Pakistan current account deficit is more than double of India's, which is an emerging economy in the region whereas the position of Bangladesh is not alarming in the South Asian region.
According to IMF World Economic Outlook 2008, the current account balance of Pakistan is -8.7 per cent of its GDP in 2008 as compared to -3.9 per cent in 2006 that clearly shows a decline of 4.8 per cent in GDP growth.
The report has projected -6.4 per cent current account balance of GDP growth of Pakistan in 2009 as compared to India that is projected to have -3.1 per cent whereas Bangladesh's current account balance is 0.9 per cent.
Total current account balance of South Asia in 2008 remained -3.3 per cent that is 1.9 per cent less than that of -1.9 per cent in 2006. Similarly, the report shows that the projected current account balance of GDP growth in the region will remain -3.3 percent in 2009.
It is worthy of mentioning that the report has projected four times higher consumer prices in Pakistan than India and more than twice of Bangladesh in 2009. The inflation rate in Pakistan, according to the report, is projected to shoot up to 23 per cent in 2009 as compared to 12 per cent in 2008 whereas the inflation rate was just 7.9 per cent in 2006. This shows an increase of 15.1 per cent in inflation rate in 2009 as compared to that of 2006.
The inflation rate of India in 2009 is expected to be 8.8 per cent that is 16.3 per cent less than of Pakistan's while Bangladesh is expected to have 10 per cent high inflation that is 13 per cent less than of Pakistan's. The average inflation for 2009 in South Asia is projected at 8.8 per cent.
The report shows that Pakistan's economic growth rate may reduce to 3.5 per cent in 2009 as compared to 5.8 per cent in 2008. On the other hand, India and Bangladesh are expected to have 6.9 per cent, 5.6 per cent GDP rate respectively. Earlier, a recent report issued by the Asian Development Bank (ADB) showed that Pakistan GDP growth is expected to decrease to 4.5 per cent in the current fiscal year against 5.8 per cent achieved in the last fiscal, as, according to the report, the country would continue to face the deteriorated state of economic fundamentals and inflationary pressures.
The inflation measured through SPI surged by 30.67 percent during the week ending on October 9 over the same period of last year owing to increase in the prices of 20 essential commodities, according to the Federal Bureau of Statistics.
The Sensitive Price Indicator (SPI) released by the FBS on Friday shows that dearness of the lowest income group up to Rs 3,000 has registered increase of 2.15 percent over the previous week. The dearness for the same group was 33.04 percent more as compared to the same period of last year. The weekly SPI has been computed with base 2000-2001=100 covering 17 urban centres and 53 essential items for all income groups and combined.
The SPI for the combined group registered increase of 1.48 percent by moving up from 210.90 in the previous week to 214.03 in the week under review. The SPI for the groups falling in the income brackets of 3001-5000, 5001-12000 and above 12000 witnessed increase of 31.77, 31.25 and 30.67 per cent respectively over the same period of last year.
During the week under review average prices of 14 items registered decrease, while that of 20 items increase with the remaining 19 items' prices unchanged. The items which recorded decrease in their average prices during the week under review included, tomatoes, bananas, onions, vegetable ghee (loose), red chillies, moong pulse (washed), rice irri-6, LPG( 11-kg cylinder.), gram pulse (washed), mustard oil, rice Basmati (broken), lawn, mash pulse (washed) and masoor pulse (washed).
The items which registered increase in their prices included, wheat flour (average quality), wheat (average quality), sugar, egg hen (farm), milk powdered (Nido), chicken (farm), tea (prepared), gur, potatoes, garlic, bread plain (mid size), beef, coarse latha, mutton, milk (fresh), cooked beef, shirting, firewood, kerosene and curd.
The items with no change in their average prices during the week under review included, vegetable ghee (tin), cooking oil (tin), salt (powdered), tea (packet), cooked dal, cigarettes, voil (printed), sandal gents (Bata), sandal ladies (Bata), chappal spng (Bata), electricity bulb (60wats), match box, washing soap (Nylon), bath soap (Lifebuoy), gas charges (up to 3.3719 MMBTU), electricity charges, (1-100 unit), petrol, diesel and telephone local call.
