From $3B in 1947 to $375B in 2024: Pakistan's Economic Journey
Pakistan’s economy has grown remarkably since its independence 77 years ago. Starting from a modest $3 billion in 1947, the economy has expanded to $375 billion by the fiscal year ending June 30, 2024. Despite this growth, Pakistan remains in the developing phase, facing economic challenges and disruptions that have persisted since the early 1990s.
As the country marked its 78th Independence Day, it continues to grapple with significant issues, including rising debt and an ongoing energy crisis. However, there is optimism for the future, with structural reforms on the horizon under a new $7 billion loan program from the International Monetary Fund (IMF). These reforms are expected to stabilize the economy and potentially pave the way for Pakistan to become one of the top 10 global economies by 2047, with a projected economy of $3 trillion when it celebrates its centennial.
The Pakistani economy has undergone considerable diversification since its early years, when agriculture was the backbone, contributing about 60% of GDP and employing 80% of the workforce. Initially, the textile industry, particularly raw cotton, was the leading industrial sector. Today, the services sector has taken the lead, driving much of the country’s economic growth and reflecting the broadening of Pakistan’s economic base.
