This year’s economic scorecard Government implements key policy decisions aimed at stabilising the economy Representational image of people buy pulses and grains at a wholesale market. — AFP/File The year 2024 represents a critical juncture for Pakistan’s economy, characterised by a confluence of significant challenges and emerging opportunities. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1700472799616-0'); }); Throughout this period, Pakistan encountered a range of obstacles arising from a complex global economic environment, including fluctuations in commodity prices, alterations in trade dynamics, and geopolitical tensions with extensive implications. Domestically, the government implemented key policy decisions aimed at stabilising the economy. Reforms in taxation and monetary policy were enacted to mitigate inflation and foster foreign investment. Infrastructure development initiatives were prioritised to stimulate economic growth and generate employment, notwithstanding the varying pace of implementation across different regions. Geopolitical developments, both regionally and globally, have considerably influenced Pakistan’s economic trajectory. Shifting alliances and trade relationships have impacted access to markets and the flow of foreign investment. Natural occurrences, such as seasonal monsoons, have introduced further complexity to the economic landscape, affecting agricultural output, which remains a vital component of Pakistan’s economy. Looking ahead, forecasts for 2025 evoke a sense of cautious optimism. Analysts predict a gradual recovery, contingent upon the continuation of reforms, stable political conditions, and improvements in global economic circumstances. A concerted effort to enhance trade relationships and attract foreign direct investment will be essential for sustaining economic growth. In 2024, Pakistan’s economy exhibited a moderate recovery, with Gross Domestic Product (GDP) growth estimated at 3.5 per cent, reflecting a slight improvement from the previous year’s sluggish performance. This recovery was predominantly fueled by the agriculture and services sectors, which rebounded following favourable weather conditions and the alleviation of disruptions related to the pandemic. Nevertheless, industrial output continued to face constraints due to energy shortages and inflationary pressures. Inflation remained a significant challenge, averaging approximately 22 per cent throughout the year. Although global energy prices showed some stabilisation, domestic inflation was exacerbated by inefficiencies in supply chains, currency depreciation, and rising utility tariffs. By the end of the year, the Pakistani rupee exhibited volatility and stabilised at approximately Rs305 to the US dollar, following intervention measures implemented by the central bank. Projections for 2025 suggest a gradual reduction in inflation, contingent upon the stability of global commodity prices and the maintenance of fiscal discipline. GDP growth is anticipated to rise to 4.0 per cent as energy projects become operational and investments in infrastructure increase. However, the realisation of these targets will depend significantly on political stability and the consistency of policy measures. The government has adopted a cautious fiscal strategy to reduce the budget deficit, which currently stands at 7.2 per cent of GDP. Key measures implemented include the reduction of non-essential expenditures and the enhancement of tax collection efforts. The introduction of targeted subsidies for low-income households has played a vital role in alleviating the impact of inflation on the most vulnerable segments of the population. On the monetary front, the State Bank of Pakistan has maintained a stringent monetary policy stance by keeping interest rates at historically high levels to mitigate inflation. Although this approach has resulted in a deceleration of credit growth and private-sector borrowing, it is considered a necessary measure to stabilise the economy and restore investor confidence. For the year 2025, policymakers aim to achieve a balance between economic growth and stabilisation. It is anticipated that interest rates will gradually decrease if inflationary pressures subside, potentially stimulating private-sector activities. The government is also exploring innovative avenues for revenue generation, including the broadening of the tax base and the utilisation of digital technologies to enhance compliance. In 2024, Pakistan’s trade deficit exhibited a modest contraction, driven by enhanced exports in textiles, information technology services, and agricultural products. Nevertheless, the nation’s dependence on imported energy and machinery continued to exert upward pressure on the import bill. The government's initiatives promoting renewable energy projects yielded positive outcomes, contributing to a reduction in dependence on high-cost oil imports. Remittances from expatriate Pakistanis were a crucial support to the economy, totalling $28 billion. However, the current account deficit persisted as a significant concern, highlighting the imperative for structural reforms aimed at bolstering export competitiveness and diversifying the economic framework. Looking forward, it is anticipated that the trade deficit will further decrease in 2025 as new export-oriented policies are implemented. Efforts to diminish reliance on energy imports and to enhance domestic production of machinery and industrial inputs will be vital. Remittances are also expected to stabilise, bolstered by strengthened relationships with the diaspora and incentives promoting formal remittance channels. The agriculture sector demonstrated a recovery with a growth rate of 4.1 per cent, supported by favourable monsoon conditions and governmental assistance programs. Key agricultural outputs, including wheat, rice, and cotton, performed well, thereby improving rural livelihoods and food security. In 2025, advancements in mechanisation and the adoption of climate-resilient crop varieties are anticipated