Pakistan is an under developed country and striving to accelerate its economic growth and catch up with the pace of the fast-growing economies of the region. Analyze the role of Industrialization in Pakistan to explain what role it can play to improve the lifestyles and living standards of people. State your answer in FIVE points.
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Answer:
The economy of Pakistan is the 23rd largest in the world in terms of purchasing power parity (PPP), and 42nd largest in terms of nominal gross domestic product. Pakistan has a population of over 220 million [36] (the world's 5th-largest), giving it a nominal GDP per capita of $1,357 in 2019,[37] which ranks 154th in the world and giving it a PPP GDP per capita of 5,839 in 2019, which ranks 132nd in the world for 2019. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income.[38] Pakistan is a developing country[39][40][41] and is one of the Next Eleven countries identified by Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICS countries, among the world's largest economies in the 21st century.[42] The economy is semi-industrialized, with centres of growth along the Indus River.[43][44][45] Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.[46][47]