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The year has posted several
multiyear “firsts”. Pakistan’s real GDP growth of 8.4 percent in 2004-05 is the fastest pace in two decades; the fifth
time in the country’s history that it exceeded 8 percent growth mark; Pakistan positioned itself as the second fastest
growing economy after China in 2004-05; its per capita income crossed $ 700 mark; Pakistan achieved highest ever
production of cotton (14.6 million bales) and wheat (21.1 million tons) in 2004-05; it has seen the largest ever
expansion of private sector credit in 2004-05; exit from the IMF Programme marks an important milestone; Pakistan
became the fourth sovereign to issue an Islamic Bond (Sukuk), following Malaysia, Qatar and Bahrain; the country’s
public and external debt burden declined to their lowest in decades; current account balance slipped into the red after
posting surpluses for three consecutive years; and inflation at 9...
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