Riaz Haq's Blog (1,368)

Pakistan Economy "Not in a Good Place"? Atif Mian's Gloom Justified?

Pakistani-American economist Atif Mian has recently analyzed Pakistan's economy in a series of tweets. He has said "Pakistan's economy is not in a good place", adding that the nation's "per capita income has not risen in 3 years (in fact down slightly)". He has particularly mentioned the country's "exaggerated external demand driven by its rentier economy", "flawed energy policy" and "a broken…

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Added by Riaz Haq on January 18, 2022 at 7:00pm — 7 Comments

Pakistan Pursuing Ambitious Program to Build Social Safety Net

Pakistan's PTI government has built South Asia’s first digital National Socio-Economic Registry (NSER) as a part of its ambitious effort to build a basic social safety net. The Ehsaas (also known as BISP- Benazir Income Support)) program's socio-economic registry includes household information by  geography, age, income, education, health, disability, employment, energy consumption, land and livestock holdings etc. …

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Added by Riaz Haq on January 14, 2022 at 9:00am — 4 Comments

Pakistani-American Surgeon Transplants Pig Heart into A Human Patient

Pakistani-American heart surgeon Dr. Mohammad Mansoor Mohiuddin and Dr. Bartley Griffith performed the first successful genetically-modified pig heart transplant into a human patient today at University of Maryland School of Medicine (UMSOM) hospital in Baltimore, according to the University's press release. Considered one of the world’s foremost experts on transplanting animal organs, known as…

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Added by Riaz Haq on January 10, 2022 at 6:30pm — 2 Comments

Pakistan Gets First Woman Supreme Court Judge Despite Top Judges' Opposition

Judge Ayesha Malik has been confirmed as Pakistan's first woman Supreme Court judge in the face of strong opposition by the majority of sitting judges of the top court and Pakistan Bar Council. It was two  affirmative votes by the PTI government representatives that helped her win 5-4 confirmation in the Supreme Judicial Council (SJC). Only two of the five sitting Supreme Court judges who are members of the SJC supported her confirmation. …

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Added by Riaz Haq on January 9, 2022 at 11:00am — No Comments

Double Digit Rise in Energy Consumption Confirms Pakistan's Economic Recovery in 2021

Oil consumption in Pakistan jumped 19% to 20.8 million tons in 2021, a strong indication of the country's economic recovery from the COVID-impacted 2020. In addition to oil, Pakistanis also consumed nearly 4 billion cubic foot of natural gas every day. Energy is fundamental to the functioning of any economy. …

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Added by Riaz Haq on January 5, 2022 at 9:00pm — 8 Comments

Pakistan 2021 Year End Review: Highs, Lows and Issues

The Covid19 pandemic that started in late 2019 continued to ravage the world in 2021. Europe, India and the United States were among the most impacted by it. Pakistan was able to control it better than its large eastern neighbor but it, too, was hit by double digit global inflation. Pakistan's economic recovery began in earnest with higher GDP growth, record exports and remittances from the Pakistani…

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Added by Riaz Haq on December 30, 2021 at 8:00am — 10 Comments

India Is Among The World's Most Unequal Countries

India is one of the most unequal countries in the world, according to the World Inequality Report 2022. There is rising poverty and hunger. Nearly 230 million middle class Indians have slipped below the poverty line, constituting a 15 to 20% increase in poverty. India ranks 94th among 107 nations ranked by…

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Added by Riaz Haq on December 23, 2021 at 9:30pm — 13 Comments

Has Bangladesh Really Left India and Pakistan Behind in Per Capita Income?

