During this period, Pakistan had a population of around 30 million, with approximately 6 million living in urban areas. Agriculture contributed 53% of the country's GDP in 1947 and a slightly higher 53.2% in 1949-50. In the late 1940s, when Pakistan came into existence in 1947, its economy was primarily agrarian. Main article: Economic history of Pakistan The Late 1940s: Dawn of a New National Economy However, the country continues to face the challenges of rapidly growing population, high illiteracy, corruption, political instability, a hostile neighborhood and heavy foreign debt. Pakistan is currently undergoing a process of economic liberalization, including the privatization of all government corporations, which is aimed at attracting foreign investment and decreasing budget deficits. Primary export commodities include textiles, leather goods, sports equipment, chemicals, and carpets/rugs. Pakistan was classified as a semi-industrial economy for first time in late 1990s albeit an underdeveloped country with heavy dependence on agriculture, textile industry being dependent on cotton production. The growth poles of Pakistan's economy are situated along the Indus River the diversified economies of Karachi and major urban centres in Punjab (such as Faisalabad, Lahore, Sialkot, Rawalpindi and Gujranwala), co-existing with lesser developed areas in other parts of the country. Although, the economy began to privatise in the 1990s. With the beginning of Zia-ul Haq's regime in the 1980s, a more "Islamic" economy was adopted which outlawed economic practices forbidden in Sharīʿah and mandated traditional religious practices instead. Nationalization of significant portion of the sector including financial services, manufacturing and transportation had begun in the early 1970s under Zulfikar Ali Bhutto. In the formative decades of Pakistan, the economy was largely based on private industries. According to the International Monetary Fund (IMF), on a per capita income basis, Pakistan ranked 161st by GDP (nominal) and 138th by GDP (PPP). ![]() As of 2023, the country has a population of 232 million people. It is the 24th-largest in terms of GDP based on purchasing power parity (PPP) and 46th largest in terms of nominal GDP. The economy of Pakistan is classified as a developing economy. All values, unless otherwise stated, are in US dollars.
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