It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Confirmed: 767,726,097 (+0) Pak economy report: .29% GDP growth, per capita income down by 11% The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Facing increasing debt, rapidly eroding foreign exchange reserves, and delays with the IMF-EFF 9th program review, the Government recently course-corrected. Available: https://www.statista.com/statistics/383739/gross-domestic-product-gdp-in-pakistan/, Pakistan: Gross domestic product (GDP) in current prices from 1986 to 2022, Immediate access to statistics, forecasts & reports, Life expectancy at birth in Pakistan 2021, Life expectancy at birth in Pakistan 2021, by gender, Median age of the population in Pakistan 2020, Gross domestic product (GDP) in Pakistan 2022, Gross domestic product (GDP) per capita in Pakistan 2022, Gross domestic product (GDP) growth rate in Pakistan 2028*, Pakistan: Share in global GDP adjusted for PPP 2028, Distribution of gross domestic product (GDP) across economic sectors Pakistan 2021, Employment by economic sector in Pakistan 2021, Youth unemployment rate in Pakistan in 2022, National debt of Pakistan in relation to gross domestic product (GDP) 2028, Ratio of military expenditure to gross domestic product (GDP) in Pakistan 2021, Ratio of government expenditure to gross domestic product (GDP) in Pakistan 2028, Pakistan's budget balance in relation to GDP 2028, New cases of COVID-19 worldwide from January 23, 2020 to June 13, 2023, by day, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Jun. However, with limited financial inflows, foreign reserves remain at precariously low levels and inflation is at a record high. Following are some reactions to the deal: "The SBA (stand-by arrangement) provides Pakistan with much needed short-term cover, in the lead up to and immediate aftermath of the upcoming elections. (Required). The new government will almost definitely need to negotiate another long-term EFF programme with the IMF after the elections, as our balance of payments and external debt repayment problems are of a more protracted nature. The fiscal deficit for the following fiscal year was projected at 6.54% of GDP, according to the budget. Weekly update on whats driving U.S. national security policy. . Directly accessible data for 170 industries from 150+ countries Pakistan currently has the fifth-highest total outstanding credit with the IMF. Economy of Pakistan - Wikipedia As of February, Islamabad had just $3.7 billion in foreign reserves, barely enough finances to cover a month of imports; since then, Pakistan has been hanging on the precipice of total default. { [6] Islamabad has taken a slew of policy measures since anIMFteam arrived inPakistanearlier this year, including arevised 2023-24 budgetlast week to meet the lender's demands. Its not treason, mendacity, or perfidy. Cotton and rice production declined by 41 per cent and 21. You may opt out at any time. Pakistan . Agriculture sector grew at estimated 1.55 per cent in FY23, with wheat, sugarcane, maize and livestock the primary drivers. Click + to receive similar content in your personalized email digest. to rebalance its economic relationship with Beijing. . We want to hear from you. With sky-high inflation and foreign exchangereservesbarely enough to cover one month of controlled imports,analysts sayPakistan's economic crisiscould have spiraled into a debt default in the absence ofanIMFdeal. The country's domestic stock and currency markets were closed on Friday. "This new programme is far better than our expectations. See here for a complete list of exchanges and delays. Total public debt stood at 59.25 trillion by end-March 2023. All quotes delayed a minimum of 15 minutes. Industrial sector posted a negative growth of 2.94 per cent; a major reason is believed to be poor performance by manufacturing, which has a 65 per cent share in this sector. The Asian Development Outlook analyzes economic and development issues in developing countries in Asia. if ( ! The Key Indicators for Asia and the Pacific publication presents data regarding the economic, financial, social, and environmental situations in a broad range of countries across the region. Downside risks to the outlook remain very high, said Adnan Ghumman, author of the report. Its Gross Savings Rate was measured at 6.0 % in Jun 2023. The fiscal deficit, excluding grants, is projected to narrow to 6.7 percent of GDP in FY23 and further over the medium term as fiscal consolidation takes hold. May 25, 2023 In 2021, agriculture contributed around 22.67 percent to the GDP of Pakistan, 18.8 percent came from the industry, and over half of the economy's contribution to GDP came. French Pres. Real GDP growth was just 0.29 per cent compared to the International Monetary Fund's April prediction of 0.5 per cent. In this photo International Monetary Fund (IMF) logo is seen in Washington D.C., United States on April 11, 2023. "timeZone": "America/New_York", Forget it': Gavaskar denounces England's approach in brutal 'Ashes' verdict, Student screams Mummy, main pass ho gaya upon receiving degree. More ways to stay updated on global news: Washington keeps trying to play catch-up in the rare-earth game with China. