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The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).
Transport in Pakistan is extensive and varied. In recent years, new national highways have been built, with the addition of motorways which have improved trade and logistics within the country. Pakistan's rail network is also undergoing expansion in recent years. Airports and seaports have been built with the addition of foreign and domestic funding. Transportation challenges in Pakistan are escalating due to poor planning, inadequate governance, and corrupt practices.
Gwadar is a port city on the southwestern coast of the Pakistani province of Balochistan. The city is located on the shores of the Arabian Sea, opposite Oman and has a population of over 90,000, according to the 2017 census. It was an overseas possession of Oman from 1783 to 1958. It is about 120 km (75 mi) southwest of Turbat. The sister port city of Chabahar in Iran's Sistan ve Baluchestan province is about 170 km (110 mi) to the west of Gwadar. On 2 April 2021, it was declared the winter capital of Balochistan.
Pakistan Railways is the national, state-owned railway company of Pakistan with its headquarters in Lahore. Founded in 1861 as the North Western State Railway and headquartered in Lahore, it owns 7,789 kilometres of operational track across Pakistan, stretching from Peshawar to Karachi, offering both freight and passenger services, covering 488 operational stations across Pakistan.
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownership of the Pakistan Security Printing Corporation.
The KSE-100 Index is a stock index acting as a benchmark to compare prices on the Pakistan Stock Exchange (PSX) over a period.
The University of Engineering and Technology, Peshawar , formerly known as NWFP University of Engineering and Technology, is a public university located in Peshawar, Khyber Pakhtunkhwa, Pakistan. Formerly known as NWFP University of Engineering and Technology until 2010, it an institution of higher learning in Pakistan with a strong emphasis on the development of science and engineering. The university offers undergraduate and post-graduate programs in various engineering disciplines. The university is also a member of the Association of Commonwealth Universities of the United Kingdom. The university was regarded as one of the best engineering schools in the country and was ranked in 7th position nationwide in the category of "Engineering and Technology" by HEC, the highest governing body of higher education in Pakistan. According to Times Higher Education World University Rankings 2023, the university is ranked in 801-1000th worldwide and in 251-300th position in Asia.
Karachi is the financial and industrial capital of Pakistan. As of 2019, Karachi has an estimated GDP (PPP) of $164 billion. The city accounts about half of the total collections of the Federal Board of Revenue, out of which, approximately half are customs duty and sales tax on imports. Karachi produces about 30 percent of value added in large-scale manufacturing, 25% of the GDP, the World Bank identified Karachi as the most business-friendly city in Pakistan. In 2010, research by the global human resources company Mercer found Karachi to be the most inexpensive city in the world.
MCB Bank Limited is a Pakistani multinational commercial bank which is based in Lahore, Punjab, Pakistan. The majority of shares are owned by Pakistani conglomerate Nishat Group and Malaysian bank Maybank. The bank has a network of 2000 branches and over 1200 ATMs in Pakistan. The current President/CEO of the bank is Shoaib Mumtaz.
Diamer-Bhasha Dam is a concreted-filled gravity dam, in the preliminary stages of construction, on the River Indus between Kohistan district in Khyber Pakhtunkhwa and Diamer district in Gilgit Baltistan, Pakistan administered Kashmir. Its foundation stone was laid by the then Prime Minister of Pakistan in 1998. The dam site is situated near a place called "Bhasha", hence the name which is 40 km downstream of Chilas town and 315 km from Tarbela Dam. The eight million acre feet (MAF) reservoir with 272-metre height will be the tallest roller compact concrete (RCC) dam in the world.
The Bank of Punjab is a Pakistani government-owned bank which is based in Lahore, Punjab. It is owned by the Government of Punjab, Pakistan.
Fauji Foundation, , is a Pakistani conglomerate company based in Rawalpindi. It is active in fertilizer, cement, food, power generation, gas exploration, LPG marketing and distribution, financial services, security services and provides womb-to-tomb benefits to retired servicemen of Pakistan Armed Forces and their families.
Islamabad International Airport is an international airport serving Islamabad, the capital city of Pakistan and Rawalpindi. It is located 25 km (16 mi) south-west of the city, and is directly connected to the Lahore and Peshawar motorways as well to the capital city Islamabad via Srinagar Highway.
WorldCall Telecom Limited is a Pakistani telecommunication and multimedia service provider based in Lahore, Pakistan. It is listed on the Pakistan Stock Exchange.
Pakistan's industrial sector accounts for 28.11% of the GDP. Of this, manufacturing makes up 12.52%, mining constitutes 2.18%, construction makes up 2.05%, and electricity and gas 1.36%. The majority of industry is made up of textile units, with textiles contributing $15.4b to exports, making up 56% of total exports. Other units include surgical instruments, chemicals, and a budding automotive industry. Pakistan's inadequately developed labor market, unable to absorb the increasing number of educated workers, has resulted in a high rate of unemployment among graduates.
CMPak Limited, doing business as Zong, is a Pakistani mobile data network operator, owned by China Mobile.
South Punjab, also proposed as Bahawalpur-South Punjab, are the names for the proposals to create a new province in Pakistan, out of the southern regions of Punjab. The region comprises the Bahawalpur, Multan and Dera Ghazi Khan divisions. The proposed province would form about 52 percent of the total area and almost 40 percent of the population of the current Punjab province.
The Neelum–Jhelum Hydropower Plant is part of a run-of-the-river hydroelectric power project in Azad Kashmir (AJK) designed to divert water from the Neelum River to a power station on the Jhelum River. The power station is located 42 km (26 mi) south of Muzaffarabad, and has an installed capacity of 969 MW. Construction on the project began in 2008 after a Chinese consortium was awarded the construction contract in July 2007. After many years of delays, the first generator was commissioned in April 2018 and the entire project was completed in August 2018 when the fourth and last unit was synchronized with the national grid on 13 August and attained its maximum generation capacity of 969 MW on 14 August 2018. It will generate 5,150 GWh per year at the levelised tariff of Rs 13.50 per unit for 30 years.
China–Pakistan Economic Corridor is a 3,000 km Chinese infrastructure network project currently under construction in Pakistan. This sea-and-land-based corridor aims to secure and shorten the route for China’s energy imports from the Middle East, avoiding the existing path through the Straits of Malacca between Malaysia and Indonesia, which could be blockaded in case of war, thereby threatening China’s energy-dependent economy. Developing a deep-water port at Gwadar in the Arabian Sea and establishing a robust road and rail network from this port to the Xinjiang region in western China would serve as a shortcut, enhancing trade between Europe and China. In Pakistan, the project aims to address electricity shortages, develop infrastructure, and modernize transportation networks, while also transitioning the economy from an agriculture-based structure to an industrial one.
Army Welfare Trust (AWT), (Urdu: آرمی ویلفیر ٹرسٹ) also known as Askari Group, is a Pakistani conglomerate based in Rawalpindi.
References
- ↑ "Pakistan Infrastructure Bank expected to become operational this year". Profit by Pakistan Today. February 25, 2019.
- ↑ "Govt to set up Pakistan Infrastructure Bank with access to $1 billion". www.thenews.com.pk.
- ↑ "Pakistan to set up $1b infrastructure bank". The Express Tribune. April 26, 2017.
- ↑ "Pakistan Infrastructure Bank expected to be operational this year". www.radio.gov.pk.
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