FY2020-21: Pakistan’s GDP growth rises to 3.94%, almost double than IMF, WB projections

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ISLAMABAD – Economic policies of the ruling PTI government has started yielding results and Pakistan on Friday estimated provisional GDP growth for the fiscal year 2020-21 at 3.94per cent.

The estimated GDP growth is almost double what was forecasted by the global lenders.

“The provisional growth of GDP for the year 2020-21 has been estimated at 3.94per cent which is based upon growth estimates of the agricultural, industrial, and services sectors,” the ministry said in a statement.

The International Monetary Fund (IMF) had estimated GDP at 1.5per cent, and World Bank at 1.3per cent as the COVID-19 pandemic forced the government to impose curbs on businesses in order to slow the spread of the infection.

The final GDP growth rate will be announced as the fiscal year ends.

Prime Minister Imran Khan also shared the news on his Twitter handle.

“National Accounts Committee has finalized GDP growth estimate & GDP growth is estimated at 3.94%.This reflects the success of our govt’s economic policies while managing COVID 19 pandemic. Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services,” he wrote.

Federal Planning Minister Asad Umar also shared it and expressed happiness over the success of the PTI government, which managed to drive the country out of tough times amid COVID-19.

“The national accounts committee has finalized the GDP growth estimate. Alhamdulillah the GDP growth has come in at 3.94%. This growth in a period in which covid placed a huge challenge to the economy is extremely gratifying & proof of success of @ImranKhanPTI economic policies,” Umar tweeted.

Due to a combination of GDP growth and strengthening of Pakistan rupee against the US dollar, per capita of Pakistan jumped by 13.4% this year from $1,361 to $1,543, he added.

“Total GDP increase from $263 billion to $296 billion an increase of $33 billion which is the highest ever increase in any year,” he concluded.

Read more: https://pakobserver.net/economies-that-prioritize-payment-digitization-best-placed-for-gdp-growth/