Pakistan Telecommunication Authority recently reported that due to fault in submarine cable and the shut down of internet a huge loss of approximately Rs. 1 Billion was induced on Pakistan’s economy.

Last week on 5th of August the people of Pakistan were informed of the slow internet service the cause of such news was that the IMEWE suddenly went offline. The IMEWE is the same cable that brings internet to Pakistan.

The authorities tried their best to provide temporary solutions to the problems but many sectors suffered because of the sudden shut down of internet across Pakistan. PIA was also the victim of the submarine cable fault. The other sectors include  public and private industries and conglomerates. People who work online were greatly effected.

PTA has yet not manage to account for the correct amount of the money lost due to lost internet connection

According to news, “From July 1, 2015, and June 30, 2016, Pakistan witnessed six internet shutdown costing the country’s economy an astounding $69.7 million.” ( DAWN NEWS)

The internet shutdowns for a day and finally the problem was solved and the internet service was made available for the people to use.

PTA reported,

“Pakistan has 1,527,306 DSL users, 50,571 HFC, 168,511 Wimax, 48020 FTTH, 729,625 EOD and 44,608,065 mobile phone users.”

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If the decreased rate of Pakistan’s economy has depressed you then this news is for you. The Word Bank predicted that there are high chances of Pakistan economy to grow 5.2%. This rate has been predicted for the financial year 2016-2017. The economic year was marked from 1st of July 2016 to 30  of June 2017.

The increase of 5.2% is contributed by the increased energy supply, increase in the private sector investments, improved security and other reasons. 5.5% raise is further expected to occur in the next year due to better life style in the country.

World Bank’s June 2017 Global Economic Prospects was released. The report also forecasted that there are chances of the economic growth 6.8% in the South Asian Region this year.  The economy grow rate will increase up to 7.1% in the upcoming financial year that is 2018. The report also predicted some good increase in the exports and local demands.

If talked globally the report has cited an increase of 2.7%  in the economic year 2017 owing to increase in trade and manufacturing, increase in market confidence, and stabilizing commodity prices. The factors contribute to maintain and stabilize the world’s economy.

The advanced economies highly relate and affect the other economies of the world because of the trade links. According to the report the advanced economies are expected to rise 1.9% this financial year.

The World Bank report also predicted that the world’s seven largest economies will have a very moderate grow rate that is because of th recovering economic activities in these economies and their trading partners.

On a global scale, the report states,

“Investment and confidence could be dampened by uncertainty in the policies set by world economies. Among the risks that could plague the growth of the world economy are the likelihood of market turbulence triggered by various economies policies. Poverty reduction in weak and developing economies also pose a risk to the growth of the world economies.”

Jim Young Kim, the president of the World Bank Group predicted that there are chances to low the poverty rate in the small economies. He said, “There is evident progress towards eradication of poverty and slow growth in the small economies of the world. If countries can capitalize on the growth being witnessed at the moment, growth is guaranteed.”

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London’s The Economist Magazine declared Pakistan to be the fastest growing Muslim economy of the world in 2017. Among the other fast growing and developed Muslim countries like  Indonesia, Malaysia, Turkey and Egypt Pakistan took the lead. List is here.

As compared to Israel whose growth rate of GDP is 4% , Pakistan is ahead with GDP growth rate of 5.3%.

According to stats Pakistan becomes fifth fastest-growing economy in the world. Tough China and India are ahead of Pakistan but Pakistan still has managed to reach top 5.

The Economist published data in form of an interactive table of economic and financial indicators. This data is updated two times in a day.

According to a study conducted by Harvard University it is hinted that in the next decade the rate of GDP can grow more than 5%.

No doubt that in 2017 the graph has fallen from 5.7% in 2016 to 5.3%. This calls for the Finance Minister Ishaq Dar to take some solid steps towards the growth. So the graph can go high but never comes down.

In 2014 the  stats had proved that Pakistan is sixth fastest growing country.

India with rate 7.5%, Vietnam with 6.6% rate, China with growing rate of 6.4% and Philippines with 6.4% rate are in lead from Pakistan but Pakistan managed to be ahead of large Muslim Empires like Indonesia that has rate of 5.2%, Malaysia with 4.6%, Egypt with 4.0% and Turkey with the rate of  2.9%.

It is expected that these companies will become top twenty economies if world by 2050 with the exception of Malaysia.

33 years is a long time and some miracles happen over night. So lets leave it to the time to decide the top twenty economies till than lets pray Pakistan is one of them.

Lets hope for Pakistan economy,  It will emerge this year as the world’s fastest-growing Muslim economy.

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