Pakistan is classified as a developing economy and has a semi-industrialized economy that relies on manufacturing, agriculture, and remittances 1. The country’s GDP has been growing at an average of 5% per year since 2005 2. However, this growth rate is not enough to keep up with the fast population growth 2. The country’s population has expanded over sixfold between 1951 and 2017, going from 33.7 million to 207.7 million 3. The average annual population growth rate between 1998 and 2017 stood at +2.40% 3.
Pakistan growth
According to the World Bank Group, Pakistan’s GDP growth rate in 2020 was -0.4% 4. However, the Asian Development Bank predicts that Pakistan’s GDP growth rate will be 0.6% in 2023 and 2.0% in 2024 5.
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Learn more:
1. en.wikipedia.org
2. tradingeconomics.com
3. en.wikipedia.org
4. data.worldbank.org
5. adb.org
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What are the main industries in Pakistan?
How does Pakistan's GDP compare to other countries?
What is the poverty rate in Pakistan?
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