Archive for May, 2008

Pakistans economy and job market

Friday, May 23rd, 2008

Pakistan’s economy has been growing since government reforms in 2001, with gross domestic product (GDP) growth of 6-8% per annum (The World Factbook, 2007). Key consumer indicators such as mobile phone subscription numbers (63 million in 2007, The World Factbook) show that participation in modern consumer society is increasing, albeit from a low base by European standards. Trade between the UK and Pakistan is strong, reflecting the close historic links of the two countries – the UK is Pakistan’s fourth largest trading partner (Foreign and Commonwealth Office (FCO) Country Profile, 2007).

The earthquake of 2005 and subsequent political upheavals have had some deterrent effect on inward investment and joint ventures by overseas investors and companies but this is balanced by a strong level of remittances back to Pakistan from the millions of overseas workers of Pakistan origin (US$5.4billion in 2006) (World Bank Country Profile, 2007).

The total workforce is around 50 million. After agriculture, the largest employment sectors are manufacturing industry (20% of the workforce) and services (38%) (The World Factbook, 2007).