Pak needs 159 years, India 50 years to catch up with industrialised world: WB Report

Washington, May 27 : A World Bank body has said that Pakistan need 159 years to catch up with the industrialised nations of the world, and that the country could reach this milestone by 2050 if it maintained an annual growth rate of 8.3 per cent, and in 2100 if it maintained a growth rate of 4.9 per cent.

It said during the last 10 years Pakistan has maintained the maximum growth rate of 4.8 with an average of 1.8 per year, and that its per capita GDP in 2006 was 2206 dollars.

According to it, India with a per capita GDP of 3308 dollars can catch up with industrialised nations in 50 years. During the last 10 years, India had the maximum growth rate of 7.7 per cent, with an average of 4.9 per cent, the Dawn quoted the report as saying.

The report, prepared by the Commission on Growth and Development noted that China, which in 2006 had per capita GDP of 6621 dollars, can catch up with industrialised countries in 23 years.

The Commission is based at the World Bank headquarters in Washington.

During the last 10 years, China has had an average growth rate of 8.3 per cent, with a maximum of 10.1 per cent.

The report further said that among the Muslim nations, Malaysia was the closest to catch up with industrialised nations, as it can reach this milestone in 35 years, followed by Iran, which can reach there in 54 years. Egypt needed 118 years, it added.

ANI