Pakistan seems to be on the road to economic stability keeping in view the economic indicators of the past few days. According to a report published recently, the economic indicators of Pakistan’s economy are quite encouraging. An improvement has been seen in the value of Pakistani currency since the start of September, which has put the country on the path to economic stability. A strengthened rupee could boost the international trade. According to the report, inflation has reached its lowest level since August 2023 due to measures to control prices. Pakistan's trade deficit was reduced by 40 percent and the current account deficit by 85 percent in FY2023, which also reflects improvement in the balance of payments.

Pakistan's GDP showed an extraordinary growth of 27.1% compared to last year, which is a positive sign for the country's development. The IT industry has achieved a trade surplus of $1.72 billion, which reflects exports and economic growth. Despite several challenges, the country’s IT exports have grown by 10%. While imports have declined significantly by 28.4%, which may have a positive impact on the trade balance and foreign exchange reserves.

Increased production of key minerals such as coal, dolomite, barytes, and others indicates increased mining activity that contributes to economic growth. China's interest in Pakistan’s IT sector highlights the strength of the country’s economic structure. The significant contribution of the telecom sector has contributed significantly to the national exchequer, showing the country's potential for further growth. The banking sector has reported a substantial increase in profits, reflecting overall economic stability and business activity. The establishment of the Special Investment Facilitation Council (SIFC) in Pakistan and the assurance of investment by many foreign mining companies including Saudi Arabia is a clear indication of the strength of the country's economy

 Reforms in the Land Information and Management System in the agricultural sector can revolutionize it. The interest in the privatization of the electric vehicle industry in Pakistan indicates sustainable industries and employment opportunities in the country. The launch of the CPEC Bank of China in Islamabad is an important sign of the country's economic stability. The increasing opportunities for the export of rice in the country are an important component in the strength of the economy. Joint efforts of the Pakistan Army and the current government herald the tides of sustainable peace and a strong Pakistan.

Credit: Independent News Pakistan (INP)