Islamabad: The Asian Development Bank, the State Bank of Pakistan and the Pakistan Bureau of Statistics have all released reports indicating positive strides in Pakistan’s economic performance.
According to the reports, concerted efforts have been made at the policy level by the Specialized Investment Facilitation Council (SIFC) to steer the economy in the right direction.
Pakistan’s economy has been on a steady path over the past 9 months with an improved economic situation compared to 2023. Consequently, inflation is projected to decrease to 15% by 2025 as the economy continues to progress.
The Pakistan Economic Outlook report highlights the strengthening of the Pakistani rupee against the dollar and a surge in activity on the Pakistan Stock Exchange.
The State Bank’s report anticipates GDP growth to remain between 2% and 3%, with agriculture being a key driver of growth. The agriculture sector saw a significant increase in wheat, rice, maize and cotton production with a growth rate exceeding 7% in the fiscal year 2024.
Overall, during the fiscal year 2024, the current account deficit decreased by 87.5% to remain at $0.5 billion. Despite this reduction in deficit, the State Bank managed to maintain foreign exchange reserves of $8 billion to meet the payment of $1 billion Eurobond.
According to the Central Bank’s report, an increase in remittances contributed to a $619 million increase in the current account surplus.
These reports collectively portray a positive outlook for Pakistan’s economy indicating a path of sustainable growth and stability in various sectors.
