Finance Ministry has launched ‘75 years Economic Journey of Pakistan’ to commemorate the 75th Independence day of the country, highlighting how GDP, exports, per capita income and tax revenues increased during the period.
Sharing details of the economy during the period of 75 years since independence, the finance ministry shared that the nominal GDP rose from $3 billion to $383 billion from 1950-2022 while GDP growth boosted from 1.8 per cent in 1950 to 5.97 per cent in 2022.
It shared that per capita income rose from $86 in 1950 to $1,798 in 2022. Exports rose from $163.9 million to $32.5 billion from 1950-2022, adding that tax revenues rose from Rs0.31 billion to Rs6126.1 billion.
The finance ministry while highlighting the economic journey said that agriculture accounted for 59.9 per cent of the total GDP in 1949-50 and the green revolution started during the early 1960s. At the time of independence, Pakistan inherited only 34 industrial units out of 921 industrial units.
In his message, Minister for Finance and Revenue Miftah Ismail said that the dearth of resources to meet the local needs after independence was not a secret as India refused to give a due share of its wealth to Pakistan soon after its birth.
In Fiscal Year 2022, the Nominal GDP stands at Rs66,950 billion or $383 billion whereas, per-capita income has reached $1,798 in 2022, he said adding that the country successfully established its trade and economic ties with different countries and entered into several global trading arrangements like WTO, SCO, WCO, the South Asian Association for Regional Cooperation, China Pakistan Economic Corridor, bilateral and multilateral agreements including EU-GSP Plus scheme.
Miftah Ismail said that all these successes were possible due to the dedication, hard work and resilience of the people of Pakistan, adding that enhanced economic governance has paved the way for a prosperous and strong Pakistan.
He further said that given the current economic fundamentals and sound economic policies being adopted by the present government, the country was all set to become an economic powerhouse of the world.
Meanwhile, Federal Secretary Ministry of Finance Hamed Yaqoob Sheikh said that the 75 years journey of Pakistan was a story of economic, political, social and regional events that have shaped the country that we live in today.