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Tuesday, 20 December 2011

Down Fall of Pakistan Economy

Wasif Chudhary
Fiscal years 2002-2008 will always be recalled as one of the most turbulent years in Pakistan,s economic history. Amid this year several records were broken not in terms of progress or development but rather in increased double figure inflation which was recorded 12% illustrious since 1990-91. Productivity crisis in manufacturing sector was another addition in this record. Oil crisis, emanating water predicament; all these factors accelerated Pakistan,s coarse towards economic devastation adversely affecting all sectors.
Amid 2007-2008 Karachi Stock Exchange 100 index and its capitalization market endured a decline of more than 10% over the previous year. The current account gap and trade gap were recorded at 14.1 of GDP in 2007-2008 and 15.3% highest ever. Continuation of this trend in economic sector can emerge as single most undermining factor for economic nonplus. Trade deficit in 2007-2008 remained 53% on account of rising prices of petroleum products and decline of textile industry in Pakistan.

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