what do you know about the significance and impact of seatek on economic development of Pakistan
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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 [37] (the world's 5th-largest), giving it a nominal GDP per capita of $1,357 in 2019,[38] 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.[39] Pakistan is a developing country[40][41][42] 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.[43] The economy is semi-industrialized, with centres of growth along the Indus River.[44][45][46] Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.[47][48]
Economy ofPakistan
Karachi, the financial centre of Pakistan
CurrencyPakistani rupee (₨) (PKR)
Fiscal year
1 July – 30 June
Trade organisations
WTO, SAARC, ECO, OIC, SAFTA, AIIB, SCO, IMF, Commonwealth of Nations, World Bank, Developing-8, Group of 77 and others
Country group
Developing/Emerging[1]Lower-middle income economy[2]
StatisticsPopulation 220,892,000 (2020)[3]GDP
$284 billion (nominal; 2019 est.)[4] $1.2 trillion (PPP; 2020 est.)[5]
GDP rank
42nd (nominal; 2019)23rd (PPP; 2020)
GDP growth
5.5% (17/18) 1.9% (18/19e)−2.6% (19/20f) −0.2% (20/21f)[6][note 1]
GDP per capita
$1,388 (nominal; 2019 est.)[4] $5,872 (PPP, 2019 est.)[4]
GDP per capita rank
151st (nominal; 2019)132nd (PPP; 2019)
GDP by sector
Agriculture: 18.74%Industry: 19.74%Services: 61.52%(2019 est)[7]
Inflation (CPI)
11.2% (2020 est)[5] 8.51% (Apr 2020)[8][9]
Base borrowing rate
9.00% (as on 20 April 2020)[10]
Population below poverty line
34.7% on less than $3.20/day (2015)[11] 1.0% in extreme poverty (September 2019)[12](World Poverty Clock estimate)
Gini coefficient
33.5 medium (2015, World Bank)[13]
Human Development Index
0.560 medium (2018)[14] (152nd) 0.386 low IHDI (2018)[15]
Labour force
75,143,667 (2019)[16]48.9% employment rate (2018)[17]
Labour force by occupation
Agriculture: 37.4%Industry: 24.0%Services: 38.6%(2017–18)[18]
Unemployment
4.5% (2020 est.)[5] 5.7% (2017–18)[18]7.8% youth unemployment (2018)[19]
Main industries
Textiles and apparelfood processingpharmaceuticalssurgical instrumentsconstruction materialsfertilizershrimppaper products
Ease-of-doing-business rank
108th (medium, 2020)[20]ExternalExports $24.217 billion (FY 2019)[21]
Export goods
Textiles: $13,553.2 millionFood: $4,627.8 millionPetroleum: $675.8 millionAll Other: $1,303.8 millionOther Exports: $3,812.3 million[22]
Main export partners
United States 16.7%