KARACHI: The Special Investment Facilitation Council (SIFC) has worked hard at the policy level to put Pakistan’s economy back on track, and the results are showing that the country’s economy getting better.
According to the recent reports of the Asian Development Bank, State Bank of Pakistan and Bureau of Statistics Pakistan, Pakistan’s economy has been moving in the right direction in the last 9 months.
Pakistan’s economy is doing better this year than it did in 2023, but inflation hasn’t dropped. This is attributed primarily to past bad decisions and unexpected natural calamities.
The Asian Development Bank reports that it was possible to see both the Pakistan Stock Exchange’s increasing trend and the stability of the rupee’s value about the US dollar.
The State Bank of Pakistan predicts that GDP growth will range from 2 to 3 percent, with agriculture industry serving as the main contributor.
According to the State Bank of Pakistan, during the fiscal year 2024, the growth rate of the agricultural sector was more than 7 percent due to the increase in wheat, rice, corn and cotton crops.
There has been a 619 million dollar rise in the current account as a result of Pakistanis sending more money back to the country. In comparison to the previous year, the current account deficit has reduced overall in the fiscal year 2024 by 87.5% to 0.5 billion dollars.
A narrowing of the current account deficit helped the State Bank to maintain foreign exchange reserves of $8 billion despite a $1 billion Eurobond repayment.
