Contest - Exploring about the Economic Situation in my Country Pakistan
Assalam-o-Alaikum! How are you ? I hope you are doing well by the grace of Allah Almighty. I'm also good. I'm also fine with the blessings of Allah Almighty First of all, I would like to thanks @artist1111 who put up this contest. And gave us an opportunity to write about the economic situation of our country.
There are certain variables to describe the economy of any country. Which I want to describe first. So that by looking at their data, you can correctly assess the country's economy. The first is Variable is GDP. GDP which refers to the value of all goods and services produced within a country in a year. Another variable used to describe the economy of any country is inflation. Inflation refers to an increase in the prices of goods and services or a decrease in the purchasing power of consumers. The third one is Current account deficit Foreign trade of any country involves money transactions. It is from my current account.
Meaning is this , if Pakistan has exported goods from foreign countries, then they have to pay in dollars or foreign currency or you sell the goods yourself. You receive their payment in the form of foreign currency, for all of them a current account is used. At the bottom is the Federal Reserve, which refers to the amount of reserves of the central bank of the country because it has a strong influence on the economy of the country.
After explaining all these things, now I have come to the answer to your question. What is the economic situation in Pakistan? The current economic situation in Pakistan is quite serious. Pakistan's economy has been in deficit for some time. And Pakistan is close to defaulting. The main reason for this is the flood that occurred last year, due to which Pakistan lost 40 billion dollars. And the second major reason is political instability. Now I am sharing some statistics which will give you a clear idea of the economic situation of the country.
- Total State bank reserve 4,311.9 Million $ [source state bank of Pakistan website]
- Current account deficit $ 3.9 billion [sources finance department of Pakistan]
GDP growth according to world bank GDP growth expected to slow sharply to 0.4%
INFLATION Rate in Pakistan is 35.4% [Pakistan bureau of statistics]
Unemployment rate in Pakistan is 6.4% [world bank]
The economic problems faced by the rulers of Pakistan. The biggest challenge among them is to save Pakistan from default. Pakistan's foreign reserves are very low. And Pakistan's imports are continuously increasing. And Pakistan's current account is also in deficit. Soon Pakistan will be unable to pay for its imports. Therefore, Pakistan is trying day and night to make an agreement with the IMF.
That Pakistan should get a loan from the IMF as soon as possible. And the foreign reserve of Pakistan should increase. The second major challenge for the Prime Minister of Pakistan and the cabinet is how to control inflation. Inflation is happening very fast in Pakistan. Apart from this, political instability is also the current major problem of Pakistan. Unless there is political stability in the country, your economy cannot improve. Because the stock market, trade, all these things are connected with the political situation of the country. Therefore, this is also a big challenge for the rulers of Pakistan.
One should never give up hope in any situation. We all hope that the country of Pakistan will improve in the coming time. But we had to work hard for it. First of all, there should be political stability in Pakistan. Establish a strong and independent government. Who will lead the economy of this country towards improvement with his hard work and excellent leadership. With this prayer, the country of Pakistan will develop double day and quadruple night. This is the end of my writing. I wish you all the best.
Now I would like to invite @aaliarubab, @suboohi, @nalainzahra and @isha46 to participate in the contest. Thank you for reading my post. Here my post ends. Remember me in your prayers.
Best Regards
Musa Khan (me-joker)
Wish you very best of luck for contest keep posting ahead greetings 🤗
Thank you souch much mam 🤗
You have provided a detailed article at the economic situation of Pakistan. You are right Pakistan is passing through the bad economic conditions. But as far as I observe it is the most crucial thing for the poor people. The business owners do not have any effect because they are going to be rich and rich.
Thank you very much !.
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Thank you very much sir.
The country of Pakistan can be able to be saved from their default. And talking about the exchanges involved in your country, I just hope it normalizes.
Thank you very much.
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