tar are centered in the green field; the crescent, star,
and color green are traditional symbols of Islam

@Pakistan:Economy

Economy-overview: Pakistan continues to suffer through a damaging
foreign exchange crisis. The crisis stems from years of loose fiscal
policies that exacerbated inflation and allowed the public debt, money
supply, and current account deficit to explode. In April 1997, Prime
Minister SHARIF introduced a stimulus package of tax cuts intended to
boost failing industrial output and spur export growth. At that time,
the IMF endorsed the program, paving the way for a $1.5 billion
Enhanced Structural Adjustment Facility. Although the economy showed
signs of improvement following the measures, SHARIF has refused to
implement the tough structural reforms necessary for sustained,
longer-term growth. As a consequence, at yearend 1997, industrial
production continued to flag, foreign exchange reserves continued to
teeter around $1 billion-only four weeks of imports-and borrowing to
support the budget deficit already exceeded the amount allocated for
the entire fiscal year. At the same time, the government must cope
with long-standing economic vulnerabilities-inadequate infrastructure,
low levels of literacy, and increasing sectarian, ethnic, and tribal
violence.

GDP: purchasing power parity-$344 billion (1997 est.)

GDP-real growth rate: 3.1% (1997 est.)

GDP-per capita: purchasing power parity-$2,600 (1997 est.)

GDP-composition by sector:
agriculture: 24.2%
industry: 26.4%
services: 49.4% (1997)

Inflation rate-consumer price index: 11.8% (FY96/97)

Labor force:
total: 37.8 million (1998)
by occupation: agriculture 47%, mining and manufacturing 17%, services
17%, other 19%
note: extensive export of labor, mostly to the Middle East, and use of
child labor

Unemployment rate: NA%

Budget:
revenues: $9.6 billion
expenditures: $13.6 billion, including capital expenditures of $NA
(FY96/97)

Industries: textiles, food processing, beverages, construction
materials, clothing, paper products, shrimp

Industrial production growth rate: 3.3% (FY96/97 est.)

Electricity-capacity: 13.169 million kW (1995)

Electricity-production: 58.1 billion kWh (1997)

Electricity-consumption per capita: 436 kWh (1997)

Agriculture-products: cotton, wheat, rice, sugarcane, fruits,
vegetables; milk, beef, mutton, eggs

Exports:
total value: $8.2 billion (FY96/97)
commodities: cotton, textiles, clothing,