Political, social and religious turmoil in the country has taken a toll on Pakistan's economy.
Since its independence in 1947, Pakistan has been plagued with political, social and religious turmoil and that has taken a toll on its economy too.
Despite the internal and external challenges Pakistan has faced since its birth, the country's economy has somehow managed to survive.
Here's a compilation of some of the major economic milestones in Pakistan's history, compiled by Dawn's Business and Finance, Weekly team.
Quaid-i-Azam lays the foundation of Pakistan’s first textile mill, Valika.
First budget presented by then finance minister, Malik Ghulam Muhammad.
Inauguration of State Bank of Pakistan.
First currency notes are issued.
Government decides to develop five-year economic plans to steer economy.
National Bank of Pakistan is launched.
Pakistan becomes a member of the International Monetary Fund (IMF) and World Bank.
Pakistan imports 10,500 tonnes of wheat under PL-480, a controversial US food assistance programme. ‘Thank You, America’ signs dangle from the necks of camels carrying American wheat from the harbour.
Pakistan launches its first economic five-year plan.
Pakistan International Airlines (PIA) formed after the nationalisation of Orient Airways.
Sui gas supply reaches Karachi.
Pakistan signs its first trade agreement with Russia.
Export Bonus Vouchers Scheme and tax incentives are introduced.
The foundation of United Bank Limited (UBL) is laid.
Gen Ayub Khan introduces first land reforms in the country.
Pakistan and India sign Indus Water Treaty, brokered by the World Bank.
Prize bonds are introduced.
Warsak Dam in Khyber Pakhtunkhwa is inaugurated.
Decimal coinage is introduced.
Ghandhara Industries are founded in Karachi.
National Investment Trust is set up.
Pakistan signs its first trade agreement with China.
Foundation of Habib Bank Plaza is laid.
Pakistan’s first steel mill is inaugurated in Chittagong, East Pakistan (Bangladesh).
Industrial base shrinks after Dhaka fall.
Prime Minister Zulfikar Ali Bhutto launches nationalisation programme.
Pakistan snaps ties with Commonwealth for recognising Bangladesh as an independent nation.
State Life Insurance Corporation is established.
Labour Day is observed for first time in Pakistan.
Foundation of Pakistan Steel Mills is laid.
Inflation reaches an all-time high of 37.8 per cent.
First dry port inaugurated.
Council of Islamic Ideology (CII) recommends to abolish Riba and introduce Zakat.
Tarbela Dam is completed.
Third land reforms are introduced.
Karakorum Highway is opened.
Zakat and Ushr Ordinance is passed.
First ship unloads at Port Qasim.
Islamic banking is introduced.
Government launches money-whitening scheme.
Pakistan Steel Mills is inaugurated.
Rs1,000 currency note is issued.
First structural adjustment agreement with IMF.
Prime Minister Benazir Bhutto launched First Women Bank Ltd to meet special needs of women.
Pakistan rejoins Commonwealth.
Mobile phone comes to Pakistan.
Prime Minister Nawaz Sharif begins economic liberalisation programme.
Benchmark KSE-100 index launched with a base of 1,000 points.
Yellow cab scheme is launched. ‘Give 15 per cent amount and car is yours; remaining payment in easy instalments’ is the lure.
Karachi airport’s Jinnah Terminal is inaugurated. Its construction costs Rs5bn.
Fibre-optic technology arrives in Pakistan.
Mehran Bank scandal (or Mehrangate) surfaces.
Internet services are launched in Pakistan.
Prime Minister Nawaz Sharif launches debt retirement campaign.
Country’s first motorway is inaugurated.
Government freezes foreign currency accounts after nuclear tests. US, Japan and other nations impose economic sanctions on Pakistan.
Millennium Development Goals (MDGs) are launched at United Nations Millennium Summit (Sept 6-8).
Chashma Nuclear Power Plant is inaugurated.
US starts pouring billions of dollars into Pakistan after 9/11.
Musharraf administration sells off Pakistan Steel in March. Later in June, the Supreme Court blocks the sale.
Rs5,000 note is issued.
Government enters IMF stabilisation programme to ward off balance of payments crisis.
Stocks hit record 15,760 points on April 20. But then KSE-100 index plunges 55pc in next four months, wiping $36.9bn off market value.
Karachi Stock Exchange (KSE) sets a floor for stock prices at 9,144 points below which the index is not allowed to fall. Investors seeking exit get trapped.
Country's worst floods begin. Resultant property damage estimated at over $40bn.
China-Pakistan Economic Corridor (CPEC) formalised during the Chinese premier’s visit to Pakistan.
IMF approves $6.7bn loan package to help Pakistan revive its ailing economy.
3G and 4G internet services launched on April 23. Auction fetches $1.1bn.
Sustainable Development Goals (SDGs) launched with start of new year.