- published: 17 Aug 2015
- views: 23689
The economy of Pakistan is the 43rd largest in the world in nominal terms and 28th largest in the world in terms of purchasing power parity (PPP). According to the government figures, Pakistan's gdp is about $300 billion, which means pakistan economy is 35th largest in the world. Pakistan has a semi-industrialized economy, which mainly encompasses textiles, chemicals, food processing, agriculture and other industries. Growth poles of Pakistan's economy are situated along the Indus River; diversified economies of Karachi and Punjab's urban centers coexist with lesser developed areas in other parts of the country. The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, ongoing confrontation with neighboring India. However, IMF-approved government policies[citation needed], bolstered by foreign investment and renewed access to global markets, have generated solid macroeconomic recovery the last decade. Substantial macroeconomic reforms since 2000, most notably at privatizing the banking sector have helped the economy.
Pakistan (i/ˈpækɨstæn/ or i/pɑːkiˈstɑːn/; Urdu: پاکستان) (Urdu pronunciation: [paːkɪˈst̪aːn] ( listen)), officially the Islamic Republic of Pakistan (Urdu: اسلامی جمہوریۂ پاکستان), is a sovereign country in South Asia. It sits at the crossroads of the strategically important regions of South Asia, Central Asia and the Middle East. It has a 1,046-kilometre (650 mi) coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by India to the east, Afghanistan to the west and north, Iran to the southwest and China in the far northeast. It is separated from Tajikistan by Afghanistan's narrow Wakhan Corridor in the north, and it shares a marine border with Oman.
The territory of modern Pakistan was the site of several ancient cultures, including the Neolithic Mehrgarh and the Bronze Age Indus Valley Civilisation, and has undergone invasions or settlements by Hindu, Persian, Indo-Greek, Islamic, Turco-Mongol, Afghan and Sikh cultures. Thus the area has been ruled by numerous empires and dynasties, including the Indian Mauryan Empire, the Persian Achaemenid Empire, the Arab Umayyad Caliphate, the Mongol Empire, the Mughal Empire, the Durrani Empire, the Sikh Empire and the British Empire. As a result of the Pakistan Movement led by Muhammad Ali Jinnah and India's struggle for independence, Pakistan was created in 1947 as an independent nation for Muslims from the regions in the east and west of India where there was a Muslim majority. Initially a dominion, Pakistan adopted a new constitution in 1956, becoming an Islamic republic. A civil war in 1971 resulted in the secession of East Pakistan as the new country of Bangladesh.