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. NATOs former secretary- general, Anders Fogh Rasmussen, will join FPs Ravi Agrawal for a discussion on what to expect from the NATO summit and how discussions there might impact the war in Ukraine. Floods between June and October caused an estimated USD 40 billion in damage and, by destroying crops, have . statistic alerts) please log in with your personal account. The Gross Domestic Product (GDP) in Pakistan expanded 1.7 % YoY in Jun 2023, following a growth of 4.7 % in the previous year. The industry leader for online information for tax, accounting and finance professionals. The World Bank Group works in every major area of development. Correction, July 3, 2023: A previous version misstated which country. According to the report, if the required reform agenda is rapidly implemented with strong political ownership and adequate external support, output growth could gradually recover in FY24 and FY25. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. According. ] To find out more about the cookies we use, see our Cookies Policy. Want to read more on this topic or region? askQuestionLink.classList.contains( 'is-active' ) ) ) { Essential analysis of the stories shaping geopolitics on the continent. 07/07/2023: US Dollar exchange rate [+] 9.56%: 07/07/2023: Stock ExchangeYTD % [+] Prices: 0%: December 2023: . Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. During the week ending on June 30 . Evening roundup with our editors favorite stories of the day. Pakistan, IMF reach $3 billion staff-level agreement | Reuters Country comparison Bangladesh vs Pakistan 2023 "iCal", Delivered Monday-Saturday. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. has already peaked. and over 1Mio. "label": "Register and Add to Calendar", Request your free sample report now. 5 per cent, with last year's flash floods having a large negative impact. Fleeing Zaporizhzhia? API users can feed a custom application. Then you can access your favorite statistics via the star in the header. A member of the House select committee on China, Khanna says Washington needs to rebalance its economic relationship with Beijing. The deal, subject to approval by the IMF board in July, comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves. Country comparison India vs Pakistan GDP per capita (Dollars) 2023 Khanna will join FP editor in chief Ravi Agrawal for an in-depth discussion about not only China, but also Ukraine, U.S. national security priorities, trade policy, and more. Economics. Pakistan is in a political and economic death spiral that could push it over the same cliff as Sri Lanka, as internal conflict, regional instability, and global . The data reached an all-time high of 7.8 % in Jun 2004 and a record low of -1.3 % in Jun 2020. A blow to Bolsonaro. "Pakistan: Gross Domestic Product (Gdp) in Current Prices from 1986 to 2022 (in Billion U.S. "The new 9-month SBA is a major positive and will significantly reduce risks and uncertainties and serve as a source of comfort to investors and lenders. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Want to read more on this topic or region? Please follow our comment guidelines, stay on topic, and be civil, courteous, and respectful of others beliefs. Gross Domestic Product; Government budget deficit; Consumer Price Index; US Inflaction . Khanna will join FP editor in chief Ravi Agrawal for an in-depth discussion about not only China, but also Ukraine, U.S. national security priorities, trade policy, and more. "trigger": "hover", Usernames may be updated at any time and must not contain inappropriate or offensive language. }. }, button ) FP subscribers are encouraged to send in questions in advance. The industry leader for online information for tax, accounting and finance professionals. Download the FP mobile app to read anytime, anywhere. In addition to requirements related to the currency and budget, Pakistan is required to secure firm and credible financing commitments to close the $6 billion gap in its foreign reserves in order to unlock funding under its long-delayed ninth IMF review. This site uses cookies to optimize functionality and give you the best possible experience. We need IMF backing up. July 7, 2023. Got a confidential news tip? This field is for validation purposes and should be left unchanged. