been over 170 billion dollars (because there would have been interest on money borrowed to pay interest). Present debt is around 82 billion dollars (42 billion dollars internal debt and around 40 billion dollars external debt)
Four: Unprecedented stock market growth: During last 8 years Pakistan stock market has increased from less than 1200 to around 14500 … or 1200 percent; that comes to around 37 percent compound growth a year (this is very rare even anywhere in the world … as this happens only in country that goes through very rapid growth, and that is what happened in Pakistan).
Five: Unprecedented Federal Tax collection increases of over 300 percent in last 8 years (from Rs 302 billion to around Rs 900 billion), and that is around 15 percent compound growth a year.
Six: Unprecedented export increase for Pakistan of over 200 percent in last 8 years (from 7.8 billion dollars in 1999 to around 17 billion dollars in 2007), and that is better than any past regime. It comes to around 10 percent compound growth a year in dollars.
Seven: After partial floatation of rupee by Zia, one of the most stable period of rupee exchange rate in terms of dollar, such that Musharraf government completely floated rupee. Rupee devalued in open market by 14 percent in 8 years or on average compound rate less than 2 percent a year.
Eight: Lowest rupee interest rate since 1970.
Ninth: Highest net increase in wages ever of over 85 percent during last 8 years (percentage increase in wages divided by percentage increase in prices).
Ten: This is first time in Pakistan history that government has facilitated loan access to even poorest of the country so that they can make their life better, else in past this was privilege of only rich, connected and resourceful.