to further bolster productivity, aided by government subsidies and international partnerships. Continued energy shortages have posed challenges to industrial productivity; however, renewable energy initiatives have gained traction. Investments in solar and wind energy projects have intensified, establishing a foundation for a more sustainable energy future. With major renewable energy projects scheduled for completion in 2025, the sector is poised for considerable growth, which is expected to decrease the reliance on fossil fuels and reduce production costs for various industries. The information technology and tech sector has emerged as a notable success, with software exports surpassing $3.5 billion. Conditional to the government's commitment to digital transformation and skill development can significantly contribute to this growth. Provided that government policies are effectively implemented to support the information technology and service sectors, alongside ensuring timely and reliable access to the internet for these industries, it is anticipated that they will play a vital role in significantly enhancing the national treasury. By cultivating an environment that promotes growth, these sectors have the potential to make considerable contributions to the overall economic development of the country, thereby benefiting the national exchequer. Forecasting for 2025 indicates further expansion within the sector, with tech exports potentially reaching $4 billion, driven by escalating global demand for IT services and an expanding talent pool fostered through targeted training initiatives. Pakistan has made progress in various areas, but significant challenges remain. Political instability, elevated public debt, and climate-related vulnerabilities continue to hinder economic advancement. The severe floods that occurred in 2022 and 2023 have left enduring effects, necessitating substantial resources for rehabilitation and the reconstruction of infrastructure in 2024. In 2025, the primary challenges will include sustaining fiscal discipline in the face of rising global interest rates and navigating geopolitical tensions that may adversely affect trade and foreign investment. Enhancing climate resilience will remain a paramount concern, with anticipated increases in funding directed towards infrastructure improvements and disaster management systems. The collaboration of the government with the International Monetary Fund (IMF) and other international entities will be crucial in ensuring financial stability. Structural reforms, particularly within the energy and tax sectors, will be essential for sustaining growth and mitigating vulnerabilities. The economic landscape for Pakistan in 2024 reflects a narrative of cautious recovery amidst persistent challenges. While growth prospects have marginally improved, the nation's economic resilience will depend on the effective execution of policies, targeted investments in critical sectors, and the cultivation of an environment conducive to sustainable development. Forecasts for 2025 present a cautiously optimistic outlook, subject to the conditions of political stability and the successful execution of reforms. With the appropriate blend of policies and strategic investments, Pakistan can address its challenges and achieve sustained economic growth in the years ahead. The writer is a trade facilitation expert, working with the federal government of Pakistan.
Saquon Barkley becomes ninth running back to rush for 2,000 yards in a seasonChina’s strategic plan to infiltrate the U.S. cyber infrastructure includes attempts to induce panic and unsettle everyday life, the FBI warns. Cybersecurity expert Gordon Lawson joined LiveNOW's Lexie Petrovic in February 2024 to discuss the threat. One of the largest hacks in U.S. history has prompted more warnings about how to protect your information. China’s Salt Typhoon hack targeted at least eight large U.S. telecom companies, including AT&T and Verizon. The true scale of the intelligence breach is still unclear. FBI officials are once again urging Americans to use encrypted messaging to communicate in the wake of one of the largest cyberattacks ever reported. Dubbed Salt Typhoon by analysts, the wide-ranging cyberespionage campaign emerged earlier this year after hackers sought to penetrate the networks of multiple telecommunications companies. The White House said at least eight U.S. telecom firms and dozens of nations have been impacted. Officials said China is responsible for the major breach , though China denies those claims. RELATED: Chinese hackers reportedly targeted phones connected to Trump, Harris campaigns According to NBC News , AT&T, Verizon and Lumen Technologies were among the companies China hacked to spy on customers. Despite months of investigation, the true scale of China’s operation, including the total number of victims or whether the hackers still have some access to information, is currently unknown. Hackers used their access to target the metadata of a large number of customers, including information on the dates, times and recipients of calls and texts. The hackers succeeded in retrieving the actual audio files of calls and content from texts from a much smaller number of victims. The FBI has contacted victims in this group, many of whom work in government or politics, but officials said it is up to telecom companies to notify customers included in the first, larger group. The FBI has said some of the information targeted by the hackers relates to U.S. law enforcement investigations and court orders, suggesting the hackers may have been trying to access programs subject to the Foreign Intelligence Surveillance Act, or FISA. The law grants American spy agencies sweeping powers to surveil the communications of people suspected of being agents of a foreign power. The FBI & CISA are investigating unauthorized access to Trump, Harris & Vance's phones. Jamil Jaffer, the Founder and Executive Director of the National Security Institute at the Antonin Scalia Law School at George