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Large Scale Manufacturing Figures witnessed 9 pc growth says Asad Umar


Syed Umarullah HussainiWeb Editor

15th Sep, 2020. 01:22 pm
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asad umar

Federal Minister for Planning, Development, Reforms, and Special Initiatives, Asad Umar, has said that Pakistan is now garnering economic dividends after controlling the novel coronavirus pandemic in its early going.

Taking to his official twitter handle on Tuesday, Federal Minister for Planning, Development, Reforms, and Special Initiatives, Asad Umar said: “Dividend of controlling COVID early paying off on the economic side also, as V-shaped recovery gets confirmed.”

He continued that Large Scale Manufacturing (LSM) figures for July show more than 9 percent growth over June and more than 5 pc growth as compared to July 2019.

Today it was reported that the Asian Development Bank (ADB) forecasted that the scaling up of the Ehsas Program will result in a broader economic recovery of Pakistan.

In its latest report, ADB said the COVID-19 impact will subside by the end of 2020—the end of the second quarter of FY2021—allowing global conditions to normalize and economic sentiment to improve.

The report also assumes the resumption of structural reform under an ongoing IMF Extended Fund Facility program to address macroeconomic imbalances.

ADB was of the view that the flagship Ehsaas program will be scaled up from Rs190 billion in FY2020, or 2.3pc of government expenditure, to Rs230 billion in FY2021, or 2.6pc.

ADB expects that the agriculture sector would continue to lend impetus to GDP growth.

Earlier Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood said that Pakistan has witnessed a significant increase in homemade exports despite tighter lockdowns.

He said Export results for the month of July 2020 have come in & there has been a growth of 5.8%, in dollar value terms, as compared to the same month last year. This is a great achievement considering that for the last four months, since March 2020, we witnessed a decline in exports.

He said that in spite of the fact that we still have COVID related smart lockdowns, our export-led ‘Make in Pakistan’ is moving forward. I wish to congratulate all our exporters on this remarkable achievement and hope this trend will continue to accelerate.

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