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Statista. Over FY23, Pakistan faced devastating floods and increasing global commodity prices following Russias invasion of Ukraine. Per capita GDP growth for Pakistan is expected at 0.1% in 2023 and 1.4% in 2024 - ADB Report. "Few more measures like lifting import restrictions and higher electricity tariff may be seen in the near term. Chart. ", "It's important to see how much of the 3 billion is being disbursed upfront and what conditionalities are attached to the remaining tranches. Explore the benefits of your FP subscription. "Despite the authorities' efforts to reduce imports and the trade deficit, reserves have declined to very low levels. Our Standards: The Thomson Reuters Trust Principles. Here you have the comparison of Bangladesh vs Pakistan. GDP, PPP (current international $) in Pakistan was reported at 1330100745811 USD in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. A criminal investigation is still ongoing. This makes a new agreement with the Fund less likely, increasing the risk of default. See here for a complete list of exchanges and delays. New Delhi and its partners are inching together to balance Beijings aggressive posture. Is Pakistan's economic collapse imminent? - DW - 02/02/2023 It depends who you ask. Pakistan - Gross domestic product (GDP) growth rate 2028 - Statista We have to wait for more details to come and see if any prior actions have to be fulfilled before the board meeting, but these are absolutely steps in the right direction for the economy.". 2023 Data 2024 Forecast 1960-2022 Historical, GDP (current US$) in Pakistan was reported at 376532751807 USD in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. The services sector - which contributes nearly 60% to the Pak GDP - grew by only 0.86%. Join in-depth conversations and interact with foreign-policy experts with. ADB encourages websites and blogs to link to its web pages. "In this way, we should be able to meet the external debt repayments coming due in the next few months. Download data. const button = document.querySelector( '#register-1117204' ); Add to Calendar if ( ! ISLAMABAD, April 4, 2023Pakistans economy is expected to grow by only 0.4 percent in the current fiscal year ending June 2023. The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is . "The FY24 budget advances a primary surplus of around 0.4 percent of GDP by taking some steps to broaden the tax base and increase tax collection from under-taxed sectors," Porter said, adding it also ensured space to strengthen support for the vulnerable through a cash handout program. The SBA gives a temporary lifeline to this government and the new one post-elections. The allegations came in 2020, when police discovered that at least $580,000 hidden in a sofa at the Phala Phala reserve was stolen. ISLAMABAD Pakistan's government is giving the military a nearly 6% funding increase for fiscal 2021-2022, and it increased the fiscal 2022-2023 defense budget by 2.69%, according to Finance . Pakistan - Gross domestic product (GDP) 2022 | Statista In a stunning decision, Brazils electoral court ruled on Friday that former President Jair Bolsonaro had violated the countrys laws and blocked him from running for public office until 2030. Its GDP deflator (implicit price deflator) increased 25.0 % in Jun 2023. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered. 13, 2023, by day, Retail net sales in Pakistan 2013-2018, per capita, Soybean oil consumption Pakistan 2009-2020, Number of Pakistani immigrants living in France 2019, by age, Market share of Pakistan's crop protection industry 2016, by product type, Deaths from U.S. air strikes in Pakistan 2004-2017, Pakistan - the number of U.S. air strikes 2004-2018, Rapeseed oil consumption in Pakistan 2009-2020, Americans' views of Pakistan, Afghanistan and North Korea from 2000 to 2012, Pakistan: opium poppy field destruction 1996-2015, Domestic retail price of milkfish Philippines 2012-2021, Value of natural rubber exports from Laos 2016-2021, Industry revenue of Surface and geological surveying, cartographic activities in South Korea 2012-2024. A Division of NBCUniversal. Consolidated Fiscal Balance: % of GDP (%), Forecast: Government Expenditure (PKR bn), Consolidated Govt Revenue: Tax: Federal: Direct Tax (PKR mn), Exports: Medicinal and Pharmaceutical Product (USD th), Imports: Medicinal and Pharmaceutical Product (USD th), Foreign Portfolio Investment: % of GDP (%), Foreign Portfolio Investment: Equity Securities (USD mn), Foreign Portfolio Investment: Debt Securities (USD mn), Forecast: Current Account Balance (USD bn), Net International Investment Position (USD mn), BoP: Credit: Current Account (CA) (USD mn), BoP: Debit: Current Account (CA) (USD mn), BoP: FA: Portfolio Investment: Assets (USD mn), BoP: FA: Financial Derivatives & Employee Stock Options (USD mn), BoP: FA: Portfolio Investment: Liabilities (USD mn), BoP: FA: Other Investment (OI): Liabilities (USD mn), BoP: FA: Direct Investment: Assets (USD mn), BoP: Financial Account (FA): Liabilities (USD mn), BoP: FA: Other Investment (OI): Assets (USD mn), BoP: Cr: CA: Primary Income (PI) (USD mn), BoP: Dr: CA: Primary Income (PI) (USD mn), BoP: Financial Account (FA): Assets (USD mn), International Investment Position (IIP): Net (USD mn), Foreign Investment: Direct Investment: Hong Kong (USD mn), Foreign Investment: Direct