Pakistan Development Update, April 2014
Pakistan's economy is weak but at a turning point. Growth recovery is underway, with the projected GDP growth approaching 3.6-4.0 percent, driven by dynamic manufacturing and service sectors, better energy availability, and early revival of in...
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| Format: | Economic Updates and Modeling |
| Language: | English en_US |
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Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/04/19359562/pakistan-development-update http://hdl.handle.net/10986/17788 |
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okr-10986-17788 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACCOUNTING AGGREGATE DEMAND AGRICULTURAL COMMODITY ARREARS ASSET PORTFOLIO AUCTION AUCTIONS AUDITS BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK BORROWING BANK BORROWINGS BANK DEBT BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BLUE CHIP BOND BOND INDEX BONDS BOOST TO GROWTH BROAD MONEY BUDGETARY DEFICIT BUDGETARY SUPPORT BUSINESS REGULATIONS CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET REFORMS CASH TRANSFERS CENTRAL BANK COMMERCIAL BANKS COMMODITIES COMMODITY PRICES CONSUMER SPENDING CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE GOVERNANCE STANDARDS COUNTRY RISK CREDIT BUREAU CREDIT INFORMATION CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT REPAYMENTS DEBT SERVICE DEPOSITS DEVELOPMENT BANK DIRECT INVESTMENT DISBURSEMENT DISBURSEMENTS DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC SECURITIES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC REFORM EMERGING MARKETS EQUITY MARKET EUROBOND EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTERS EXPOSURE EXTERNAL DEBT EXTERNAL FINANCING FARMERS FEDERAL GRANTS FEDERAL TAXES FINANCIAL FLOWS FINANCIAL HEALTH FINANCIAL INFLOWS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCING NEEDS FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FIXED RATE FLOATING DEBT FOREIGN ASSET FOREIGN ASSETS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FREE ACCESS FREE TRADE FREE TRADE AGREEMENT GOVERNANCE ISSUES GOVERNANCE STANDARDS GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT PAPERS GOVERNMENT SECURITIES GROWTH RATES INCOME INFLATION INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE CHANGES INTEREST RATE RISK INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BEST PRACTICES INTERNATIONAL BUSINESS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL TRADE INVESTING INVESTOR CONFIDENCE ISSUANCE LEVEL PLAYING FIELD LEVY LIFE INSURANCE LIMITED ACCESS LOAN LOAN PORTFOLIO LOAN SIZE MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET CONFIDENCE MARKET DIVERSIFICATION MARKET LIQUIDITY MATURITIES MATURITY MICRO INSURANCE MICROFINANCE MICROFINANCE SECTOR MONETARY FINANCING MONETARY FUND NON-PERFORMING LOANS NPL OIL PRICES OUTPUT PORTFOLIO PORTFOLIO INVESTMENT PRIVATE CREDIT PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRIVATIZATION PRIVATIZATIONS PRODUCTION CAPACITY PUBLIC DEBT PUBLIC INVESTMENT PUBLIC OFFERINGS PUT OPTION REAL ESTATE RECURRENT EXPENDITURE REFORM PROGRAM REGISTRATION PROCESS REGISTRATION SYSTEM REGULATOR REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPAYMENT REPAYMENTS RESERVE RESERVES RETURN RETURN ON ASSETS RETURNS RISE IN INFLATION RISK OF DEBT SAFETY NETS SAVINGS SETTLEMENT SHORT-TERM INSTRUMENTS SOCIAL SAFETY NETS SOLVENCY SPOT MARKET STATE BANK STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STRUCTURAL PROBLEMS SUPPLY CHAIN SUSTAINABILITY ANALYSIS SUSTAINABLE REFORMS T-BILLS TAX TAX COLLECTION TAX EXEMPTIONS TAX OBLIGATIONS TAX POLICY TAX RATES TAX RETURNS TAX SYSTEM TELECOMMUNICATIONS TOTAL DEBT TRADE BALANCE TRADE DEFICIT TRADE RELATIONS TRADE SECTOR TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILLS TRUST FUND TURNOVER UNION VARIABLE RATES WEAK CORPORATE GOVERNANCE WITHHOLDING TAX |
