Pakistan’s Economic Situation in 2024: Stabilization Amidst Price Fluctuations

Islamabad:Pakistan’s economy has faced significant challenges over the past few years, with the value of the Pakistani rupee continuously declining, the dollar surpassing 300 rupees, and fears of a potential default looming large. However, the situation seems to be stabilizing in 2024, with some signs of recovery. The dollar’s value has remained steady, and following a new agreement with the IMF, Pakistan has received its loan tranche.

Throughout 2024, like many other commodities, petrol prices saw considerable fluctuations. Overall, the price of petrol ranged between 247.03 rupees and 293.94 rupees per liter during the year. At the start of the year, on January 1, the price was 267.34 rupees per liter. By April 16, it surged to 293.94 rupees. However, by October 1, the price dropped to its lowest point of 247.03 rupees per liter, and it currently stands at 252.1 rupees per liter.

In the global oil market, the price of crude oil also experienced volatility. The highest price was recorded on April 10, at 91.17 dollars per barrel, while the lowest was seen on September 10, at 70.17 dollars per barrel. The price at the start of the year was 73.58 dollars per barrel, and it remains at the same level today.

The US dollar has also seen fluctuations in Pakistan during 2024. The exchange rate was 281.5 rupees per dollar at the beginning of the year. However, the rate has decreased to 277.93 rupees per dollar now. At one point during the year, on August 2, the dollar fell to 274.53 rupees, but it has since stabilized at around 277.93 rupees.

Overall, while Pakistan’s economy faced immense pressure in the past few years, the stabilization of key indicators like the rupee, oil prices, and the dollar exchange rate provide hope for a more stable economic outlook in the near future. However, the volatility in international markets continues to pose risks.