Bloomberg impressed by Pak economy indicators

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Salahuddin Haider

Karachi

2016 was a year of many ups and downs. However, a key element most people fail to see when gauging a year is the economic and business performance of the country.
In his article ‘Pakistan’s Economy Is a Pleasant Surprise’, Bloomberg’s Tyler Cowen discusses how astonishing and unappreciated Pakistani economy really is. According to the analyst, the label ‘most underrated economy of the year’ is as likely to be bagged by “an ailing country with an excessively bad reputation or maybe to a known star with virtues beyond what people understand.”
Pakistan, he says, does not have a flattering image around the world. Stories of terror, domestic abuse, bombings, violated rights, and many other horrific happenings from the country have earned it a bad reputation. This is the reason why top Google searches at present, according to Cowen, are linked “either to terrorism issues or to the possible extension of President Donald Trump’s travel ban.”
The highlight from Cowen’s analysis was the stock market performance, wherein he noted that Pakistan Stock Exchange (PSX) gained a hefty 46 percent in 2016, and is still continuing on its growth trajectory. A consortium of Chinese companies purchased a significant stake in PSX.