Is Bangladesh's officially reported GDP figure credible? Do consumption figures support Bangladesh's claim of higher per capita income than India and Pakistan?  Is it the recent rebasing of GDP that boosted Bangladesh's per capita income above India's and Pakistan's? If Bangladesh has higher GDP per capita,…

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Added by Riaz Haq on December 19, 2021 at 5:00pm — 24 Comments

Second Generation Pakistani-American's Health Tech Startup Raises $130 Million in Series C

Luma Health, co-founded by Adnan Iqbal, a second generation Pakistani American, raised $130 million in series C funding. Adnan's fellow co-funders include Dr. Tashfeen Ekram, a Pakistani-American and Aditya Bansod, an Indian-American. The latest round has brought Luma's total funding to $160 million.  "I have had a life of privilege. I have been to the right institutions. I have played…

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Added by Riaz Haq on December 17, 2021 at 5:00pm — 1 Comment

India in Crisis: Unemployment and Hunger Persist After Waves of COVID

India lost 6.8 million salaried jobs and 3.5 million entrepreneurs in November alone. Many among the unemployed can no longer afford to buy food, causing a significant spike in hunger. The country's economy is finding it hard to recover from COVID waves and lockdowns, according to data from multiple sources. At the same time, the Indian government has reported an 8.4% jump…

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Added by Riaz Haq on December 15, 2021 at 7:00pm — 19 Comments

Naya Pakistan Sehat Card: A Giant Step Toward Universal Healthcare

Prime Minister Imran Khan launched Sehat Card in Punjab, Pakistan 's largest province, on International Universal Healthcare Day 2021. This is essentially a government-funded health insurance program run by insurance companies to cover up to one million rupees worth of care each year at government certified public and private clinics and hospitals.  It represents a major expansion of this program which was first introduced in Khyber-Pakhtunkhwa province.  It is now available to residents of…

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Added by Riaz Haq on December 14, 2021 at 11:00am — 1 Comment

Pakistan Forecast to Become World's 7th Largest Consumer Market By 2030

The World Economic Forum forecasts that Pakistan will rise to become the world's 7th largest consumer market by 2030. Nearly 60 million Pakistanis will join the consumer class (consumers spending more than $11 per day) to raise the country's consumer market rank from 15 to 7 in the next 10 years. WEF forecasts the world's top 10 consumer markets of 2030 to be as follows: China, India, the United States, Indonesia, Russia, Brazil, Pakistan, Japan, Egypt and Mexico.  Global investors chasing…

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Added by Riaz Haq on December 11, 2021 at 9:00am — 2 Comments

How Has India Built Large Forex Reserves Despite Perennial Trade Deficits?

India's forex reserves of nearly $640 billion are the 4th largest in the world despite the fact that it runs trade deficits year after year.  Other nations among the top 5 with the biggest US dollar reserves are China ($3.4 trillion), Japan ($1.4 trillion) , Switzerland  ($1.1 trillion) and Russia ($623 billion). They have all accomplished this feat by running large trade…

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Added by Riaz Haq on December 9, 2021 at 8:17pm — 7 Comments

Esports: Pakistan's Arsalan Ash Wins Tekken7 Championship in Florida

Pakistan's Arsalan Ash defeated the “hometown” American hero Hoa “Anakin” Luu in a thrilling Grand Finals set to win first place in Tekken 7 at CEO 2021 in Florida. Arsalan won every single match without dropping a single game. This came against some of America’s top players, including EVO 2021 Online champion Marquis “Shadow_20z” Jordan. Known for his ability to use several different characters, Arslan Ash stuck with Zafina for the entirety of the CEO 2021, according to a report in …

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Added by Riaz Haq on December 6, 2021 at 8:30pm — 2 Comments

India's Economy Grew Only 0.2% Annually in the Last Two Years

The Indian government has reported an 8.4% jump in economic growth in the July-to-September period compared with a contraction of 7.4% for the same period a year earlier. The average GDP growth in India over the last two years has averaged just 0.2% per year. The news appears to indicate strong recovery after a big economic hit suffered from the COVID pandemic since early 2020.  Pakistan's economy fared relatively better during the pandemic. Pakistan's GDP rose 0.5% in 2020 and 3.9% in 2021.…

