The economic growth of a country is dependent on different industries’ success in it. Pakistan’s IT industry is one of the fastest-growing industries in the country, hence playing a great role in the development of Pakistan.
Booming IT Industry and Economic Growth of Pakistan
A market survey by World Bank (2017) reveals that IT firms are among the fastest-growing companies in Pakistan, employing more than 200,000 people and generating more than $4 billion in revenue for 2017.
Pakistan has a thriving IT industry with a great turn of billions per year. The industry employs millions of people working in different companies and as freelancers.
Pakistan’s digital growth is really evolving at a fast pace. IT/ITeS is one of Pakistan’s fastest-growing industries, contributing to around 1% of the country’s GDP (about 3.5 billion USD). It has more than doubled in the last four years, and experts predict that it will more than double again in the next two to four years, reaching $7 billion.
A market survey by World Bank has also proved that IT firms are among the fastest-growing companies in Pakistan, employing many people, eradicating unemployment, and generating billions of revenue every year.
Obstacles and hurdles in the economic growth curve
The Pakistani IT sector is growing and is rapidly developing as a worldwide IT destination. Over 100,000 individuals are officially engaged in Pakistan’s IT sector, with many more operating informally. Unfortunately, the IT sector has not had the same industrial classification as textiles and other sectors, which has restricted its growth. If the government takes significant steps to facilitate and promote the IT industry, it may significantly impact GDP and foreign direct investment.
Despite all of the obstacles, such as the energy crisis, political instability, and a lack of promotion, the IT industry has demonstrated outstanding character and toughness in achieving worldwide recognition. There have been several success stories in various IT domains such as banking, healthcare, telecommunications, and mobile apps. According to the Pakistan Software Export Board (PSEB), Pakistan’s contribution to worldwide IT sales is $2.8 billion, of which $1.6 billion is accounted for by the country’s exports of software and IT-enabled services.
Over 10,000 new IT graduates enter the market each year, and there are 1,500 registered IT firms in the nation. Despite these figures, Singapore, India, and the Philippines, which have ambitious growth goals, are still well ahead of the United States in terms of their IT industries. A clear growth plan and direction are required for Pakistan’s IT sector.
Pakistan’s IT industry has enormous potential. However, significant growth and marketing are required to compete with other emerging countries.