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Can Pakistan ride its tailwind to 'emerging country' status?

Cars, buses and motorcycles form a constant stream throughout the day in central Karachi. (Photo by Go Yamada)

KARACHI, Pakistan -- Long plagued by a crippling combination of terrorist attacks, political chaos and natural disasters, Pakistan's economy is finally starting to catch a break. 

     The country is enjoying a tailwind created by lower crude oil prices and growing remittances from overseas Pakistanis. It is also beginning to reap the fruits of the government's efforts to reduce subsidies and increase tax revenues in cooperation with the International Monetary Fund.

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