Pakistan sustains its growth rate of 3.9%

The Macro Economic Advisory Group finds the economy stable and growing.

Pakistan sustains its growth rate of 3.9%. Prime Minister Imran Khan finds the economic growth to be stable for the country. The Prime Minister was chairing a meeting of the Macro Economic Advisory Group in Islamabad. The meeting was appraised about the current economic situation of the country. The meeting says the macro economic indicators of the economy were improving. They also discuss a comprehensive strategy to further strengthening the economy. They believe it is helping to sustain the growth rate despite a rise in global commodity prices.

The meeting informs that Pakistan has global acclamation for performing exceptionally well. It praises the incumbent government for managing the economic disaster left by previous governments.

Covid and Pakistan Growth Rate

The Prime Minister says that the economies were facing the adverse effects of COVID. However, Pakistan not only did well to contain the Pandemic, but also sustained its growth rate of 3.9%. “Pakistan is experiencing a higher growth rate,” claims Prime Minister Imran Khan. “The current fiscal year is will close with an increase of more than one percent compared to the previous fiscal year figure,” he adds.

The meeting also informs about the stable forex reserves. It discusses sustainable structural reforms in the Power Sector that have led to contraction in circular debt. Thus, it shows 35% growth in Revenue with 32% growth in Tax collection alone. It is an increase in exports including value added goods and Large Scale Manufacturing.

Moreover, the meeting also informs about an increase in the import of industrial raw material. It is a positive sign of not only an increase in growth rate, but also increased industrial production and value addition. It will ultimately bolster the exports and revenues in the case of local consumption.

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The meeting adds about the progress on the agricultural transformation plan, It discusses its positive impacts on the economy and exports. Furthermore, the decrease in global fuel prices will help the government to curb inflation and shift the relief to the masses.