The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Pakistan's growth story goes unheard

Pakistan's economy is growing at an unprecedented rate but foreign investors, exercised by doubts about political stability, haven't heard the good news.

Shaukat Aziz

FINANCE MINISTER SHAUKAT Aziz is bullish. "Pakistan is on a roll," he proclaims. "The economic situation is looking better by the day and the country is on an accelerated growth path." The economic team put in place after General Pervez Musharraf seized power five years ago in a bloodless coup has achieved a remarkable turnaround. GDP growth for the financial year ended June 30 is expected to nudge 6%, per capita income is forecast to rise from $450 to $600 and industrial output is up by a record 15%. Exports are ahead by about the same percentage as output, private sector credit has increased threefold, and foreign reserves have soared to $12.5 billion, more than 10 times the 1999 level.

"This is the best macroeconomic picture we have seen since Pakistan was created 55 years ago," says Sirajuddin Aziz, senior executive vice-president of Bank Alfalah.

Foreign banks are equally enthusiastic. "After several years of consolidation, Pakistan is poised for an acceleration in growth," says Sakib Sherani, analyst at ABN Amro. "All in all, the country appears well positioned for further upgrades to its sovereign credit rating [currently B/B3]."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree