pakistan presents Economic Survey 2023-24 prior to annual budget
Published on: June 12, 2024.
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Pakistan is set to release its Economic Survey 2023-24 document, highlighting the country’s major socio-economic achievements in the outgoing fiscal year. The survey will be unveiled by Finance Minister Senator Muhammad Aurangzeb in Islamabad, a day before the announcement of the budget for the next fiscal year. The government aims to present ambitious fiscal targets in the 2024-25 budget to secure a new bailout deal with the International Monetary Fund (IMF). Talks with the lender are ongoing, and Pakistan is seeking a loan of around $6 billion to $8 billion to prevent an economic default in a region where growth is currently at its slowest pace.
The Economic Survey 2023-24 will comprehensively cover the performance and economic trends of various sectors, including agriculture, industry, services, energy, information technology and telecom, capital markets, health, education, transport, and communications. It will also provide annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protections.
In preparation for the upcoming budget, Pakistan’s top economic body has approved several proposals, including the inclusion of China-Pakistan Economic Corridor (CPEC) and foreign investment projects in the development plan. Prime Minister Shehbaz Sharif emphasized the importance of consulting with provinces and stakeholders to make decisions that contribute to the economic revival of the country.
Pakistan faced a narrow escape from default last year thanks to a short-term IMF bailout of $3 billion. While fiscal and external deficits were brought under control, this came at the cost of slower growth, decreased industrial activity, and high inflation. The inflation rate averaged close to 30 percent in the last financial year and 24.52 percent over the last 11 months. The growth target for the upcoming year is expected to be higher at 3.6 percent compared to 2 percent in the previous year and economic contraction in the past.