| spellingShingle |
ACCESS TO INFORMATION ACCOUNTING AGGREGATE DEMAND AGRICULTURAL COMMODITY ARREARS ASSET PORTFOLIO AUCTION AUCTIONS AUDITS BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK BORROWING BANK BORROWINGS BANK DEBT BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BLUE CHIP BOND BOND INDEX BONDS BOOST TO GROWTH BROAD MONEY BUDGETARY DEFICIT BUDGETARY SUPPORT BUSINESS REGULATIONS CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET REFORMS CASH TRANSFERS CENTRAL BANK COMMERCIAL BANKS COMMODITIES COMMODITY PRICES CONSUMER SPENDING CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE GOVERNANCE STANDARDS COUNTRY RISK CREDIT BUREAU CREDIT INFORMATION CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT REPAYMENTS DEBT SERVICE DEPOSITS DEVELOPMENT BANK DIRECT INVESTMENT DISBURSEMENT DISBURSEMENTS DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC SECURITIES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC REFORM EMERGING MARKETS EQUITY MARKET EUROBOND EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTERS EXPOSURE EXTERNAL DEBT EXTERNAL FINANCING FARMERS FEDERAL GRANTS FEDERAL TAXES FINANCIAL FLOWS FINANCIAL HEALTH FINANCIAL INFLOWS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCING NEEDS FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FIXED RATE FLOATING DEBT FOREIGN ASSET FOREIGN ASSETS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FREE ACCESS FREE TRADE FREE TRADE AGREEMENT GOVERNANCE ISSUES GOVERNANCE STANDARDS GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT PAPERS GOVERNMENT SECURITIES GROWTH RATES INCOME INFLATION INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE CHANGES INTEREST RATE RISK INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BEST PRACTICES INTERNATIONAL BUSINESS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL TRADE INVESTING INVESTOR CONFIDENCE ISSUANCE LEVEL PLAYING FIELD LEVY LIFE INSURANCE LIMITED ACCESS LOAN LOAN PORTFOLIO LOAN SIZE MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET CONFIDENCE MARKET DIVERSIFICATION MARKET LIQUIDITY MATURITIES MATURITY MICRO INSURANCE MICROFINANCE MICROFINANCE SECTOR MONETARY FINANCING MONETARY FUND NON-PERFORMING LOANS NPL OIL PRICES OUTPUT PORTFOLIO PORTFOLIO INVESTMENT PRIVATE CREDIT PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRIVATIZATION PRIVATIZATIONS PRODUCTION CAPACITY PUBLIC DEBT PUBLIC INVESTMENT PUBLIC OFFERINGS PUT OPTION REAL ESTATE RECURRENT EXPENDITURE REFORM PROGRAM REGISTRATION PROCESS REGISTRATION SYSTEM REGULATOR REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPAYMENT REPAYMENTS RESERVE RESERVES RETURN RETURN ON ASSETS RETURNS RISE IN INFLATION RISK OF DEBT SAFETY NETS SAVINGS SETTLEMENT SHORT-TERM INSTRUMENTS SOCIAL SAFETY NETS SOLVENCY SPOT MARKET STATE BANK STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STRUCTURAL PROBLEMS SUPPLY CHAIN SUSTAINABILITY ANALYSIS SUSTAINABLE REFORMS T-BILLS TAX TAX COLLECTION TAX EXEMPTIONS TAX OBLIGATIONS TAX POLICY TAX RATES TAX RETURNS TAX SYSTEM TELECOMMUNICATIONS TOTAL DEBT TRADE BALANCE TRADE DEFICIT TRADE RELATIONS TRADE SECTOR TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILLS TRUST FUND TURNOVER UNION VARIABLE RATES WEAK CORPORATE GOVERNANCE WITHHOLDING TAX World Bank Pakistan Development Update, April 2014 |
| geographic_facet |
South Asia Pakistan |
| description |
Pakistan's economy is weak but at a
turning point. Growth recovery is underway, with the
projected GDP growth approaching 3.6-4.0 percent, driven by
dynamic manufacturing and service sectors, better energy
availability, and early revival of investor confidence.
