ISLAMABAD: According to a finance ministry study issued on Saturday, the economy’s structure has significantly evolved since Pakistan’s founding in 1947, with the industries and later services sectors taking the lead.
The report provides a peek of the nation’s 75-year economic journey, highlighting the significant changes that all key economic indicators underwent over that time.
Out of the 921 industrial units in undivided India, Pakistan only received 34 at the time of independence in 1947.
The nominal GDP increased from $3 billion in 1950 to $383 billion in 2022, with a 5.97 percent growth rate in 2022 compared to a 1.8 percent growth rate in 1950.
From 1950 to 2022, tax receipts increased from Rs0.31 billion to Rs6,126.1 billion, despite the fact that in 1949–50 agriculture accounted for 59.9% of the total GDP.
He claimed that the badly destabilised nation’s economic structure and the refugee settlement were two of the biggest obstacles the newly formed nation faced, but he added that Pakistan’s economy soon recovered thanks to the grit and resolve of its people.
He claimed that a nation with 30 million people in 1947 was unable to feed its people and was forced to import the majority of its food needs from overseas, adding that local agriculture production has since increased dramatically.
