PBF remains positive about economy amidst declining inflation
Published on: April 25, 2024.
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Pakistan Business Forum (PBF) Voices Satisfaction Over Current Economic Situation in Pakistan
The Pakistan Business Forum (PBF), a prominent think tank representing the business community, has expressed its satisfaction with the current economic situation in the country. The PBF believes that while the economy is recovering, it will take time to improve GDP and reduce inflation, both of which are positive indicators of progress. Pakistan has shown advancement towards macroeconomic stabilization, which is a promising sign for the future.
In the first quarter of 2024, the Pakistani economy grew by 2.13%, primarily driven by the industry and agriculture sectors. This growth is a positive development and showcases the potential for further economic improvement. Additionally, the twin deficit is also decreasing, indicating better economic management to address macroeconomic imbalances.
During a media briefing after a meeting of the PBF Executive Council, President Khawaja Mehboobur Rahman, Chairman (South Punjab) Malik Talat Sohail, and Vice President Ahmad Jawad expressed their satisfaction with the current economic situation. The executive committee reviewed the economic progress and noted signs of improvement in GDP as well as a reduction in the inflation rate.
According to the PBF’s analysis of the World Bank forecast, GDP growth is expected to reach 1.8% in FY-2024 and improve further to 2.3% in FY-2025. The agriculture sector is projected to grow from 1.8% to 2.3% next year, while the industry sector is expected to grow from 1.8% to 2.2% and the services sector from 1.2% to 2.4%.
This positive economic outlook bodes well for Pakistan’s future. The PBF believes that with continued efforts and effective policies, the country can further enhance its economic performance in the coming years.
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