ADB expresses satisfaction on economic progress of Pakistan

The Asian Development Bank (ADB) on Friday said that economy of Pakistan is recovering despite the spike in novel coronavirus caseload.

According to the details, the ADB report said that economy of Pakistan has witnessed recovery particularly in the manufacturing and construction sectors supported by the government’s emergency relief package.

The report titled ‘Asian Development Outlook 2020 Supplement, Paths Diverge in Recovery from the Pandemic’ said that the developing Asian growth to rebound to 6.8% in 2021.

Recovery in Southeast Asia continues would lag as COVID-19 virus containment efforts in the larger economies hamper economic activity.

Despite the continuous spread of the dread virus, most economies have continued to relax containment measures, having considered strict lockdowns to be economically untenable.

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Variation in the intensity of containment reflects the state of outbreaks in different economies. Containment remains relatively stringent in Central, South, and Southeast Asia, where outbreaks have continued in some economies and reemerged in others. Containment is less stringent in East Asia and the Pacific where outbreaks are under control or absent.

South Asia’s growth forecast for 2020 is revised up to from 6.8% contraction to 6.1%. The sub-regional growth projection for 2021 is revised up slightly from 7.1% to 7.2%.