Islamabad :
According to details, the Ministry of Finance has issued an explanation on the World Bank’s report on Pakistan’s economic development in which the World Bank’s economic estimates on Pakistan’s development have been declared incorrect. The economic growth rate in the fiscal year 2021 was 3.94%, while the World Bank’s estimate of 3.4% growth rate in the current fiscal year is not correct. This fiscal year, Pakistan’s economic growth rate will be 5%. The cotton crop is expected to improve, with wheat production at 27.5 million tonnes and maize production at 8.9 million tonnes.
Large-scale manufacturing improved by 2.3 per cent in July. The finance ministry added that the growth rate in the agricultural sector was 2.8 per cent, industrial growth was 3.6 per cent and services was 4.4 per cent. It should be noted that in the report released by the World Bank on Pakistan’s economy yesterday that Pakistan will face financial problems this financial year, Pakistan will have to focus on reducing external pressures and financial challenges.
The World Bank further said that the economic growth of the current financial year is expected to be 3.4 percent, Pakistan’s economic growth will reach 4 percent in the financial year 2023. The report said that the government of Pakistan should focus on maintaining economic stability. Energy needs to be improved and sustainability needs to be improved. The report also predicts rising inflation in the current financial year, saying that the current account deficit is expected to reach 2.5% of GDP in FY23. Exports will also increase sharply this fiscal year and Pakistan’s fiscal deficit is expected to be up to 7% of GDP. The report added that borrowing will continue to rise in the medium term and the IMF program will continue on track.
