Tuesday, February 27, 2024

Digital technologies can add Rs 9.7trillion in Pakistan’s annual economic value by 2030

According to a new analysis commissioned by Google, digital transformation can help Pakistan unlock up to Rs 9.7 trillion ($59.7 billion USD) in annual economic value by 2030, comparable to nearly 19 percent of the country’s GDP in 2020.

“Unlocking Pakistan’s Digital Potential,” a report released during a recent Google/P@SHA online event, finds that Pakistan has a strong digital economy.

Since 2010, the country has nurtured over 700 tech start-ups, employing over 300,000 IT professionals and producing over 25,000 IT graduates annually.

Since 2020, technology exports have increased by 15% per year and are predicted to reach USD3.5 billion (Rs. 610,750,000,000) in 2022. Pakistan’s online population is quickly increasing, with the internet penetration rate expected to reach 54 percent by 2021.

Despite its tremendous advances, Pakistan still has a long way to go in its digital transformation.

The paper, written by AlphaBeta economists, suggests three primary pillars of action Pakistan may take to achieve the anticipated development potential.

This involves building infrastructure to assist the local tech ecosystem, maintaining a favourable environment for IT export, and encouraging the country’s creativity and digital skills.

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