Inflation is steady at 7.9 percent (y-o-y). The fiscal
deficit is contained at around 6 percent of GDP due to
improved tax collection and restricted current and
development expenditure. The current account deficit remains
modest, at around 1 percent of GDP, supported by strong
remittances and export dynamism, and the external position
is slowly improving since monetary and exchange rate
policies switched gear toward rebuilding reserves last
November. Performance under the IMF program remains
satisfactory, with the 2nd Review concluded on March 24.
Domestic and external risks, however, remain high, but are
declining. Economic activity is gradually improving.
Preliminary data for FY14 show growth picking up, driven
mainly by services and manufacturing. A significant
correction of a loose fiscal stance is taking place to
ensure sustainability. Pakistan is on track to meet a fiscal
deficit target of 5.8 percent of GDP in FY14. The external
position is fragile but strengthening. The current account
deficit was small, at around 1 percent of GDP by end-FY13
and remains so. In contrast, net official foreign exchange
reserves declined to the equivalent of 1.3 months of imports
at the end of June 2013 (bottoming down to 0.6 month of
imports by the end of November 2013). Three sources of risk
appear worrisome. Pakistan imports more than it exports, the
latter being constrained by low productivity and
competitiveness, limited access to reliable energy, and
cumbersome business regulations. |
| format |
Economic & Sector Work :: Economic Updates and Modeling |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Pakistan Development Update, April 2014 |
| title_short |
Pakistan Development Update, April 2014 |
| title_full |
Pakistan Development Update, April 2014 |
| title_fullStr |
Pakistan Development Update, April 2014 |
| title_full_unstemmed |
Pakistan Development Update, April 2014 |
| title_sort |
pakistan development update, april 2014 |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/04/19359562/pakistan-development-update http://hdl.handle.net/10986/17788 |
| _version_ |
1764438514264440832 |
| spelling |
okr-10986-177882021-04-23T14:03:41Z Pakistan Development Update, April 2014 World Bank ACCESS TO INFORMATION ACCOUNTING AGGREGATE DEMAND AGRICULTURAL COMMODITY ARREARS ASSET PORTFOLIO AUCTION AUCTIONS AUDITS BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK BORROWING BANK BORROWINGS BANK DEBT BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BLUE CHIP BOND BOND INDEX BONDS BOOST TO GROWTH BROAD MONEY BUDGETARY DEFICIT BUDGETARY SUPPORT BUSINESS REGULATIONS CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL GAINS CAPITAL MARKET CAPITAL MARKET REFORMS CASH TRANSFERS CENTRAL BANK COMMERCIAL BANKS COMMODITIES COMMODITY PRICES CONSUMER SPENDING CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE GOVERNANCE STANDARDS COUNTRY RISK CREDIT BUREAU CREDIT INFORMATION CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT REPAYMENTS DEBT SERVICE DEPOSITS DEVELOPMENT BANK DIRECT INVESTMENT DISBURSEMENT DISBURSEMENTS DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC SECURITIES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC REFORM EMERGING MARKETS EQUITY MARKET EUROBOND EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTERS EXPOSURE EXTERNAL DEBT EXTERNAL FINANCING FARMERS FEDERAL GRANTS FEDERAL TAXES FINANCIAL FLOWS FINANCIAL HEALTH FINANCIAL INFLOWS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS FINANCIAL SERVICES FINANCING NEEDS FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FIXED RATE FLOATING DEBT FOREIGN ASSET FOREIGN ASSETS FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FREE ACCESS FREE TRADE FREE TRADE AGREEMENT GOVERNANCE ISSUES GOVERNANCE STANDARDS GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT PAPERS GOVERNMENT SECURITIES GROWTH RATES INCOME INFLATION INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE CHANGES INTEREST RATE RISK INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BEST PRACTICES INTERNATIONAL BUSINESS INTERNATIONAL MARKET INTERNATIONAL MARKETS INTERNATIONAL TRADE INVESTING INVESTOR CONFIDENCE ISSUANCE LEVEL PLAYING FIELD LEVY LIFE INSURANCE LIMITED ACCESS LOAN LOAN PORTFOLIO LOAN SIZE MACROECONOMIC STABILITY MARKET CAPITALIZATION MARKET CONFIDENCE MARKET DIVERSIFICATION MARKET LIQUIDITY MATURITIES MATURITY MICRO INSURANCE MICROFINANCE MICROFINANCE SECTOR MONETARY FINANCING MONETARY FUND NON-PERFORMING LOANS NPL OIL PRICES OUTPUT PORTFOLIO PORTFOLIO INVESTMENT PRIVATE CREDIT PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRIVATIZATION PRIVATIZATIONS PRODUCTION CAPACITY PUBLIC DEBT PUBLIC INVESTMENT PUBLIC OFFERINGS PUT OPTION REAL ESTATE RECURRENT EXPENDITURE REFORM PROGRAM REGISTRATION PROCESS REGISTRATION SYSTEM REGULATOR REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPAYMENT REPAYMENTS RESERVE RESERVES RETURN RETURN ON ASSETS RETURNS RISE IN INFLATION RISK OF DEBT SAFETY NETS SAVINGS SETTLEMENT SHORT-TERM INSTRUMENTS SOCIAL SAFETY NETS SOLVENCY SPOT MARKET STATE BANK STOCK EXCHANGE STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKETS STRUCTURAL PROBLEMS SUPPLY CHAIN SUSTAINABILITY ANALYSIS SUSTAINABLE REFORMS T-BILLS TAX TAX COLLECTION TAX EXEMPTIONS TAX OBLIGATIONS TAX POLICY TAX RATES TAX RETURNS TAX SYSTEM TELECOMMUNICATIONS TOTAL DEBT TRADE BALANCE TRADE DEFICIT TRADE RELATIONS TRADE SECTOR TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILLS TRUST FUND TURNOVER UNION VARIABLE RATES WEAK CORPORATE GOVERNANCE WITHHOLDING TAX Pakistan's economy is weak but at a turning point. Growth recovery is underway, with the projected GDP growth approaching 3.6-4.0 percent, driven by dynamic manufacturing and service sectors, better energy availability, and early revival of investor confidence. Inflation is steady at 7.9 percent (y-o-y). The fiscal deficit is contained at around 6 percent of GDP due to improved tax collection and restricted current and development expenditure. The current account deficit remains modest, at around 1 percent of GDP, supported by strong remittances and export dynamism, and the external position is slowly improving since monetary and exchange rate policies switched gear toward rebuilding reserves last November. Performance under the IMF program remains satisfactory, with the 2nd Review concluded on March 24. Domestic and external risks, however, remain high, but are declining. Economic activity is gradually improving. Preliminary data for FY14 show growth picking up, driven mainly by services and manufacturing. A significant correction of a loose fiscal stance is taking place to ensure sustainability. Pakistan is on track to meet a fiscal deficit target of 5.8 percent of GDP in FY14. The external position is fragile but strengthening. The current account deficit was small, at around 1 percent of GDP by end-FY13 and remains so. In contrast, net official foreign exchange reserves declined to the equivalent of 1.3 months of imports at the end of June 2013 (bottoming down to 0.6 month of imports by the end of November 2013). Three sources of risk appear worrisome. Pakistan imports more than it exports, the latter being constrained by low productivity and competitiveness, limited access to reliable energy, and cumbersome business regulations. 2014-04-15T18:20:26Z 2014-04-15T18:20:26Z 2014-04 http://documents.worldbank.org/curated/en/2014/04/19359562/pakistan-development-update http://hdl.handle.net/10986/17788 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Economic Updates and Modeling South Asia Pakistan |