The economy of Pakistan is the 27th largest in the world in terms of purchasing power parity (PPP), and 44th largest in terms of nominal GDP. However as Pakistan has a population of over 183 million (the world's 6th-largest), thus GDP per capita is $3,056 ranking 140th in the world. Pakistan is a rapidly developing country[18][19][20] and is one of the Next Eleven, the eleven countries that, along with the BRICs, have a high potential to become the world's largest economies in the 21st century.[21] However, after decades of war and social instability, as of 2013, serious deficiencies in basic services such as railway transportation and electric power generation had developed.[22] The economy is semi-industrialized, with centres of growth along the Indus River.[23][24][25]
Pakistan ranks as the 15th largest trader of goods in the world, ranking above Spain and Australia, while it is the worlds 6th largest trader of services. Major industries includes textiles (garments, bed linen, cotton cloth, yarn), chemicals, food processing (mainly sugar, salt, wheat, rice, fruit), agriculture, fertilizer, cement, dairy and rugs. Growth poles of Pakistan's economy are situated along the Indus River;[24][26] the diversified economies of Karachi and major urban centers in the Punjab, coexisting with lesser developed areas in other parts of the country.[24] The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment.[22] Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit – driven by a widening trade gap as import growth outstrips export expansion – could draw down reserves and dampen GDP growth in the medium term.[27]Pakistan is currently undergoing process economic liberalization with includes privatization of all government corporations, aimed to attractforeign investment and decrease budget deficit.[28]
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