This document appears to be a presentation by students at the Department of Business Administration on inflation and the business cycle in Pakistan. It includes sections on decomposing Pakistan's real GDP into trend, business cycle, and shock components and exploring the relationship between GDP growth, M2 growth, and inflation. It projects that Pakistan's current recession, the fourth in the business cycle, will continue until 2012 after which recovery will take place. The presentation also provides insights into the relationships among key macroeconomic variables in Pakistan.