Investment: Outflow: United States (USD mn), Foreign Investment: Direct Investment: Switzerland (USD mn), Foreign Investment: Direct Investment: Italy (USD mn), Foreign Investment: Direct Investment: Outflow: United Kingdom (USD mn), Foreign Investment: Direct Investment: Outflow: China (USD mn), Foreign Investment: Direct Investment: Outflow: U.A.E (USD mn), Foreign Investment: Direct Investment: United States (USD mn), Foreign Investment: Direct Investment: United Kingdom (USD mn), Foreign Investment: Direct Investment: Outflow: Saudi Arabia (USD mn), Foreign Exchange Reserves: Months of Import (NA), ORA: Gold Including Gold Deposits and Gold Swapped (USD mn), ORA: Foreign Currency Reserves (FCR) (USD mn), Pakistan Sown Area: Rapeseed and Mustard (ha th), Pakistan Production: Rapeseed & Mustard (Ton th), Pakistan Production Yield: Barley (kg/ha), Pakistan Production Yield: Masoor (kg/ha), Pakistan Production Yield: Sugar Cane (kg/ha), Pakistan Production Yield: Rapeseed & Mustard (kg/ha), Pakistan Production Yield: Cotton (kg/ha), Pakistan Production Yield: Tobacco (kg/ha), Pakistan Consolidated Govt Revenue (PKR mn), Pakistan Consolidated Govt Revenue: Tax (PKR mn), Pakistan Consolidated Govt Revenue: Tax: Federal (PKR mn), Pakistan Consolidated Govt Revenue: Tax: Provincial (PKR mn), Pakistan Consolidated Govt Revenue: Non Tax (PKR mn), Pakistan Consolidated Govt Revenue: Non Tax: Federal (PKR mn), Pakistan Consolidated Govt Revenue: Non Tax: Provincial (PKR mn), Pakistan Consolidated Govt Revenue: Direct Tax (PKR mn), Pakistan Consolidated Govt Revenue: Direct Tax: Federal (PKR mn), Pakistan Consolidated Govt Revenue: Direct Tax: Provincial (PKR mn), Pakistan Consolidated Govt Revenue: Indirect Tax (PKR mn), Pakistan 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Pakistan Consolidated Govt Revenue: Federal (PKR mn), Pakistan Consolidated Govt Revenue: Provincial (PKR mn), Pakistan Consolidated Govt Expenditure (PKR mn), Pakistan Consolidated Govt Expenditure: Current (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Federal (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Provincial (PKR mn), Pakistan Consolidated Govt Expenditure: Development (PKR mn), Pakistan Consolidated Govt Expenditure: Net Lending (PKR mn), Pakistan Consolidated Govt Financing (PKR mn), Pakistan Consolidated Govt Financing: External (PKR mn), Pakistan Consolidated Govt Financing: Internal (PKR mn), Pakistan Consolidated Govt Financing: Internal: Non Bank (PKR mn), Pakistan Consolidated Govt Financing: Internal: Bank (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Defence (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Interest (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Interest: Federal (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Interest: Provincial (PKR mn), Pakistan Consolidated Govt Expenditure: Current: Subsidies (PKR mn), Federal Govt Debt: By Holder: State Bank of Pakistan (PKR mn), Pakistan Federal Govt Debt: By Holder: Deposit Money Banks (PKR mn), Pakistan Federal Govt Debt: By Holder: Other Financial Institutions (PKR mn), Pakistan Federal Govt Debt: By Holder: International Institutions (PKR mn), Pakistan Federal Govt Debt: By Holder: Foreign Govt and Banks (PKR mn), Pakistan Federal Govt Debt: By Holder: Others (PKR mn), Pakistan Federal Govt Debt: Intra Govt Debt (PKR mn), Pakistan Internal Debt Outstanding: MF: Total (PKR mn), Pakistan Internal Debt Outstanding: MF: Permanent (PKR mn), Pakistan Internal Debt Outstanding: MF: Floating (PKR mn), Pakistan Internal Debt Outstanding: MF: Not Funded (PKR mn), Pakistan Debt Servicing: MF: Interest (PKR mn), Pakistan Debt Servicing: MF: Interest: Federal (PKR mn), Pakistan Debt Servicing: MF: Interest: Federal: 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Volume Index: Annual, Gross Domestic Product: Purchasing Power Parity, SNA08: Gross Domestic Product by Expenditure: Current Price, SNA08: Gross Domestic Product by Industry: Current Price, 1980-1981 Base: Gross Domestic Product: By Industry: 1980-1981 Price, 1980-1981 Base: Gross Fixed Capital Formation (GFCF), 1999-2000 Base: Gross Domestic Product by Expenditure: 1999-2000 Price, 1999-2000 Base: Gross Fixed Capital Formation: 1999-2000 Price, 2005-2006 Base: Gross Domestic Product by Industry: 2005-2006 Price, 2005-2006 Base: Gross Fixed Capital Formation, Gross Domestic Product: by Expenditure: Annual, SNA08: Gross Domestic Product by Expenditure: 2005-2006 Price, SNA08: Gross Domestic Product by Industry: 2005-2006 Price. To learn more about cookies, click here. ADB supports Pakistan in improving key infrastructure, disaster resilience, urban services, private sector, public finance, energy, food security, transport networks, and social services. Pakistan's sovereigndollar bonds rallied sharplyacross the curve in early European trade, with the 2025 issue enjoying the biggest gains, up 4.7 cents to trade at 52 cents in the dollar, according to Tradeweb data. Khanna will join FP editor