In an era of increased digitisation, fast internet is crucial for almost all facets of the economy. 5G can provide a big boost in this regard, as the global average for 5G download speeds is 166 Mbps, compared to the global average of 4G, which is 30 Mbps, a more than five-fold difference. To give just one example of how 5G could be helpful to us, Pakistan is currently the fourth-fastest growing freelance market in the world. According to statistics from the Ministry of Information Technology, Pakistani freelancers exported USD 217 million worth of services in the first half of the Fiscal Year 2021-22, a 17% rise on the year before. With the rolling out of 5G, we can expect this number to grow significantly in the coming years.
KSE-100 fell marginally this week, as pessimism rose due to a hike in petrol prices. PKR depreciated slightly this week, due to rising commodity prices in the international market. Local gold prices also fell this week.
The annual change in Sensitive Price Index fell to 18.09% vs. 18.47% last week. The poorest of the country (Q1) were disproportionately affected with a change of 19.40% vs. 18.43% for Q5. On a weekly basis, prices rose for all quintiles by 0.22%.
Increase in prices of Petrol (+8.12), Chicken (+2.89%) and Garlic (+10.5%) contributed to weekly inflation. A fall in the price of Electricty (-5.20%), Eggs (-5.31%) and Chili Powder (-5.41%) helped moderate inflation this week.
What Else We’re Reading (Local)
- With no money transfer fees and an easy sign-up process, the State Bank’s Raast payment system could potentially be a game-changer for Pakistan. (Profit)
- Bill Gates visited Pakistan this week, and met with leaders to discuss issues such as Covid-19, polio and the Ehsaas program. (Business Recorder)
What Else We’re Reading (International)
