The sun of 2013 rise with new hop es, inspirations and expectations towards country economy. Unfortu nately, due to bad gove rness of Pakistan government, 2012 year seems to be the worst year in the Pakistan Economy history. Mostly all giant economists’ of the country declared 2012 as an unsuccessful year as far as economic progress is concerned. Ex.Finance Minister Dr.Salman Shah declared 2012 year as the weakest year in Pakistan history.Dr.Shahid Hussain Siddique declared this year as the unsuccessful year in 50 years his tory of Pakistan economic growth. Country overall production is at its lowest in this year and bank loan’s reached to the mighty figure of R.s 635.83 billion.
PRICE OF COMMODITIES INCR EASED:
Whenever the prices of different commodities increased, lower middle class peoples suffer most of the time. But this year, unexp ectedly upper middle class also suffer equally with lower middle class.Flour, rice, cooking oil, grains, poultry, and meat & milk prices increases 25% to 50% in this year. Rapid increase in the prices of petrol also causes the increase in the price of basic commodities of life. Whereas, the inflation decreases from 10.1% to 6.9% in 2012.Government told that, the decrease in inflation was due to State Bank of Pakistan cut off interest rate to 2.5%.
POVERTY INCREASED:
Poverty increased to 33% in the year 2012.According to some unofficial source, in Pakistan around 5crore, 87lakh peoples are living below the poverty line. A rapid increase in the import of used clothes was also reported in the year 2012.Approxmately, 3lakh 53 thousand and 831 ton used clothes of worth 147 billon dollars was imported in this year. These facts and figures clearly show that poverty increased in this year very much.
SILVER AND GOLD PRICES THOROUGH OUT THE YEAR:
As the gold prices touches the sky, the trend of wearing artificial jewelry is becoming very popular nowadays, in ladies. Rs.8300 inc rease reported throughout the year 2012.In the start of the year, one tola gold price was Rs53, 700 and at the end of the year it reached to Rs62, 000.Whereas, silver prices increased from Rs980 to Rs1120 in this year.
CNG A HEADACHE TO PEOPLE:
You might be surprised after knowing that Pakistan is the 2nd largest country of the world in CNG consuming after Brazil. In 2012, under load management plan, gas stations will be close for 6 days in a week in Photohaar region, 4 days a week in Punjab & 3 days in a week in Sindh.Whereas the no. of days in which CNG stations were closed in the year in different regions are as follows’: 144 days in Punjab, 50 days in Sindh.Around 40 lacks vehicles owners suffered from this gas load shedding throu ghout the year. Whereas gas extraction in the end of the year reaches to 4 billion, 20 crore cubic feet from 3 billion, 80 crore cubic feet.
ELECTRICITY LOADSHEDDING:
Electricity shortfall increased to six thousands megawatts in this year.Punjab and Khyber Pukhtoon Khuwa peoples suffered more from this loadshedding as compare to other provinces. According to WAPDA representatives and media reports Pakistan daily electricity need was 24 thousand megawatts, while the production capacity is 2343 megawatts. Besides our generating capacity we only generate 10 to 14 thousands megawatts daily. This lack of generating was also the main cause of this severe problem.
GOVERNMENT RUNS ECONOMY ON LOANS:
To compensate budget losses government of Pakistan takes loans from both internal & external banks. Government loans which was 38.8 billion dollar’s increases to 61.83 billion dollar’s in the year 2012.Overall, 5.7% increase in loans was reported in this year. Whereas Rs 22 billion 620 crore exports was recorded in this year. No increase in export recorded as compare to previous year because of global economic recession.
KARACHI STOCK EXCHANGE A MIRACLE:
Despite all of the country poor economic progress, Karachi stock exchange ranked the world 8th stock exchange market.Moreover, Asia best stock exchange market title was also captured by Karachi stock exchange in 2012.KESC index reached at his highest points to 17,000 in this year. So, we can also say that, Karachi stock exchange plays the role of the candle of hope in this situation in Pakistan.
CONCLUSION:
Urea purchasing was decreased to 18% in this year due to electricity loadshedding. Whereas, America plays a very significant role in this situation, and invest a huge amount in Pakistan livestock and dairy sector, which results into the increase in 20% revenue generates from this sector. Tax collecting was also not meet to the selected target. According to FBR repre sentative, only 7 lacks peoples are giving taxes in Pakistan. This is all from the country economy progress in 2012.
REFERENCES:
Economic Facts and figures was taken from Roznama Dunya Sunday magazine (13 to 19th January) article written by Saleem Azar.