Mason University, joined LiveNOW from FOX's Josh Breslow to discuss the latest developments. The U.S. believes that the hackers were able to gain access to communications of senior U.S. government officials and prominent political figures through the hack. They don’t believe the hackers were able to access classified communications. Because the hack appeared to be targeting a relatively small group of individuals, only a small number of Americans' phone calls and texts have been compromised. But the threat remains as none of the companies targeted "have fully removed the Chinese actors from these networks." RELATED: How to see if your Social Security number was included in latest data breach On Tuesday, a spokesperson for China's embassy in Washington called the U.S. allegations "disinformation." China's government "firmly opposes and combats all kinds of cyber attacks," spokesperson Liu Pengyu wrote in a statement emailed to The Associated Press. "The US needs to stop its own cyberattacks against other countries and refrain from using cyber security to smear and slander China." FILE - FBI officials are urging people to use encrypted messaging apps to protect themselves from hackers. (Photo by Jaap Arriens/NurPhoto via Getty Images) End-to-end encryption means that no one other than the sender and the recipient can decipher people’s messages. Cybersecurity experts say it’s the easiest way to protect yourself from hackers, fraudsters and criminals. "Encryption is your friend, whether it’s on text messaging or if you have the capacity to use encrypted voice communication," officials told NBC News. "Even if the adversary is able to intercept the data, if it is encrypted, it will make it impossible." If you have an iPhone, iMessages between iPhone users are encrypted, as are Google messages between Android users. Text messages between iPhones and Androids are not end-to-end encrypted. Apps like WhatsApp and Signal are also easy ways to use encrypted messaging and encrypted voice communications. Facebook Messenger also uses end-to-end encryption. The more controversial Telegram app offers users end-to-end encryption for their communications, but — contrary to a popular misconception — this feature is not on by default. Users have to switch on the option. It also doesn’t work with group chats. "People looking to further protect their mobile device communications would benefit from considering using a cellphone that automatically receives timely operating system updates, responsibly managed encryption and phishing resistant" multi-factor authentication for accounts, officials told NBC. This report includes information from The Associated Press and NBC News.
A founding member of the Village People and long-time critic of Donald Trump’s use of the group’s song YMCA is changing his tune and says he would now consider performing the 70s anthem at the president-elect’s upcoming inauguration. Victor Willis told Fox & Friends First that he would also allow the president-elect to continue using the song at events. “I decided to allow the president-elect’s continued use of YMCA because he seems to genuinely, genuinely like the song, and so many other artists were stopping him from using their music,” Willis told Fox Thursday. Willis had for years demanded that Trump stop using the song, which is widely regarded as a popular gay anthem often performed by the distinctively outfitted Village People , an odd choice for a man opposed to the LGBTQ community. Willis added: “I decided to contact BMI [Broadcast Music, Inc.] and told them not to terminate his political use license because he seemed to be bringing so much joy to the American people with his use of YMCA .” Trump’s wooden dance moves to the song have gone viral across social media and even prompted responses in the world of sports. Willis sang and co-wrote the tune, and now says Trump’s use of it has contributed to it hitting the sales charts again 46 years after its initial release. The founding member of the Village People previously condemned Trump’s use of the song as well as Macho Man. He earlier said that the group would prefer the song be “kept out of politics.” But YMCA’s comeback has led some to speculate that the band may perform at Trump’s inauguration in January. “If you were to ask me today if the Village People would perform at the inauguration, I would probably say not because we’d be concerned about endorsement” of Trump, Willis told Fox. “However, because the president-elect has done so much for YMCA and brought so much joy to so many people, the song has actually gone back to number one [in sales], and it’s still number one today, so if he were to ask the Village People to perform the song live for him, we’d have to seriously consider it,” he added. He noted: “The financial benefits have been great ... YMCA is estimated to have grossed several million dollars since the President Elect’s continued use of the song. Therefore, I’m glad I allowed the President Elect’s continued use of YMCA ., And I thank him for choosing to use my song.” Willis has rejected the notion that the song is a gay anthem. He urged those thinking the song isn’t intended as straight to “get their minds out of the gutter.” “Come January 2025, my wife will start suing each and every news organization that falsely refers to YMCA , either in their headlines or alluded to in the base of the story, that YMCA is somehow a gay anthem because such notion is based solely on the song’s lyrics alluding to elicit [sic] activity for which it does not,” he declared on Facebook. The song’s lyrics refer to young men new in a city heading to the YMCA gym and rooming to “hang out with all the boys” and “do whatever you feel.” But Willis argued on Facebook that the line “you can hang out with all the boys” is “simply 1970s Black slang for Black guys hanging out together for sports, gambling or whatever. There’s nothing gay about that,” he insisted. But, he added: “I don’t mind that gays think of YMCA as their anthem.”
Police hunt for gunman who killed top insurance CEO
