Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

Pakistan slashes provisional GDP growth to 0.29% for 2022-23

Pakistan slashes provisional GDP growth to 0.29% for 2022-23

© Reuters. FILE PHOTO: Farmers plant saplings in a rice field on the outskirts of Lahore, Pakistan July 16, 2019. REUTERS/Mohsin Raza ISLAMABAD (Reuters) – Pakistan lowered its GDP growth forecast for the current fiscal year, ending June 30, to 0.29% from 2%, the country’s national accounts committee said in a statement, as a slowdown in the agriculture and industrial sectors curbed growth.

Gripped by economic turmoil and suffering a balance of payments crisis, Pakistan is trying to reach agreement with the International Monetary Fund (IMF) to disburse the stalled final $1.1 billion from a $6.5 billion bailout agreed in 2019.

Pakistan’s central bank said on Friday GDP growth was likely to remain significantly lower for financial year 2022-23 than the previous year, when growth was revised up to 6.1%.

The committee corrected its previous year’s GDP growth numbers, which a spokesperson said was a typographical error.

The country posted highest ever inflation at 36.4% in April and its currency has depreciated to a historic low.

The national accounts committee’s latest GDP growth forecast is lower than the World Bank’s estimate of 0.4%, while the IMF said in April that the growth would be 0.5%.

A government official amended the rate for 2021-22 growth to Reuters in Islamabad.

(This story has been officially corrected to say that the 2021-22 growth rate was 6.10%, not 5.77%, in paragraph 3)

Leave a comment

Your email address will not be published. Required fields are marked *

1 × four =