Loss suffered by Pakistan's economy on account of its fight against terrorism has been estimated at $3.88 billion (Rs407.21bn) in the first nine months of fiscal 2016-17, according to the yearly economic survey released by Islamabad today.
The survey which recorded losses to the economy under the chapter ‘Impact of War in Afghanistan and Ensuing Terrorism on Pakistan’s Economy’, shows that the losses to the economy are steadily decreasing since FY12 when they hit a peak of $23.77bn the year before.
Last year, the economic losses due to deterioration in the security conditions on account of terrorism went down by about 30pc to $6.49bn from $9.24bn a year earlier.
“Despite the conflict and continuing instability in Afghanistan that has been an impediment to regional peace and development, Pakistan has achieved progressive and significant improvement in the country’s overall security landscape in the recent years,” DAWN reports citing a statement in the survey. “This has been accomplished largely due to successful counterterrorism efforts of the government under the framework of the comprehensive National Action Plan backed by an extensive and highly effective counterterrorism operation Zarb-i-Azb by the armed forces and actions by other security and law-enforcement agencies and intelligence-based operations across the country.”
These losses were incurred in the shape of lost exports, compensation to victims of terrorist attacks, rehabilitation of the people displaced because of terrorism, destruction of economic and social infrastructure, decline in foreign direct investment, reduction in industrial output, lower tax collection and cost of uncertainty, it said.
“Normal economic and trading activities were disrupted, resulting in higher costs of doing business including the cost of insurance and significant delays in meeting the export orders around the globe. As a result, Pakistani products gradually lost their market share to their competitors. Economic growth could not pick up as planned during the last decade,” the survey noted.
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