Pakistan’s per capita GDP rises to $1,680, surpassing regional benchmarks

ISLAMABAD: Pakistan’s economy is showing signs of recovery, with the country achieving a per capita gross domestic product (GDP) of $1,680 in the fiscal year 2024, official data showed on Tuesday.

Projections for fiscal 2025 indicate further growth, with per capita GDP expected to reach $2,405, reflecting Pakistan’s efforts towards sustainable and inclusive development.

Islamabad

Islamabad led the country’s economic performance, recording a per capita GDP of $2,996, significantly higher than India’s national average of $2,106, according to government statistics. The capital’s strong performance underscores targeted investment and development initiatives.

Punjab

Among the provinces, Punjab reported a per capita GDP of $1,713, 2% above the national average, while Sindh posted $1,748, reflecting robust economic activity.

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Khyber Pakhtunkhwa

Khyber Pakhtunkhwa (KP) and Balochistan recorded $1,388 and $1,106, respectively. Gilgit-Baltistan and Azad Jammu and Kashmir reported $1,550 and $1,730, highlighting efforts to address regional disparities.

India’s regional inequalities

Meanwhile, India’s regional inequalities remain stark with southern states recording a per capita income of $3,421, while northern regions, including Hindutva-strongholds, lagged at $813, highlighting sharp disparities.

India has also been facing a high poverty ratio, with the UNDP and Oxford Poverty and Human Development Initiative pointing out the country as having the highest global poverty rate. according to recent estimates around 234 million individuals live below the poverty line,.

Youth unemployment has also balooned, with rates climbing to 65.7% from 35.2%, the International Labour Organization (ILO) reported.

Despite economic headwinds, including an estimated $150 billion loss from foreign-sponsored terrorism over two decades and the socio-economic impact of hosting 4 to 5 million Afghan refugees, Pakistan continues to make strides toward stability and growth, officials said.