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Pakistan's Macroeconomic Adjustment and Resumption of Growth, 1999-2004

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  • International Monetary Fund
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    Abstract

    The main findings are as follows: (1) an increase in private national saving during 2001-03 was the key contributor to the turnaround in Pakistan''s external current account during this period; (2) while Pakistan''s growth was mainly export-led before 2003-04, it was largely led by domestic demand in 2004, especially consumer demand but also private and public investment; and (3) the structural reforms implemented in Pakistan during the past four years should make the observed strengthening in domestic savings and rise in domestic investment permanent, auguring well for accelerated growth within a sustainable external balance. The country''s growth prospects would be further enhanced by a more externally driven growth process, and by an acceleration of structural reforms to further improve productivity and the investment climate.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/139.

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    Length: 33
    Date of creation: 01 Jul 2005
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    Handle: RePEc:imf:imfwpa:05/139

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    Keywords: Economic growth; growth rates; real gdp; nonfactor services; gdp growth; imports of goods; national income; private consumption; nonfactor service; domestic demand; private investment; total consumption; growth rate; government current expenditure; direct investment; gdp growth rate; services sectors; gdp growth rates; domestic market; human capital; foreign investment; gross domestic product; international trade; gdp deflator; competitive markets;

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    1. Easterly, William & DEC, 1993. "How much do distortions affect growth?," Policy Research Working Paper Series 1215, The World Bank.
    2. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
    3. Khan, Mohsin S & Kumar, Manmohan S, 1997. "Public and Private Investment and the Growth Process in Developing Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 59(1), pages 69-88, February.
    4. Zafar Iqbal & Ghulam Mustafa Zahid, 1998. "Macroeconomic Determinants of Economic Growth in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, Pakistan Institute of Development Economics, vol. 37(2), pages 125-148.
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