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Economy-Backdrop (Cont…) As a result: – The fiscal deficit rose to 7.6% in 2007-08 – The current account deficit surged to a record 8.5% of GDP; – Inflation touched 25% at its peak, in August 2008; – SBP’s foreign exchange reserves depleted from $14.2 billion in October 2007 to $3.4 billion October 2008 (One month import cover) – Rupee lost 22% of its value between March and October 2008 54
Macroeconomic Challenges Growth Deceleration with consequences of income erosion, unemployment and poverty Unsustainable revenue-expenditure gap Structural imbalances because of: • Low savings rate, low tax-to-GDP ratio and growing demand for expenditures • Domestic resource scarcity is financed by foreign savings Rising Inflation because of supply shocks and monetary overhang Fiscal and monetary tightening: Impact on growth 55 Rising Cost of Production and industrial competitiveness
Page 1 and 2:
ASIM MAJID KHAN Chief Instructor, N
Page 3 and 4: Additions to GDP - Various Periods
Page 5 and 6: • LICENCING SYSTEM, OFFICIAL EXCH
Page 7 and 8: • GREEN REVOLUTION SEEDS, FERTILI
Page 9 and 10: Bhutto and Socialism 1971--77 • G
Page 11 and 12: ZIA 1977 -- 1988 • GDP GROWTH 6%
Page 13 and 14: THE LOST DECADE 1989--1999 • GDP
Page 15 and 16: Macroeconomic Performance in Pakist
Page 17 and 18: 1999-2007 MAJOR ECONOMIC REFORMS 17
Page 19 and 20: Investment rate started declining a
Page 21 and 22: Yearly Changes in Net Credit to The
Page 23 and 24: The country remained vulnerable to
Page 25 and 26: Development Spending (Billion $) 3.
Page 27 and 28: Installed capacity (MW) 27
Page 29 and 30: Recent economic downturn 29
Page 31 and 32: Oil Import Bill ($ Billion) -12.0 3
Page 33 and 34: Foreign Investment (US $ million) F
Page 35 and 36: Debt servicing (Rs millions) 35
Page 37 and 38: PUBLIC DEBT (As % of GDP) 60.0 37
Page 39 and 40: Progress is Reflected in the Rating
Page 41 and 42: SUMMARY OF FEDERAL BUDGETARY POSITI
Page 43 and 44: o Indirect Taxes Stamp Duty Motor
Page 45 and 46: Growth in Fiscal Sector Variables (
Page 47 and 48: Structure of Federal Taxes Year FBR
Page 49 and 50: Relatively Recent Macroeconomic Per
Page 51 and 52: REVENUE, EXPENDITURE AND DEFICIT SI
Page 53: Challenges After a period of reaso
Page 57 and 58: Measures to Regain Macroeconomic St
Page 59 and 60: Source: World Bank 59 59
Page 61 and 62: Pakistan is assured of a Demographi
Page 63 and 64: Emergence of a strong middle class
Page 65 and 66: Per Capita Income ($) 65
Page 67 and 68: Workers’ Remittances ($ Million)
Page 69 and 70: • Pillar IV: Financial Sector Dee
Page 71 and 72: • Eliminate subsidies • Ensure
Page 73 and 74: FISCAL CHALLENGES 73
Page 75 and 76: Structure of Expenditure (% Share)
Page 77 and 78: Structure of Current Expenditure (%
Page 79 and 80: Revenue collection lacks vigor; Ex
Page 81 and 82: Medium Term Challenges (Cont…) -
Page 83 and 84: Pressing Macroeconomic Issues • H
Page 85 and 86: REVENUE GENERATION AND ITS CHALLENG
Page 87 and 88: Export Side • Narrow concentratio
Page 89: TRADE BREAKUP World vs Pakistan-200
Page 95 and 96: Collection Collection Growth Growth
Page 97: Tax Heads Q1: 10-11 Q1: 09-10 Growt
Page 100 and 101: 100
Page 102 and 103: July - September No of No of Filers
Page 104 and 105:
PCT Description CD Collection July-
Page 106 and 107:
DOMESTIC CHALLENGES 106
Page 108 and 109:
• Pakistan has extreme poverty co
Page 110 and 111:
INVESTMENT CHALLENGES AND BUSINESS
Page 112 and 113:
• Low participation of women in e
Page 114 and 115:
Policy Roadmap For The Next Five Ye
Page 116 and 117:
• Youth has to be facilitated on
Page 118 and 119:
• Water resources and energy reso
Page 120 and 121:
All new projects as well as old ind
Page 122 and 123:
Development needs should be shifted
Page 124 and 125:
• New laws to be enacted based on
Page 126 and 127:
PUBLIC Enterprise Reform and Privat
Page 128 and 129:
• Improved and wider markets for
Page 130 and 131:
Economic vision should include 1. F
Page 132 and 133:
Second generation reforms Strengthe
Page 134 and 135:
System
Page 136 and 137:
Why Institutional is more imp than
Page 138 and 139:
The Accountability Framework
Page 140 and 141:
Movement And Performance
Page 142 and 143:
Indicators
Page 144 and 145:
IN A NUTSHELL… VISION SKILLS MOTI
Page 146:
Thankyou 146
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