Riaz Haq's Blog Posts Tagged 'Remittances' (18)

Goldman Sachs Projects Pakistan Economy to Become the World's 6th Largest by 2075

Goldman Sachs analysts Kevin Daly and  Tadas Gedminas project Pakistan's economy to grow to become the world's sixth largest by 2075.  In a research paper titled "The Path to 2075", the authors forecast Pakistan's GDP to rise to $12.7 trillion with per capita income of $27,100.  India’s GDP in 2075 is projected at $52.5 trillion and per capita GDP at $31,300.  Bangladesh is projected to be a…
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Added by Riaz Haq on December 7, 2022 at 9:30am — 45 Comments

UN Report: Last Decade Saw 16.5 Million Pakistanis Migrate Overseas

Among 10 countries with the estimated net outflow of migrants exceeding 1 million over the period from 2010 through 2021, Pakistan saw 16.5 million migrants move overseas, the highest in the world, according to a report titled "World Population Prospects 2022" released by the United Nations Department of Economic and Social Affairs (UN DESA). …

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Added by Riaz Haq on July 17, 2022 at 4:00pm — 6 Comments

Islamophobia: Can Modi's India Afford to Alienate the Entire Arab Muslim Middle East?

Last week, two official spokespersons of India's ruling BJP party insulted Prophet Muhammad (PBUH) on an Indian television channel known for promoting Islamophobia. Mohammad Zubair, an Indian Muslim journalist, tweeted a video clip of the TimesNow primetime show featuring BJP's official spokeswoman Nupur Sharma attacking the Prophet (SAW) revered by more than a billion Muslims around the world. As…

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Added by Riaz Haq on June 7, 2022 at 8:00am — 42 Comments

European Union: Fastest Growing Source of Remittances to Pakistan

Remittances from the European Union (EU) to Pakistan soared 49.7% in FY 21 and 28.3% in FY22, according to the State Bank of Pakistan. With $2.5 billion remittances in the first 9 months (July-March) of the current fiscal year, the EU ($2.5 billion) has now surpassed North America ($2.2 billion) to become the third largest source of inflows to Pakistan after the Middle East and the United Kingdom. Remittances from the US have grown 21%, second fastest after the EU (28.3%) in the first 9 …

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Added by Riaz Haq on May 1, 2022 at 11:30am — 16 Comments

Arab Muslim UAE Is Top Education and Employment Destination For Indians From Modi's Hindu Rashtra

The United Arab Emirates, a grouping of  seven Arab Muslim kingdoms, has now become the number one destination for education and employment of people from Hindu India, according to the government data from the two countries. …

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Added by Riaz Haq on March 4, 2022 at 6:30pm — 15 Comments

Pakistan's Quarterly Tech Exports Have Jumped Over 6-Fold Since 2010

Pakistan's quarterly technology exports reached $635 million in the first quarter of the current fiscal year 2021-22, up more than 6 times since the first quarter of fiscal year 2009-10. The nation's overall quarterly merchandise exports have been relatively flat at about $6 billion average during this period. …

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Added by Riaz Haq on October 19, 2021 at 7:00pm — 6 Comments

Pakistan's Demographic Dividend: Record Remittances From Overseas Workers

Pakistan has received nearly $30 billion in worker remittances in fiscal year 2020-21, according to the State Bank of Pakistan. This is a new record representing about 10% of the country's gross domestic product (GDP). This money helps the nation cope with its perennial current account deficits. It also provides a lifeline for millions of Pakistani families who use the money to pay for food,…

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Added by Riaz Haq on July 13, 2021 at 10:30am — 30 Comments

Pakistan Tech Exports Continue to Soar: Up 40% in last 6 Months Amid COVID19 Pandemic

Pakistan's technology exports are continuing to soar amid the Covid19 pandemic. Tech exports jumped 43% in December, 2020 and 40% in July-December 2020 period over the same period in 2019. This is a rapid acceleration from 21% increase in all of Fiscal Year 2020 (July-June 2020) over FY 2019. Tech exports (up 40%) far outpaced overall exports (up 5.1%) in this period. 

The modest 5.1% increase in Pakistan's overall exports is still commendable in the midst of the global economic…

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Added by Riaz Haq on January 24, 2021 at 4:37pm — 12 Comments

Overseas Pakistanis Rescuing Pakistan Economy Yet Again

Pakistani diaspora sent home $14.2 billion in remittances in July-December 2020, up 25% from the same period in 2019. Pakistanis settled in the United Kingdom and the United States increased their remittances by 52% and 47% respectively in this period, helping Pakistan achieve a record $1.8 billion current account surplus in the first 6 months of the ongoing fiscal year…

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Added by Riaz Haq on January 16, 2021 at 6:00pm — 13 Comments

Nearly 600,000 Pakistanis Migrated Overseas in 2019

Nearly 600,000 Pakistanis have gone overseas for work in the first 11 months of this year, according to figures recently released by Pakistan Bureau of Emigration and Overseas Employment. This phenomenon has helped reduce unemployment in a country where about 2 million young…

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Added by Riaz Haq on December 27, 2019 at 9:00am — 33 Comments

Diaspora Remittances to Pakistan Soar 21X Since Year 2000

Remittance inflows from Pakistani diaspora have jumped 21-fold from about $1 billion in year 2000 to $21 billion in 2018, according to the World Bank. In terms of GDP, these inflows have soared nearly 7X from about 1% in year 2000 to 6.9% of GDP in 2018.

