section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Pakistan's economy ranks 24th globally by purchasing power parity (PPP) and 43rd by nominal GDP. Historically, Pakistan was part of the wealthiest region in the first millennium CE, but lost ground to regions like China and Western Europe by the 18th century. Pakistan is a developing country, and part of the Next Eleven, poised to become one of the world's largest economies in the 21st century, alongside the BRICS.
  
  In recent years, Pakistan has faced social instability and macroeconomic imbalances, with deficiencies in services like rail transportation and electrical energy generation. The semi-industrialized economy has growth centers along the Indus River. The diversified economies of Karachi and Punjab's urban centers coexist with less-developed areas in other parts of the country, particularly in Balochistan. Pakistan ranks as the 67th-largest export economy and the 106th-most complex economy globally, with a negative trade balance of US$23.96 billion in fiscal year 2015–16.
  
  As of 2022, Pakistan's estimated nominal GDP is US$376.493 billion. The GDP by PPP is US$1.512 trillion. The estimated nominal per capita GDP is US$1,658, the GDP (PPP)/capita is US$6,662 (international dollars), According to the World Bank, Pakistan has important strategic endowments and development potential. The increasing proportion of Pakistan's youth provides the country with both a potential demographic dividend and a challenge to provide adequate services and employment. 21.04% of the population live below the international poverty line of US$1.25 a day. The unemployment rate among the aged 15 and over population is 5.5%. Pakistan has an estimated 40 million middle class citizens, projected to increase to 100 million by 2050. A 2015 report published by the World Bank ranked Pakistan's economy at 24th-largest in the world by purchasing power and 41st-largest in absolute terms. It is South Asia's second-largest economy, representing about 15.0% of regional GDP.
  
  Pakistan's economic growth varied over time, with slow progress during democratic transitions but robust expansion under martial law, lacking sustainable foundations. Rapid reforms in the early to mid-2000s, including increased development spending, reduced poverty by 10% and boosted GDP by 3%. The economy cooled post-2007, with inflation peaking at 25.0% in 2008, necessitating IMF intervention to prevent bankruptcy. The Asian Development Bank later noted easing economic strain in Pakistan. Inflation for fiscal year 2010–11 stood at 14.1%. Since 2013, Pakistan's economy has seen growth under an IMF program. Goldman Sachs predicted Pakistan's economy could grow 15 times by 2050, and Ruchir Sharma in his 2016 book anticipated a transformation to a middle-income country by 2020.
  
  Pakistan's vast natural commodity production and 10th-largest labour market, along with a US$19.9 billion contribution from its 7-million-strong diaspora in 2015–16, position it significantly. However, Pakistan's global export share is declining, accounting for just 0.13% in 2007 according to the World Trade Organization.