What rank is Pakistan in money?

Pakistan's economic rank can be understood in terms of its Gross Domestic Product (GDP), which reflects the overall size of its economy, and its GDP per capita, which indicates the average economic output or wealth per person. As of 2023, Pakistan holds different ranks depending on the specific measure used.

When considering the total size of its economy:

• Pakistan ranks 46th globally by nominal GDP in 2023.
• Pakistan ranks 24th globally by GDP (Purchasing Power Parity - PPP) in 2023.

Understanding Pakistan's Economic Standing

The distinction between nominal GDP and GDP (PPP) is important for a complete understanding of a country's economic standing.

• Nominal GDP measures economic output at current market prices, reflecting the value of goods and services produced without adjusting for inflation or differences in the cost of living between countries.
• GDP (Purchasing Power Parity - PPP) adjusts for differences in the cost of living and inflation rates between countries. This measure provides a more comparable view of the actual volume of goods and services produced and consumed, offering a better indication of a country's true economic size and the living standards of its population compared to others. Pakistan's significantly higher rank by PPP suggests that the purchasing power of its currency is greater domestically than implied by nominal exchange rates.

Key Economic Ranks of Pakistan (2023)

Economic Indicators and Growth

Beyond its global rank, understanding Pakistan's specific economic indicators provides further insight:

• GDP Per Capita:
  • Nominal: $1,461 (2023)
  • PPP: $6,791 (2023 est.)
• GDP Growth:
  • FY 2022: 6.2%
  • FY 2023: -0.2%
  • FY 2024 (Projected): 2.4%

These figures highlight that while Pakistan holds a notable rank in terms of overall economic size when adjusted for purchasing power, its per capita wealth remains lower, and its economic growth has experienced fluctuations.