<P> On 5 May 2015, Standard & Poor's revised projections for Pakistan's average real Gross Domestic Product (GDP) growth for 2015 to 2017 to 4.6 per cent from 3.8 per cent and also upped its outlook on Pakistan's long - term' B -' credit rating to' positive' from' stable' . S&P attributes the largely positive projections to diversification in income generation, the government's efforts towards fiscal consolidation, improvement in external financing conditions and performance, and stronger capital inflows and remittances . Forbes on 4 March 2016, termed Pakistan's economy is on track to become an emerging market in Asia . Claiming that Pakistan's growing middle class, which will expand from an estimated 40 million people in 2016 to 100 million people by 2050 is ket to countries economic prospects . On Jun 19, 2016, Reuters claimed that Pakistani stocks are soaring, improved security is fuelling economic growth and the South Asian nation will be upgraded to "emerging market" status by index provider MSCI . </P> <P> Pakistan's GDP is projected by the World Bank to grow by 4.5% . In its South Asian Growth report, the World Bank said, "In Pakistan, gradual recovery to around 4.5 per cent growth by 2016 is aided by low inflation and fiscal consolidation . Increases in remittances and stable agricultural performance contribute to this outcome . But further acceleration requires tackling pervasive power cuts, a cumbersome business environment, and low access to finance ." In FY2016, the current account deficit has widen marginally due to increase in trade deficit . Nevertheless, exports are expected to increase only slightly after 2 years of stagnation, as manufacturing continues to suffer under energy shortages and low cotton prices saw only a modest increase . In his 2016 book, The Rise and Fall of Nations, Ruchir Sharma termed Pakistan's economy as on a' take - off' stage and the future outlook till 2020 has been termed' Very Good' . Sharma termed it possible to transform Pakistan from a "low - income to a middle - income country during the next five years ." </P> <P> On Oct 31, 2016, Standard & Poor's, by citing improved policymaking resulting in improved macroeconomic stability, raised Pakistan's rating to B from B - . It also revised upward its forecast of average annual GDP growth to five per cent over 2016 - 2019 from its earlier estimate of 4.7 per cent . In response to S&P's upgrade, PSX's benchmark - 100 index posted its largest gain in history, increasing 1,406.03 points (or 3.52%) over a single day . On November 1, 2016, hundreds of Chinese trucks loaded with goods rolled into the Sost dry port in Gilgit - Baltistan as the first shipment of China--Pakistan Economic Corridor . On 3 November 2016, the Sharif government announced that Renault is expected to start assembling cars in Pakistan by 2018, a source earlier in May 6, 2016 had told Reuters that Pakistan was under consideration for new production investment . On November 7, 2016, Bloomberg News claimed that the economy is expected to grow around five percent annually for the next three years and claimed that "Pakistan is on the verge of an investment - led growth cycle ." On January 10th, 2017, The Economist forecasted Pakistan's GDP to grow at 5.3% in 2017, making it the fifth fastest growing economy in the world and the fastest growing in the Muslim world . </P>

Which country's per capita level of industrialization grew the fastest during the 19th century