Web Desk: Economist Farrukh Saleem has said that Pakistan’s economy is steadily becoming stronger and more resilient, pointing to growing international confidence and major defense-related agreements as key indicators.
Speaking during a media interaction he said that the Pakistani military has secured global defense equipment agreements worth around 9 billion dollars. He added that for every 1 billion dollars generated through such deals approximately 500,000 jobs could be created which would have a significant impact on employment and economic growth.
He said that what may seem like a dream to many is gradually turning into reality, saying that while some progress may not be immediately visible domestically, the international community clearly sees potential in Pakistan.
“Earlier, Pakistan used to go to the world, but now global leaders and investors are coming to Pakistan themselves,” he said
He said that price pressures still exist but emphasized that data shows a clear decline in the inflation rate. He said that economic analysis should be based on figures rather than perceptions.
He highlighted the role of overseas Pakistanis that around 8 to 9 million Pakistanis are working abroad and sending nearly 40 billion dollars in remittances annually. He said that following recent defence agreements with Saudi Arabia Pakistan’s labour export is expected to double in the coming years. Presently about one million Pakistanis are employed in Saudi Arabia, a number he said could rise to two million.
Mr. Farrukh said that these developments collectively indicate that Pakistan is moving toward economic stability and with increasing global engagement and long term growth prospects.