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Added by Riaz Haq on December 5, 2021 at 12:30pm — 13 Comments

India's Economy Grew Only 0.2% Annually in the Last Two Years

The Indian government has reported an 8.4% jump in economic growth in the July-to-September period compared with a contraction of 7.4% for the same period a year earlier. The news appears to indicate strong recovery after a big economic hit suffered from the COVID pandemic since early 2020.  Pakistan's economy fared relatively better during the pandemic. Pakistan's GDP rose 0.5% in 2020 and 3.9% in 2021. As a result, Pakistan now fares better than India on multiple indices including…

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Added by Riaz Haq on December 5, 2021 at 12:30pm — 2 Comments

Why Are Muslim Births in Sharp Decline in Indian Occupied Kashmir?

Muslim women's fertility rate in Indian Occupied Kashmir has sharply declined to just 1.4, far below the replacement level of 2.1, according to India's latest National Family Health Survey (NFHS-5).  Is this the result of Indian Prime Minister Narendra Modi's oppression in Kashmir? Is it because of fewer Muslim young men in the occupied territory? Is it part of the Hindu Nationalist…

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Added by Riaz Haq on December 2, 2021 at 10:00pm — 1 Comment

Farm Fires Make Pollution Worse in Delhi and Lahore

Why does the air quality in New Delhi and Lahore ranks among the world's worst at this time of the year? The answer to this oft-repeated question can be found in the satellite maps constantly updated by the US National Aeronautics and Space Administration (NASA).  Indian government recently estimated that 36% of  pollution was contributed by farm fires. Here's how NASA Earth Observatory explains it: "The haze visible in this image likely results from a combination of agricultural fires,…

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Added by Riaz Haq on November 28, 2021 at 6:30pm — 4 Comments

Misery Index: Who's Less Miserable? India or Pakistan?

Pakistanis are less miserable than Indians in the economic sphere, according to the Hanke Annual Misery Index (HAMI) published in early 2021 by Professor Steve Hanke. With India ranked 49th worst and Pakistan ranked 39th worst, both countries find themselves among the most miserable third of the 156 nations ranked. Hanke teaches Applied Economics at Johns Hopkins University in Baltimore, Maryland. Hanke explains it as follows: "In the economic sphere, misery tends to flow from high…

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Added by Riaz Haq on November 21, 2021 at 1:30pm — 21 Comments

Musharraf Era Textile Boom Returning to Pakistan?

Pakistan textile industry is booming with exports soaring 27% to more than $6 billion in the first four months (July-October) of the current fiscal year. “We believe that $5 billion investment (in textile industry) in the Musharraf era would be matched in the next six to eight months”  says Zubair Motiwala, a leading textile industrialist and chairman of Businessmen Group (BMG), as quoted in the Pakistani …

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Added by Riaz Haq on November 17, 2021 at 9:00pm — 19 Comments

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    Blog Posts

    Pakistan Economy "Not in a Good Place"? Atif Mian's Gloom Justified?

    Pakistani-American economist Atif Mian has recently analyzed Pakistan's economy in a series of tweets. He has said "Pakistan's economy is not in a good place", adding that the nation's "per capita income has not risen in 3 years (in fact down slightly)". He has particularly mentioned the country's "exaggerated external demand driven by its rentier economy", "flawed energy policy" and "a broken…

    Continue

    Posted by Riaz Haq on January 18, 2022 at 7:00pm — 7 Comments

    Pakistan Pursuing Ambitious Program to Build Social Safety Net

    Pakistan's PTI government has built South Asia’s first digital National Socio-Economic Registry (NSER) as a part of its ambitious effort to build a basic social safety net. The Ehsaas (also known as BISP- Benazir Income Support)) program's socio-economic registry includes household information by  geography, age, income, education, health, disability, employment, energy consumption, land and livestock holdings etc. …

    Continue

    Posted by Riaz Haq on January 14, 2022 at 9:00am — 4 Comments

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