Pakistan’s projected annual growth rate over the next 10 years is nearly 6 per cent, according to the revised growth prognostications presented by researchers at the Centre for International Development (CID) at the Harvard University.
Although China’s huge economy (current GDP at $12 trillion) cannot be compared with that of Pakistan (current GDP at $300 billion), Pakistan’s 5.97 per cent growth rate is above that of China, which is set to grow by 4.41 percent.
According to the Harvard study, the economic complexity not only describes why countries are rich or poor today, but can also predict future growth — about five times more accurately than the World Economic Forum’s Global Competitiveness Index.
Except for India, Pakistan will beat all Asian economies in GDP growth. These also include giant Muslim economies.
Here are some regional countries (and their GDP growth) Pakistan will be ahead of:
Muslim and South Asian countries:
Indonesia 5.82 percent
Turkey 5.64 percent
Malaysia 4.82 percent
Sri Lanka 3.77 percent
Saudi Arabia 3.17 percent
Bangladesh 2.82 percent
UAE 2.41 percent
Shanghai Cooperation Organization (SCO) countries:
Tajikistan 3.61 percent
Uzbekistan 3.32 percent
Kazakhstan 2.65 percent
Kyrgyzstan 5.77 percent
Russia 2.60 percent
A major trend that emerges from Harvard’s report is that the growth in emerging markets is predicted to continue to outpace that of advanced economies, though not uniformly.