Pakistan achieves miracle of economic recovery: Cheng Xizhong

BEIJING, January 23 (INP): Pakistan has achieved a miracle of economic recovery and development under extremely serious pandemic and natural disasters, said Cheng Xizhong, visiting Professor at Southwest University of Political Science and Law and Special Commentator of China Economic Net.
In an write-up published by Gwadar Pro, he noted that Pakistan’s Gross Domestic Product (GDP) expanded to $346.76 billion and the growth rate reached 5.37% in the fiscal year 2020-2021.
This is a great achievement made by all the Pakistani people under the leadership of the Imran Khan administration, he said.

Prof. Cheng Xizhong  believes ” there are three main reasons why Pakistan has achieved such a miracle of economic recovery and development. First, the Pakistani government has unswervingly taken economic development as its central task, timely transformed from geo-politics to geo-economics and increased integration with the United States, China, the European Union and other major economies in the world.

Second, in recent years, the Pakistani government has implemented a series of wise policies, such as effective micro-lockdown for pandemic prevention and control, economic reform and opening-up, continuous improvement of the business environment and other stimulus measures.
As a result, economic activities have become increasingly active, commodity exports have been increased significantly, domestic and foreign investments have flooded in major projects, and more and more overseas remittances have flowed into Pakistan.

Third, China’s GDP in 2021 increased by 8.1% over the previous year. The rapid recovery and development of Pakistan’s economy are also closely related to the country’s reference to China’s development experience, the spillover effect of China’s rapid development on Pakistan, and particularly, the smooth progress of the construction of China-Pakistan Economic Corridor (CPEC).

China and Pakistan are good neighbors, friends, partners, and brothers. The friendship between the two countries is deep-rooted and unbreakable.

In recent years, the two sides have carried out all-weather strategic cooperation on CPEC construction. We wish that the two sides would further strengthen overall planning, steadily promote connectivity and key cooperation projects, reinforce complementary advantages and integration of interests, and achieve common development.”
INP/javed