Publication:
Pakistan Development Update, April 2014

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-04-15T18:20:26Z
dc.date.available2014-04-15T18:20:26Z
dc.date.issued2014-04
dc.description.abstractPakistan'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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/04/19359562/pakistan-development-update
dc.identifier.doi10.1596/17788
dc.identifier.urihttps://hdl.handle.net/10986/17788
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO INFORMATION
dc.subjectACCOUNTING
dc.subjectAGGREGATE DEMAND
dc.subjectAGRICULTURAL COMMODITY
dc.subjectARREARS
dc.subjectASSET PORTFOLIO
dc.subjectAUCTION
dc.subjectAUCTIONS
dc.subjectAUDITS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEET
dc.subjectBANK ACCOUNTS
dc.subjectBANK BORROWING
dc.subjectBANK BORROWINGS
dc.subjectBANK DEBT
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBASIS POINTS
dc.subjectBENEFICIARIES
dc.subjectBLUE CHIP
dc.subjectBOND
dc.subjectBOND INDEX
dc.subjectBONDS
dc.subjectBOOST TO GROWTH
dc.subjectBROAD MONEY
dc.subjectBUDGETARY DEFICIT
dc.subjectBUDGETARY SUPPORT
dc.subjectBUSINESS REGULATIONS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET REFORMS
dc.subjectCASH TRANSFERS
dc.subjectCENTRAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMER SPENDING
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE GOVERNANCE STANDARDS
dc.subjectCOUNTRY RISK
dc.subjectCREDIT BUREAU
dc.subjectCREDIT INFORMATION
dc.subjectCREDITORS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectDEBT
dc.subjectDEBT REPAYMENTS
dc.subjectDEBT SERVICE
dc.subjectDEPOSITS
dc.subjectDEVELOPMENT BANK
dc.subjectDIRECT INVESTMENT
dc.subjectDISBURSEMENT
dc.subjectDISBURSEMENTS
dc.subjectDOMESTIC BORROWING
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC INTEREST RATES
dc.subjectDOMESTIC SECURITIES
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC REFORM
dc.subjectEMERGING MARKETS
dc.subjectEQUITY MARKET
dc.subjectEUROBOND
dc.subjectEXCHANGE COMMISSION
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORT GROWTH
dc.subjectEXPORTERS
dc.subjectEXPOSURE
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL FINANCING
dc.subjectFARMERS
dc.subjectFEDERAL GRANTS
dc.subjectFEDERAL TAXES
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL INFLOWS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SECTOR DEVELOPMENTS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCING NEEDS
dc.subjectFISCAL BURDEN
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFIXED RATE
dc.subjectFLOATING DEBT
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN PORTFOLIO
dc.subjectFOREIGN PORTFOLIO INVESTMENT
dc.subjectFREE ACCESS
dc.subjectFREE TRADE
dc.subjectFREE TRADE AGREEMENT
dc.subjectGOVERNANCE ISSUES
dc.subjectGOVERNANCE STANDARDS
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT BORROWINGS
dc.subjectGOVERNMENT PAPERS
dc.subjectGOVERNMENT SECURITIES
dc.subjectGROWTH RATES
dc.subjectINCOME
dc.subjectINFLATION
dc.subjectINFLATION RATES
dc.subjectINFLATIONARY EXPECTATIONS
dc.subjectINFLATIONARY PRESSURES
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE CHANGES
dc.subjectINTEREST RATE RISK
dc.subjectINTEREST RATES
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL BEST PRACTICES
dc.subjectINTERNATIONAL BUSINESS
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTING
dc.subjectINVESTOR CONFIDENCE
dc.subjectISSUANCE
dc.subjectLEVEL PLAYING FIELD
dc.subjectLEVY
dc.subjectLIFE INSURANCE
dc.subjectLIMITED ACCESS
dc.subjectLOAN
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN SIZE
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET CONFIDENCE
dc.subjectMARKET DIVERSIFICATION
dc.subjectMARKET LIQUIDITY
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMICRO INSURANCE
dc.subjectMICROFINANCE
dc.subjectMICROFINANCE SECTOR
dc.subjectMONETARY FINANCING
dc.subjectMONETARY FUND
dc.subjectNON-PERFORMING LOANS
dc.subjectNPL
dc.subjectOIL PRICES
dc.subjectOUTPUT
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectPRIVATIZATION
dc.subjectPRIVATIZATIONS
dc.subjectPRODUCTION CAPACITY
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC OFFERINGS
dc.subjectPUT OPTION
dc.subjectREAL ESTATE
dc.subjectRECURRENT EXPENDITURE
dc.subjectREFORM PROGRAM
dc.subjectREGISTRATION PROCESS
dc.subjectREGISTRATION SYSTEM
dc.subjectREGULATOR
dc.subjectREGULATORY FRAMEWORK
dc.subjectREMITTANCE
dc.subjectREMITTANCES
dc.subjectREPAYMENT
dc.subjectREPAYMENTS
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS
dc.subjectRISE IN INFLATION
dc.subjectRISK OF DEBT
dc.subjectSAFETY NETS
dc.subjectSAVINGS
dc.subjectSETTLEMENT
dc.subjectSHORT-TERM INSTRUMENTS
dc.subjectSOCIAL SAFETY NETS
dc.subjectSOLVENCY
dc.subjectSPOT MARKET
dc.subjectSTATE BANK
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSTOCK MARKETS
dc.subjectSTRUCTURAL PROBLEMS
dc.subjectSUPPLY CHAIN
dc.subjectSUSTAINABILITY ANALYSIS
dc.subjectSUSTAINABLE REFORMS
dc.subjectT-BILLS
dc.subjectTAX
dc.subjectTAX COLLECTION
dc.subjectTAX EXEMPTIONS
dc.subjectTAX OBLIGATIONS
dc.subjectTAX POLICY
dc.subjectTAX RATES
dc.subjectTAX RETURNS
dc.subjectTAX SYSTEM
dc.subjectTELECOMMUNICATIONS
dc.subjectTOTAL DEBT
dc.subjectTRADE BALANCE
dc.subjectTRADE DEFICIT
dc.subjectTRADE RELATIONS
dc.subjectTRADE SECTOR
dc.subjectTRADING
dc.subjectTRANCHE
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectTRUST FUND
dc.subjectTURNOVER
dc.subjectUNION
dc.subjectVARIABLE RATES
dc.subjectWEAK CORPORATE GOVERNANCE
dc.subjectWITHHOLDING TAX
dc.titlePakistan Development Update, April 2014en
dspace.entity.typePublication
okr.date.disclosure2014-04-08
okr.date.doiregistration2025-05-07T11:37:10.997437Z
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/2014/04/19359562/pakistan-development-update
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid651691468073733080
okr.identifier.externaldocumentum000456286_20140408124206
okr.identifier.internaldocumentum19359562
okr.identifier.report86681
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/04/08/000456286_20140408124206/Rendered/PDF/Pakistan0Development0Update0April02014.pdfen
okr.region.administrativeSouth Asia
okr.region.countryPakistan
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicBanks and Banking Reform
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.unitEcon. Policy & Poverty Sector (SASEP)
okr.volume1 of 1
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