Skip to content 
Search

Latest Stories

Pakistan failing in every economic index: Key survey

The country's standing on the global economic rank has fallen from 24th in 2017 to 47th today, says Ishaq Dar

Pakistan failing in every economic index: Key survey

Pakistan failed to meet any economic growth targets for the fiscal year 2022-23, according to a key government report released on Thursday (8).

GDP growth was a miserly 0.3 per cent, while agriculture, industrial output, and exports all failed to meet their targets.

Pakistan's economy has been stricken by a balance-of-payments crisis as it attempts to service high levels of external debt, while months of political chaos have scared off potential foreign investment.

Inflation has rocketed, the rupee has plummeted and the country can no longer afford imports, causing a severe decline in industry.

The country was also ravaged by record monsoon floods last year that left almost a third of its territory underwater, laying waste to vast swathes of farmland and leaving tens of millions homeless.

Pakistan's standing on the global economic rank of nations has fallen from 24th in 2017 to 47th today, Finance Minister Ishaq Dar told a news briefing while releasing results of the survey.

"That says it all," he said.

The grim data gives the cash-strapped government little room to introduce populist vote-attracting measures.

The government is also under enormous pressure from the International Monetary Fund (IMF) to tighten the purse strings to unlock another last tranche of a vital bailout package.

Under the IMF's terms, Pakistan had to do away with subsidies on energy and other sectors, allow the rupee to float against the US dollar, raise taxes and duties, and restrict imports.

"It was extremely challenging for the government to carry out such strict reforms and we had a political cost," Dar said.

"We have averted looming default for now."

Pakistan's key economic indicators for the year ending June 30, 2023, show economic growth declined to 0.29 per cent against 6.1 percent a year earlier.

Agriculture, a key driver of the economy, grew just 1.55 per cent, while the industrial sector showed negative growth of 2.94 per cent.

"It was a year of force majeure," said Ahsan Iqbal, Pakistan's Planning Minister, adding that the floods had the key impact.

(AFP)

More For You

Manchester Police probes over 1,000 child sexual abuse suspects

Photo for representation. (iStock)

Getty Images/iStockphoto

Manchester Police probes over 1,000 child sexual abuse suspects

GREATER MANCHESTER POLICE is now investigating more than 1,000 child sexual abuse suspects, following years of public criticism and institutional failings in tackling child sexual exploitation.

A new report by His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) has revealed the force has made “significant improvements” in dealing with group-based sexual abuse and related crimes.

Keep ReadingShow less
Diwali

This year’s Diwali event will still see Belgrave Road continue to host what is left of the festival. (Representational image)

Major changes announced for Leicester’s Diwali celebrations amid safety fears

LDRS

THIS year’s annual Diwali celebrations will be stripped back amid public safety fears. Leicester City Council has said there will be no fireworks or stage entertainment as part of major changes announced for the event.

Cossington Street Recreation Ground will also not be used for the festivities, the council has revealed. The green space previously was the location for the main stage and the Diwali Village with its food stalls, funfair rides, fashion and arts. The annual fire garden display was also based there, offering “a peaceful oasis amid the festive excitement”.

Keep ReadingShow less
Corbyn- Zarah Sultana

Zarah Sultana with Jeremy Corbyn during a protest outside Downing Street demanding the UK government to stop all arms sales to Israel. (Photo: X/@zarahsultana)

X/@zarahsultana

Zarah Sultana leaves Labour, plans new party with Corbyn and independents

FORMER Labour MP Zarah Sultana has announced her resignation from the party and plans to launch a new political party alongside ex-Labour leader Jeremy Corbyn and other independent MPs and activists.

Sultana, who represents Coventry South, lost the Labour whip last year for supporting the removal of the two-child benefit cap.

Keep ReadingShow less
Hasmukh Shah

The certificate was presented to Shah at the Welsh parliament by Anita Bailey, Home Office Director Windrush Unit.

Hasmukh Shah receives UK minister’s certificate of appreciation

A prominent Asian doctor has been recognised for his services to the community. Prof Hasmukh Shah has received a certificate of appreciation for his contribution and services to the United Kingdom.

The certificate was issued by Seema Malhotra MP, UK Minister for Migration and Citizenship, as part of the Windrush Cymru Elders and Race Council Cymru’s Windrush work in Wales.

Keep ReadingShow less
Dalai-Lama-Getty

Dalai Lama looks on as offerings presented by Buddhist followers are laid on a table during a Long Life Prayer offering ceremony at the Main Tibetan Temple in McLeod Ganj, near Dharamsala, India, on June 30, 2025.(Photo: Getty Images)

Getty Images

India says Dalai Lama alone can decide successor

A SENIOR Indian minister has said that only the Dalai Lama and the organisation he has established have the authority to decide his successor as the spiritual leader of Tibetan Buddhism. The comment runs contrary to China’s long-standing position on the matter.

The Dalai Lama, who fled to India in 1959 following a failed uprising against Chinese rule, said on Wednesday that after his death he would be reincarnated as the next spiritual leader, and that only the Gaden Phodrang Trust would be able to identify his successor. He had earlier said that the next Dalai Lama would be born outside China.

Keep ReadingShow less