Authored by: Dr. Gholam Mujtaba, MD, Ed.D.
Overview: Pakistan’s economic situation is facing severe challenges, worsened by rampant domestic corruption and ongoing political instability. Yet, the vital contribution of Overseas Pakistanis has emerged as a cornerstone in supporting the nation’s economy during these testing times.
- Trade Balance Overview:
• Export Growth: Pakistan’s exports demonstrated a moderate growth of 11.83%, increasing from $2.064 billion to $2.308 billion in the first month of the fiscal year 2024.
• Import Growth: Simultaneously, imports rose more sharply by 15.30%, from $3.69 billion to $4.256 billion during the same period.
• Net Impact: The country’s trade balance remains under strain. For July 2024, the deficit increased, resulting in a net loss of $320 million compared to the previous year. - The Role of Overseas Pakistanis:
• Remittance Increase: Remittances sent by Overseas Pakistanis witnessed a significant uptick, rising from $2.99 billion to $3.158 billion, reflecting an increase of $160 million in the same corresponding month.
• Economic Contribution: These remittances have become an essential lifeline, providing critical foreign exchange that mitigates Pakistan’s economic shocks. They are crucial in counterbalancing the country’s trade deficits and sustaining the economy. - Conclusion:
The data from the first fiscal month of 2024 clearly shows that Overseas Pakistanis are indeed the unsung heroes of Pakistan’s economy. Despite being marginalized and denied fundamental rights, such as the right to vote in domestic elections, their contributions are indispensable. Their remittances uplift countless families and are essential in stabilizing the nation’s trade balance, proving them to be the backbone of the country’s economic resilience.
This presentation emphasizes the indispensable role of Overseas Pakistanis in supporting Pakistan’s economy, especially in the face of ongoing domestic challenges.
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