BMI Research, a financial market analysis firm, has recently identified 10 emerging markets from the Asian and African region that are set to become new drivers of economic growth over the next ten years. Pakistan also made the cut. Other countries on the list include Bangladesh, Ethiopia, Egypt, Kenya, Indonesia, Myanmar, Nigeria, Philippines, and Vietnam.
The report says that construction and manufacturing will play an important role in driving the economies of these countries. Pakistan, Bangladesh, and Myanmar will specifically see a strong growth in the manufacturing industry. All countries are set to see the construction sector thrive, particularly to assist urban growth and the manufacturing industry. Mining and Gas industry will play a far smaller role than it has in the past years. While the commodity-driven model is not expected to make a comeback.
Pakistan, whose current primary sector is agribusiness with textile and rice being the key exports, is expected to become a manufacturing hub in the coming years. In the beginning of BMI’s forecast period the textile and automotive sector presented a faster growth. The domestic manufacturing investment is expected to be boosted considering the lower energy prices and an improved domestic energy supply.
“Pakistan will develop as a manufacturing hub over the coming years, with the textile and automotive sectors posting the fastest growth at the beginning of our forecast period. Domestic manufacturing investment will be boosted by the windfall from lower energy prices compared to the last decade, and improved domestic energy supply.”
Pakistan:
Primary sector: Agribusiness, oil.
Key exports: Textiles, rice.
2015 GDP growth: 4.2%.
Unemployment rate: 6.5%.
Exchange rate: 104.85 Pakistani rupees per dollar.