Pakistan has a semi-industrialized economy. The growth poles of the Pakistani economy are situated along the Indus River. Diversified economies of Karachi and Punjab's urban centres, coexist with less developed areas in other parts of the country. Despite being a very poor country in 1947, Pakistan's economic growth rate has been better than the global average during the following four decades, but incautious policies led to a slowdown in the late 1990s.