The document summarizes key economic indicators during Nawaz Sharif's tenure as Prime Minister of Pakistan from 2013 to 2017. It notes that the economy was in poor shape when he took office, with low GDP growth, high inflation and deficits. However, during his rule GDP growth increased to an average of 4.64% annually, manufacturing grew at its fastest rate in over a decade, agriculture saw its highest growth in 13 years, and the service sector expanded significantly. Major initiatives like CPEC and privatization helped but the trade deficit also widened substantially.
The document summarizes key economic indicators during Nawaz Sharif's tenure as Prime Minister of Pakistan from 2013 to 2017. It notes that the economy was in poor shape when he took office, with low GDP growth, high inflation and deficits. However, during his rule GDP growth increased to an average of 4.64% annually, manufacturing grew at its fastest rate in over a decade, agriculture saw its highest growth in 13 years, and the service sector expanded significantly. Major initiatives like CPEC and privatization helped but the trade deficit also widened substantially.
The document summarizes key economic indicators during Nawaz Sharif's tenure as Prime Minister of Pakistan from 2013 to 2017. It notes that the economy was in poor shape when he took office, with low GDP growth, high inflation and deficits. However, during his rule GDP growth increased to an average of 4.64% annually, manufacturing grew at its fastest rate in over a decade, agriculture saw its highest growth in 13 years, and the service sector expanded significantly. Major initiatives like CPEC and privatization helped but the trade deficit also widened substantially.
The document summarizes key economic indicators during Nawaz Sharif's tenure as Prime Minister of Pakistan from 2013 to 2017. It notes that the economy was in poor shape when he took office, with low GDP growth, high inflation and deficits. However, during his rule GDP growth increased to an average of 4.64% annually, manufacturing grew at its fastest rate in over a decade, agriculture saw its highest growth in 13 years, and the service sector expanded significantly. Major initiatives like CPEC and privatization helped but the trade deficit also widened substantially.
2013 - 2017 Presented by: Alysaad Hassan State of economy in 2013 • Average GDP growth during the period 2008-12 was 2.8% per annum • Collapsed economy • Average inflation rate was 12% (8.3% in 2012-2013) • High fiscal deficit of 8.5% of GDP • Foreign exchange reserves were at historical low • SBP gross reserves dropped to US 6 Billion (under 1.5 months of import bills as of june 2013) • Protracted energy crisis (12-18 hours of electricity load shedding in urban and rural areas) • Widespread terrorism • Corruption resulting from bad governance (underperformance in tax collections in the previous fiscal year, inadequate tax administration) • National morale was at the lowest • Output losses estimated at 2% of GDP annually Highlight reel of Nawaz Sharif’s era • CPEC • Many delayed projects were completed • Amendment to Women Protection Bill • Pak-Qatar $16 Billion LNG import deal • Easter, Holi & Diwali were declared official public holidays • Hanged Mumtaz Qadri • Auction of 3G & 4G spectrum licenses • Prime Minister's Youth Programme • IMF loan $6.64 Billion • Privatization of 5 state owned entities out of 30 demanded by IMF • Curb terrorism (Operation Zarb-e-Azb, Operation Rad-ul-Fasaad, Biometric) • Panama leak • Negotiated Free Trade Agreements with Turkey, Iran, Malaysia, Thailand and South Korea Growth and Investment GROSS DOMESTIC PRODUCT - Average GDP growth during 5.53% 6.00% the period 2008-12 was 2.8% 5.00% 5.00% 4.56% per annum 4.05% 4.06% 3.68% 4.00% - Average GDP growth during 3.00% the period 2013-17 was 4.64% per annum 2.00%
MANUFACTURING SECTOR 7.00% - During FY 2018, Large Scale 5.65% 5.83% Manufacturing (LSM) recorded an 6.00% 5.43% 4.85% impressive growth of 6.13 percent 5.00% which is the highest in eleven years. 3.88% 3.69% 4.00%
- Overall industrial sector growth
3.00% improved by 5.8 percent which is 2.00% highest in ten years. 1.00%
infrastructure within the country Trade & Payments 80,000 - Exports gone down by 5.1 % in comparison to 60,795 FY 2013 60,000 52,910 44,950 45,073 45,826 44,685 40,000 - Imports gone up by 35.25% in comparison to 24,460 25,110 23,667 20,787 20,422 23,212 FY 2013. 20,000
(23,898) - Remittance average growth rate has been 7.7% (40,000) (32,488) (37,583) during the rule of PML-N. (60,000)
Imports (in Million US $) Exports (in Million US $) Balance of trade (in Million US $) - Current account deficit widened to US$ 3.1 billion in FY2013-14 to US$ 19.89 billion in FY2017-18 depicting the increase of US$ 16.8 billion. CAD was highest by 6.3 percent in FY2017-18 as a percentage of GDP. Fiscal Framework FISCAL DEVELOPMENT TAX REVENUE 25.00% 4500 25%
Successes: Drawbacks: - High economic growth - No substantial growth in exports - Inflation at a level to facilitate growth - Inflated current account deficit - Improvement in law and order situation - No change in the tax net - Substantial reduction in fiscal deficit - Low interest rate promoting growth in most sectors - Improvement in health, judiciary and education were not a priority - Infrastructure development - Reduction in energy crises - Many mega projects initiated
