Podcast
Questions and Answers
What percentage of Pakistan's GDP is contributed by the agriculture sector?
What percentage of Pakistan's GDP is contributed by the agriculture sector?
Which of the following is the largest food crop produced in Pakistan?
Which of the following is the largest food crop produced in Pakistan?
What is the primary export commodity of Pakistan?
What is the primary export commodity of Pakistan?
What portion of the labor force in Pakistan is employed in small and medium scale firms within the industrial sector?
What portion of the labor force in Pakistan is employed in small and medium scale firms within the industrial sector?
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Which industry is NOT mentioned as a major industry in Pakistan?
Which industry is NOT mentioned as a major industry in Pakistan?
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Approximately what percentage of Pakistan's land area is arable?
Approximately what percentage of Pakistan's land area is arable?
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What is Pakistan's rank in terms of population size worldwide as of 2021?
What is Pakistan's rank in terms of population size worldwide as of 2021?
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Which sector accounts for the largest contribution to Pakistan's economy?
Which sector accounts for the largest contribution to Pakistan's economy?
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Which aspect of the financial sector experienced notable growth in Pakistan since 2001?
Which aspect of the financial sector experienced notable growth in Pakistan since 2001?
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What was the impact of the 1974 nationalization program in Pakistan?
What was the impact of the 1974 nationalization program in Pakistan?
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How many domestic private banks are currently present in Pakistan?
How many domestic private banks are currently present in Pakistan?
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What initiative did the State Bank of Pakistan (SBP) introduce in 2020 to promote housing affordability?
What initiative did the State Bank of Pakistan (SBP) introduce in 2020 to promote housing affordability?
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Which mobile operator is NOT mentioned as one of the leading companies in the Pakistani mobile market?
Which mobile operator is NOT mentioned as one of the leading companies in the Pakistani mobile market?
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Pakistan ranks which position in the world according to its tourism income?
Pakistan ranks which position in the world according to its tourism income?
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What issue does Pakistan face regarding corruption as per the Transparency International's ranking?
What issue does Pakistan face regarding corruption as per the Transparency International's ranking?
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What has been stated about Pakistan's tourism industry?
What has been stated about Pakistan's tourism industry?
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What was the primary purpose of establishing the National Accountability Bureau (NAB) in 1999?
What was the primary purpose of establishing the National Accountability Bureau (NAB) in 1999?
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What position did Pakistan hold in the global ranking for public external debt in 2017?
What position did Pakistan hold in the global ranking for public external debt in 2017?
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Which of the following is NOT a main component of the China-Pakistan Economic Corridor (CPEC)?
Which of the following is NOT a main component of the China-Pakistan Economic Corridor (CPEC)?
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Which type of cooperation aims to increase health care effectiveness in the context of CPEC?
Which type of cooperation aims to increase health care effectiveness in the context of CPEC?
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What is one of the aims of the China-Pakistan Economic Corridor (CPEC) regarding security?
What is one of the aims of the China-Pakistan Economic Corridor (CPEC) regarding security?
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Which region of China is primarily targeted for connectivity through the CPEC?
Which region of China is primarily targeted for connectivity through the CPEC?
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In what way does Pakistan serve in the context of China’s strategic interests?
In what way does Pakistan serve in the context of China’s strategic interests?
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Which of the following sectors is involved in the diverse investment opportunities listed under the CPEC?
Which of the following sectors is involved in the diverse investment opportunities listed under the CPEC?
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Study Notes
Economy of Pakistan
- Pakistan is a low-income developing economy.
- It is the 23rd largest economy globally in terms of GDP.
- In 2021, Pakistan had a population of 227 million people, making it the 5th largest globally.
- It has a semi-industrial economy.
- Primary exports include textiles, leather goods, sports equipment, chemicals, and carpets/rugs.
Major Sectors of Pakistan's Economy
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Agriculture: A majority of the population depends on this sector.
- it contributes 19.2% to GDP.
- Accounts for 37.4% of employed labour in 2021.
- Key crops are wheat, sugarcane, cotton, and rice.
- Pakistan is a net exporter of food, with wheat as its largest crop.
- Exports include rice, cotton, fish, fruits, vegetables, vegetable oil, wheat, and pulses.
- Natural resources include arable land and water. About 25% of the land is cultivated.
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Industry: Accounts for approximately 19.12% of GDP.
- Major industries include textiles, fertilizer, cement, oil refineries, dairy products, food processing, beverages, construction materials, clothing, paper products, and shrimp.
- Small and medium-scale businesses represent nearly 90% of enterprises and employ 80% of the non-agricultural workforce.
- Sub-sectors include manufacturing, cement, fertilizer, defense, textiles, automobile, mining, and energy
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Services: Key sectors include telecommunication, transportation, finance, housing, and tourism.
- Mobile phone market has exploded since 2003.
- Banking system is diverse, with a mix of public and private banks.
Pakistan's Economic Crisis
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Corruption: A persistent issue in the government and lower levels of police forces.
- Pakistan ranks poorly on the Transparency International Corruption Perceptions Index.
- Ranked 34th most corrupt country globally.
- National Accountability Bureau (NAB) was established in 1999 to recover looted money from corrupt elements.
- Debt: In 2017, Pakistan ranked 57th globally with respect to public external debt to international monetary authorities (CIA World Factbook).
The China-Pakistan Economic Corridor (CPEC)
- CPEC is a large development project connecting Gwadar Port (in Pakistan) to China's northwestern Xinjiang region.
- The project connects through a network of roads, railways and pipelines.
- CPEC aims to promote cooperation at a strategic and political level and expand bilateral collaboration economically.
Main Components of CPEC
- Gwadar port and city development, and socio-economic growth in the region
- Energy projects(Coal, Hydel, Wind, Solar, LNG, Transmission)
- Transport Infrastructure (Roads, Rail, Aviation)
- Investment opportunities and Industrial Cooperation (Gwadar Free Zone and other industrial parks)
- Other areas of mutual agreement
Diverse Investment Opportunities
- Areas with investment potential include industrial, financial, agricultural cooperation, education, human resource development, and health care.
- Opportunities for livelihood gains are expected to increase.
- Security and stability are key factors for investment growth.
Strategic Importance of Pakistan
- Pakistan holds strategic importance for China due to its location, acting as a crucial bridge between China and Central Asia, South Asia, and the Middle East.
- This strategic position attracts China's interest to invest heavily in resource development support for Pakistan.
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Description
Explore the key aspects of Pakistan's economy, which is characterized as a low-income developing economy with a significant agricultural base. This quiz covers major sectors, including agriculture, industry, and trade, highlighting their contributions to GDP and employment. Test your knowledge on Pakistan's economic structure and key exports.
