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A report of 'The Economist' magazine has proved that unprecedented economic development of Pakistan is being acknowledged by international economic quarters.
In a statement in Islamabad on February 02, Pakistan's State Minister for Finance Division Omar Ayub Khan said that only biased and irrational persons can deny this fact of economic development.
He said The Economist is an internationally recognised economic journal and international organisations and countries of the world formulate their policies on the basis of its reports.
The minister said The Economist puts Pakistan at fourth number in the race of economic development after China, Venezuela and Argentina.
"Credit for all this goes to Prime Minister Shaukat Aziz who strengthened national economy thorough his hard work, professionalism, commitment and honesty," he added. He said only six years ago, this state was on the verge of bankruptcy but now it has one of the developed economies in the world.
Omar Ayub said Pakistan has fourth number in economic development and Gross Domestic Product (GDP) growth in 2005. According to The Economist report, China was at the top with 9.9 per cent GDP growth, Venezuela at second with 9.8 per cent, Argentina at third with 9.2 per cent and Pakistan at fourth with 8.4 per cent GDP growth.
He said that Pakistan also achieved fourth position in industrial production growth with 11 per cent, Indonesia got third position with 11.3 per cent and South Korea stood at second position with 12.2 per cent growth while China remained on top with 16.5 per cent.
Omar Ayub said India is lagging behind Pakistan with 8.0 per cent GDP growth rate and 6.9 per cent industrial development growth rate. The Economist report has declared the economic situation in the country stable and growing. "The development ratio of Pakistan is at the top amongst Islamic countries and second in Asia," he added.
The minister said development in Pakistan is imperative to political stability and "if we succeeded in doing so then Pakistan would become a main economic power on the map of world".
"If Pakistan had sincere leadership in the past, Pakistan would already have become a developed country today," he added.
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