Meanwhile, Pakistan's exports have declined from 13.5% of GDP in year 2000 to…

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Added by Riaz Haq on December 9, 2018 at 2:00pm — 21 Comments

World Bank: Pakistan Outperforming Emerging Economies Average

The World Bank sees Pakistan's GDP to grow 5.5% in current fiscal year 2017-18 ending in June 2018, a full percentage point faster than the 4.5% average GDP growth for Emerging and Developing Economies (EMDEs) that include Argentina, Brazil, China, India, Nigeria and Russia among others. However, Pakistan economic growth continues to lag growth forecast for regional economies of…

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Added by Riaz Haq on January 11, 2018 at 10:24am — 4 Comments

Overseas Pakistanis Sent Home $20.5 Billion in 2016

Overseas Pakistanis sent home $20.5 billion in remittances in 2016, an increase of 5.1% over 2015, according to the World Bank. Pakistan's remittances are 7.5% of its 2015 GDP of $270 billion.

Pakistan's Declining Exports:

The increase in remittances from …

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Added by Riaz Haq on October 8, 2016 at 8:24pm — 1 Comment

Pakistan Remittances Rising Amid Falling Oil Prices

Pakistani diaspora sent home $19.3 billion in remittances in 2015, representing 12.8 % increase over 2014, according to a World Bank Report titled "Migration and Development Brief" released today.

Pakistan's $19.3 billion in remittance make up 6.9% of 2014 GDP, essentially…

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Added by Riaz Haq on April 14, 2016 at 10:00pm — 7 Comments

Pakistan 4th Highest Source of Remittances to India

Pakistanis sent nearly $5 billion to help their relatives in India in 2015, according to data released by the World Bank. This makes Pakistan the 4th largest source of foreign remittances to India, putting Pakistan ahead of Kuwait and the United Kingdom. Only United Arab Emirates, United States and Saudi Arabia sent more money to India.…

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Added by Riaz Haq on February 27, 2016 at 10:06am — 16 Comments

Pakistan's Goodbye to IMF

Citing significant improvements in Pakistan's current account balance, Pakistan's Finance Minister Dr Abdul Hafeez Shaikh has said that his government would not waste its energy on reviving the currently suspended IMF program that began in 2008, or seek a new IMF bailout, according to a report in Pakistan's Dawn… Continue

Added by Riaz Haq on September 17, 2011 at 11:00am — 2 Comments

Can Pakistani Diaspora Help in Pakistan's Development?

Nearly 5 million Pakistani emigrants make up the world's 7th largest disapora, according to the World Bank Factbook 2011. Adding the foreign-born children of these Pakistani emigres to the tally pushes the total figure up to about 7 million. The top five nations that the Pakistani diaspora calls home include the United Kingdom (1.2 million), The Kingdom of Saudi Arabia (1.2 million), the… Continue

Added by Riaz Haq on September 3, 2011 at 7:03pm — 32 Comments

How Can Overseas Pakistanis Help in Post-Floods Reconstruction?

Members of Pakistani diaspora must remember their compatriots in distress as we celebrate Eid today.



While there have been high-profile recent efforts by overseas Pakistanis to raise millions of dollars to fund rescue and relief efforts after the recent devastating floods, it is now time to begin to shift focus on to the much longer term and significantly more expensive reconstruction phase that… Continue

Added by Riaz Haq on September 11, 2010 at 11:00am — 2 Comments

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    Blog Posts

    Biden's Gaza Ceasefire Veto Defies American Public Opinion

    Aaron Bushnell, an active serviceman in the United States Air Force, burned himself to death in front of the Israeli Embassy in protest against the US policy in Gaza. Before setting himself on fire in what he called an "extreme act of protest", he said he would "no longer be complicit in genocide". Polls show that the vast majority (63%) of Americans want an immediate end to the carnage being perpetrated by Israel in Gaza.  …

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    Posted by Riaz Haq on February 27, 2024 at 5:30pm

    Pakistan Elections: Imran Khan's Supporters Skillfully Used Tech to Defy Powerful Military

    Independent candidates backed by the Pakistan Tehreek e Insaf (PTI) party emerged as the largest single block with 93 seats in the nation's parliament in the general elections held on February 8, 2024.  This feat was accomplished in spite of huge obstacles thrown in front of the PTI's top leader Imran Khan and his party leaders and supporters by Pakistan's powerful military…

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    Posted by Riaz Haq on February 16, 2024 at 9:22pm — 1 Comment

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