Economic Growth | MCQs

Explanation

Pakistan Steel Mill in Karachi was founded on July 2, 1973.

PM Zulfikar Ali Bhutto laid the foundation stone of Pakistan Steel Mills on December 30, 1973, with the support of the Soviet Union (Russia).

An agreement for techno-financial assistance was made between Pakistan and the Soviet Union in 1971.

It is the country's largest industrial undertaking.

It has a production capacity of 1.1 million tons of steel.

It expandable up to 3.0 million tons per annum.

Explanation

Lahore is the largest city in Punjab.

It serves as the province's economic, cultural, and industrial hub.

Explanation

At the time of partition in 1947, only 34 out of 921 industries came under the jurisdiction of Pakistan.

These industries were part of the assets and resources inherited by Pakistan from the British Raj after independence.

Explanation

Primary Goal of CPEC:

A flagship project of China’s Belt and Road Initiative (BRI), CPEC focuses on infrastructure and energy development in Pakistan.

Key projects include highways (e.g., Karakoram Highway), ports (Gwadar), and power plants (coal, solar, hydro).

Explanation

Exports generate revenue for a country by selling goods and services to other nations.

They contribute to economic growth, trade balance, and foreign exchange reserves.

Explanation

•  3.94 is the GDP ratio in Pakistan during 2020-21
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  Minister for Finance Shaukat Tarin said that Pakistan’s GDP growth stood at 3.94 percent against the envisaged target of 2.1 percent,
• remittances made a historic record, and exports would be touching $25 billion in the outgoing fiscal year.
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• Agricultural GDP of Pakistan in 2019: 22.4%
• According to the Economic Survey of Pakistan 2021-22, only 1.77 % of GDP was spent on the education sector in FY2021.
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• Japan had a record-high Defence budget, more than a ceiling of 1% of its GDP in April 2021
• According to GDP per capita report 2021 poorest country in the world is Burundi

Explanation

Agriculture is the art and science of cultivating the soil, growing crops and raising livestock.

Explanation

Hindrance is a noun here.

To is a preposition here.

Hindrance to means رکاوٹ

Hindrance to means obstacle to.

Corruption is a standing hindrance to the nation's development. 

Explanation

GDP stands for "Gross Domestic Product"

Represents the total monetary value of all final goods and services produced

within a country during a period of time.

GDP is the most commonly used measure of economic activity.

Explanation

Pakistan's second five-year plan was first discussed in a Bank report entitled Economic Development in Pakistan dated August 17, 1960. 

Additional information 

• First Five-Year Plan (1950-1955): Presented by Prime Minister Liaquat Ali Khan on July 8, 1948.
• Second Five-Year Plan (1960-1965): Revived and restated by President Ayub Khan's military government.
• Third Five-Year Plan (1965-1970): Designed like its predecessor, resulting in only modest growth.
• Fourth Five-Year Plan (1970-1975): Abandoned after the fall of Dhaka and replaced with a nationalization program.
• Fifth Five-Year Plan (1978-1983): Aimed to stabilize the economy and improve living standards for the poorest segment of the population.