Pakistan | Economy | 30th June 2021 | Virtual Wire
Prior to Covid-19, the Pakistani Economy was recovering from macroeconomic imbalances through the implementation of stabilization policies.
The occurrence of the Global Pandemic devastated and slowed down the pace of the recovery phase. As graphically shown, the virus brought significant challenges and difficulties for the economy in FY2020 which led to declined growth rates.
Nevertheless, Pakistan’s V-shaped economic recovery is indeed the result of effective Government policies and measures. Despite the additional expenditures that were made to lessen the impact of Covid-19, Pakistan’s leading sectors incorporated and implemented policies to maximize the output for the economy as a whole.
To measure economic wealth, the Pakistan Bureau of Statistics selected GDP and GNI at current market prices. Both the indicators showed an upward growing trend, depicting the improvement in the economic performance of Pakistan. With respect to the available data, GDP and GNI showed approximate growth of 15% and 17% respectively, in FY2021. (Economic Survey, 2020-21).
The impact of Government efficient and appropriate measures are visible as proof in the V-shaped recovery of the economy. The provisional GDP growth is estimated at 3.94 per cent which is actually higher than the targeted rate of 2.1%. The growth is basically dependent upon agricultural, industrial and services sectors.
In order to uplift and improve the performance of major sectors, the Government came up with different policies and programs, leading to witness remarkable economic growth.
Today, the Pakistani Economy is steadily growing to achieve sustainable growth. The improvised economic performance is majorly based on the performances of agricultural, LSM, constructions and exports sectors. Furthermore, the start of vaccination has also raised hopes amongst the sectors for better performances.
Pakistan Stock Exchange is witnessing records of investments. The confidence of almost every business entity has returned to contribute to economic growth. With appropriate measures, it is expected to achieve sustainable economic growth in the long run.
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