The Evaluation of Economic Performance: Cross-Nation Analysis

Abstract

Pakistan and Italy have a cordial economic relationship, and both countries have been working for economic development for many years. The objective of the study is to evaluate both countries' economic performance using three performance indicators—the debt-to-GDP ratio, the GNI per capita, and the unemployment rate—using data from the three years 2024, 2023, and 2022. We conducted document analysis and also employed thematic analysis to extract useful themes from the data. We arrived at several significant findings. The debt-to-GDP ratio for Pakistan is 71.8 percent in 2024, 77.1 percent in 2023, and 76.2 percent in 2022. Italy's debt-to-GDP ratio is 140.5 percent in 2022, 137.3 percent in 2023, and 139.2 percent in 2024. The projected GNI per capita for Pakistan is $1,560 in 2022, $1,500 in 2023, and $1,470 in 2024. Pakistan is categorized as a lower middle-income country based on the available statistics. Pakistan's current GNI per capita status is not satisfactory, hence the country needs to improve its situation. The rate of unemployment in Pakistan was 5.6% in 2022, 5.5% in 2023, and 8% in 2024. The unemployment rate in Italy is 7.8% in 2024, 7.7% in 2023, and 8.1% in 2022. The debt-to-GDP ratio, GNI per capita, and unemployment rate indicated that Pakistan's economy needed sustainable policies. Pakistan's and Italy's economic circumstances are strategically significant, thus both nations must improve their institutional frameworks for the advantage of their citizens. Pakistan and Italy ought to cooperate to boost investment and trade. The findings recommend Pakistan adopt Italy's the best economic development practices.