According to IMF World Economic Outlook 2008, the current account balance of Pakistan is -8.7 per cent of its GDP in 2008 as compared to -3.9 per cent in 2006 that clearly shows a decline of 4.8 per cent in GDP growth.
The report has projected -6.4 per cent current account balance of GDP growth of Pakistan in 2009 as compared to India that is projected to have -3.1 per cent whereas Bangladesh's current account balance is 0.9 per cent.
Total current account balance of South Asia in 2008 remained -3.3 per cent that is 1.9 per cent less than that of -1.9 per cent in 2006. Similarly, the report shows that the projected current account balance of GDP growth in the region will remain -3.3 percent in 2009.
It is worthy of mentioning that the report has projected four times higher consumer prices in Pakistan than India and more than twice of Bangladesh in 2009. The inflation rate in Pakistan, according to the report, is projected to shoot up to 23 per cent in 2009 as compared to 12 per cent in 2008 whereas the inflation rate was just 7.9 per cent in 2006. This shows an increase of 15.1 per cent in inflation rate in 2009 as compared to that of 2006.
The inflation rate of India in 2009 is expected to be 8.8 per cent that is 16.3 per cent less than of Pakistan's while Bangladesh is expected to have 10 per cent high inflation that is 13 per cent less than of Pakistan's. The average inflation for 2009 in South Asia is projected at 8.8 per cent.
The report shows that Pakistan's economic growth rate may reduce to 3.5 per cent in 2009 as compared to 5.8 per cent in 2008. On the other hand, India and Bangladesh are expected to have 6.9 per cent, 5.6 per cent GDP rate respectively. Earlier, a recent report issued by the Asian Development Bank (ADB) showed that Pakistan GDP growth is expected to decrease to 4.5 per cent in the current fiscal year against 5.8 per cent achieved in the last fiscal, as, according to the report, the country would continue to face the deteriorated state of economic fundamentals and inflationary pressures.
The inflation measured through SPI surged by 30.67 percent during the week ending on October 9 over the same period of last year owing to increase in the prices of 20 essential commodities, according to the Federal Bureau of Statistics.
The Sensitive Price Indicator (SPI) released by the FBS on Friday shows that dearness of the lowest income group up to Rs 3,000 has registered increase of 2.15 percent over the previous week. The dearness for the same group was 33.04 percent more as compared to the same period of last year. The weekly SPI has been computed with base 2000-2001=100 covering 17 urban centres and 53 essential items for all income groups and combined.
The SPI for the combined group registered increase of 1.48 percent by moving up from 210.90 in the previous week to 214.03 in the week under review. The SPI for the groups falling in the income brackets of 3001-5000, 5001-12000 and above 12000 witnessed increase of 31.77, 31.25 and 30.67 per cent respectively over the same period of last year.
During the week under review average prices of 14 items registered decrease, while that of 20 items increase with the remaining 19 items' prices unchanged. The items which recorded decrease in their average prices during the week under review included, tomatoes, bananas, onions, vegetable ghee (loose), red chillies, moong pulse (washed), rice irri-6, LPG( 11-kg cylinder.), gram pulse (washed), mustard oil, rice Basmati (broken), lawn, mash pulse (washed) and masoor pulse (washed).
The items which registered increase in their prices included, wheat flour (average quality), wheat (average quality), sugar, egg hen (farm), milk powdered (Nido), chicken (farm), tea (prepared), gur, potatoes, garlic, bread plain (mid size), beef, coarse latha, mutton, milk (fresh), cooked beef, shirting, firewood, kerosene and curd.
The items with no change in their average prices during the week under review included, vegetable ghee (tin), cooking oil (tin), salt (powdered), tea (packet), cooked dal, cigarettes, voil (printed), sandal gents (Bata), sandal ladies (Bata), chappal spng (Bata), electricity bulb (60wats), match box, washing soap (Nylon), bath soap (Lifebuoy), gas charges (up to 3.3719 MMBTU), electricity charges, (1-100 unit), petrol, diesel and telephone local call.
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