International economists predict Pakistan will become an Asian tiger
Impact of the government’s new economic policy, despite Corona, Pakistan’s annual GDP growth rate is expected to reach 6%, international economists predict Pakistan will become an Asian tiger – Pakistan’s economy according to details The country is on the path of solid growth and the country’s economy has the potential to exceed growth estimates in the next five years despite difficult conditions.
This was stated in a report by the well-known Middle East newspaper Khaleej Times. The newspaper quoted government officials, analysts and economists as saying that based on strong economic indicators, it would be normal for the gross national product (GDP) to grow at an annual rate of 5 to 6 percent over the next five years.
SBP Governor Raza Baqir said that it is true that our economy has the potential to grow rapidly in the coming years. The SBP has forecast 3% GDP growth in the current financial year and 4% growth in the coming financial year Finance Minister Shaukat Tareen said that Pakistan would strive to achieve the target of 6% growth in the next two years. The federal government will allocate Rs 900 billion for the annual development program in the next financial year, which will create new opportunities for development and employment.
According to the newspaper, the IMF has forecast Pakistan’s GDP growth rate to be 4% in the next financial year, compared to the negative growth rate of 0.4% in the previous financial year and 1.5% in the current financial year. According to the Governor State Bank, despite the difficult situation arising out of the Cove 19, our economic indicators are strong, which bodes well for the country’s economy.
The government has ensured more than Rs 2,000 billion in assistance to mitigate the effects of the Cowade 19 crisis, provide necessary assistance to businesses to tackle cash crunch while ensuring the provision of cash assistance and funds to the economically weaker sections of society at the grassroots level. He said that under the Temporary Economic Assistance Facility, easy loans of Rs. 450 billion were provided to the private sector to deal with the cash crunch, as well as provision of additional loans of Rs. 240 billion to protect the employment of private sector employees. Similarly, the SBP has offered Rs 900 billion to banks in the form of loan repayments and mark-up charges on troubled businesses. Succeeded.
The Governor SBP said that foreign exchange reserves have increased, the rupee has appreciated against the dollar, current account balances have improved, production of major industries has increased, production of cement, automobiles and consumer goods has increased. These economic indicators make it clear that Pakistan’s economy is moving in the right direction and will continue to perform well in the years to come.
Pakistan is one of the few countries where the fiscal deficit has narrowed despite the global economic crisis caused by the epidemic. At present, the rupee is worth Rs 153 against the dollar. Last year, the rupee was worth Rs 168 against the dollar.
Due to improvements in current accounts, schemes like Pakistan Remittance Initiative and Roshan Digital Account, the SBP’s foreign exchange reserves have reached close to 16 16 billion. Elaborating on the economic challenges facing Pakistan, he said that poverty alleviation and rising food prices were important issues and overcoming them could lead to real change in the economy. The business community is relying on Pakistan’s economy. Leading businessman and senior global executive Irfan Mustafa told the newspaper that Pakistan has the resources and potential to grow its economy, which has the potential to lift millions out of poverty and make Pakistan a regional economic power in the years to come. As overseas Pakistanis, we are ready to work hard to achieve this goal.