in chief Ravi Agrawal for an in-depth discussion about not only China, but also Ukraine, U.S. national security priorities, trade policy, and more. Once Pakistan receives final approval for the timeline of aid from the IMF board in July, Pakistan will receive its first $1.1 billion allotment. By Reuters. Pakistan Remittances 2023 Data - 2024 Forecast - TRADING ECONOMICS Will the group offer security guaranteShow morees to Ukraine? D. Starving a detained man in the backseat of the officers vehicle, The deputy mayor of Helsinki, Finland, may lose his job over an illegal art project. Ramaphosa said the cash came from a buffalo sale. Reforms in the energy sector, which has accumulated nearly 3.6 trillionPakistani rupees, or $12.58 billion, in debt, has been a cornerstone of the discussions with theIMF. FP subscribers are encouraged to send in questions in advance. June 30, 2023, 7:00 PM. National debt of Pakistan - Wikipedia United Nations' Secretary-General Antnio Guterres condemned the air strike that reportedly killed at least 22 people in Sudan on Saturday, according to a statement released by a spokesperson early on Sunday. The fiscal deficit (including grants) is projected to narrow only modestly to around 6.9 percent of GDP in FY23 (relative to a budgeted deficit of 4.7 percent), reflecting both negative revenue impacts from flooding and increased expenditure needs. 2023 CNBC LLC. Free Sample Report These cookies are used to collect information about how you interact with our website and allow us to remember you. "Yahoo" 2.3 trillion is owed by Public Sector Enterprises (PSEs). Enlargement would be a sign not of the groups strength, but of Chinas growing influence. Private spending growth will have slowed to 1.7%, while public spending, fixed investment, exports and imports will have all slumped. Global data and statistics, research and publications, and topics in poverty and development, The World Banks digital platform for live-streaming, Environmental and Social Policies for Projects, International Development Association (IDA), Pakistan Development Update: Recent Economic Developments, Outlook, and Risks, Repository: Previous Pakistan Development Update reports. However, GDP at current market prices was 84,657.9 billion in FY23 - a growth of 27.1 per cent from last year. An inconsistent policy response, involving monetary tightening, new subsidies, and an informal exchange rate cap, saw the depletion of foreign exchange reserves and undermined progress with planned fiscal consolidation. "The agreement of a loan deal between Pakistan and the IMF should put the economy back on a more secure footing and limit the biggest downside risks. "The 3 billion SBA is a much better outcome for Pakistan (as opposed to the 9th review) as it means the country actively stays in an IMF programme till March 2024 during which a transition to a new government is expected and which would have been a period of uncertainty. Our Standards: The Thomson Reuters Trust Principles. I hope we can utilise this space to make prudent decisions so that we are not at the edge of our seats, like the previous year, ever again. Data published Yearly by World Bank. Get the Newsletter Pakistan's current GDP, per capita income, and GDP growth are the lowest in. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Give this article Share full article. Ukrainian officials are keeping an eye on the Zaporizhzhia nuclear power plant after Russian officials ordered more troops to leave the facility on Friday, including representatives from Russias state-backed nuclear energy agency. This is needed both to unlock fresh financing and avoid a balance of payments crisis and lay the foundation for a recovery of private investor confidence and higher growth over the medium term. FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. A new tax amnesty was also introduced, which was criticized by the IMF for breaking with the requirements of its current USD 6.7 billion lending program, which expires at end-June. Pakistan External Debt, 2006 - 2023 | CEIC Data "The 9 month SBA for $3 billion will bring some badly needed relief in the short term. Pakistan GDP 2023 Data - 2024 Forecast - 1960-2022 Historical - Chart FocusEconomics reports cover more than 130 economies and over 30 key commodities. C. Negligent driving that resulted in the death of a child CEIC converts annual Nominal GDP into USD. I'm back in the wildfire haze of Washington, D.C. Today, we're looking at Pakistan's IMF deal, former Brazilian President Jair Bolsonaro . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The Basic Statistics brochure presents data on selected social, economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. But how can such a plan work when domestic politics on both sides seem in favor of tougher rhetoric and policy? Rising macro risks and tighter global liquidity conditions curtailed Pakistans access to international capital markets. }, button ) "iCal", \nWhich theory is correct?