Pakistan’s economy on a positive trajectory as per latest reports
Published on: May 6, 2024.
Filed under:
Positive Trajectory of Pakistan’s Economy: Agriculture Sector Holds Key
The latest economic reports indicate a positive trajectory for Pakistan’s economy, with notable improvements in various sectors, particularly agriculture. These statistics, provided by the Asian Development Bank, State Bank, and Pakistan Bureau of Statistics for the current fiscal year, highlight a growth rate of over 7 percent in the agriculture sector. This growth can be attributed to the bumper produce of wheat, rice, corn, and cotton.
Another encouraging development is the stability of the Pakistani rupee against the dollar and the bullish trend observed in the Pakistan Stock Exchange. These factors contribute to a more favorable economic outlook.
Furthermore, the increase in remittances sent by Pakistanis living abroad has greatly contributed to an increase in the current account, amounting to 619 million dollars. In addition, the current account deficit has seen a significant decrease of 87.5 percent, reaching 0.5 billion dollars. This decrease has played a vital role in helping the State Bank maintain foreign exchange reserves worth eight billion dollars.
Looking ahead, the Asian Development Bank predicts a substantial decline in the inflation rate. From the current 25 percent, it is expected to reach 15 percent by next year if the economy continues to operate at the same ratio. This projection presents an optimistic outlook for both businesses and consumers.
It is worth mentioning that the Special Investment Facilitation Council has been actively involved in implementing policies to steer the economy on the right track. Their efforts have yielded positive results thus far, contributing to the overall stability and growth of the country’s economy.
In conclusion, Pakistan’s economy is showing promising signs of improvement, particularly in the agriculture sector. With increased stability in the currency and stock exchange, along with positive trends in remittances and current account deficit reduction, the future looks bright. The proactive measures taken by the Special Investment Facilitation Council further strengthen the foundation for sustained growth.
