One of the mainstays of any country around the world for economic development is its existing reserves of the natural resources and assets base. Pakistan has plenty of natural resources such as large reserves of oil and gas, great quantity of copper and ore deposits, in addition huge coal and salt pits, and gemstones. Likewise, it possesses sound manufacturing industries of textiles and clothing, steel fabricating, cotton ginning factories, sugarcane mills, sports goods and leather manufacturing etc.
The current account deficit of Pakistan is expected to widen by 2.4 percent of Gross Domestic Product (GDP) by 2018-19 (FY19), largely on the back of declining exports and widening trade deficit, said the World Bank (WB).
The WB in its latest report, South Asia Economic Focus, predicted that the current account deficit is expected to widen from 1.2 percent of GDP in FY2016 to 2.2 percent in FY2017 and 2.4 percent by FY2019. ‘The key contributor to this will be a widening of the trade deficit due to moderate growth in exports due to weakening of exports competitiveness and global demand and higher growth in imports due increased economic activity’.
