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APCC Endorses GDP Growth Forecast For Next Year: Asad Umar


Aizbah KhanWeb Editor

28th May, 2021. 12:36 pm
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Minister for Planning, Development and Special Initiatives Asad Umar said that the annual plan coordination committee (APCC) has endorsed the GDP growth forecast for next year.

The Minister wrote on Twitter, “The annual plan coordination committee has endorsed the GDP growth forecast for next year developed by the planning commission of 4.8%. This reflects the strength of growth momentum in the economy while maintaining strong fundamentals. There is a potential upside to this growth also.

Earlier on May 21st, Prime Minister Imran Khan told via the micro-blogging site Twitter that Pakistan’s GDP is estimated at 3.94%.

According to the Prime Minister, the National Accounts Committee has finalized the GDP growth estimate & GDP growth is estimated at 3.94%.

PM Khan said that this reflects the success of our govt’s economic policies while managing COVID 19 pandemic.

In the tweet, Prime Minister said,

“Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services.”

Pakistan GDP Growth Rate Projected At 1.5 % For Current Fiscal Year:

Earlier in January, the International Monetary Fund (IMF) had projected the GDP growth rate of Pakistan at 1.5 per cent for the current fiscal year 2020-21.

According to the media reports, the projection of the international body was made after comparing the negative growth of 0.4 per cent for the fiscal year 2019-2020 that was declined due to the novel coronavirus pandemic.

Although for the year 2019-2020 the GDP growth rate was projected at 1.9%, however, the pandemic hit the economy resulting in a severe crisis as thousands lost their jobs.

Whereas, for the fiscal year 2020-21, the incumbent government of Pakistan Tehreek e Insaf has envisioned a GDP growth rate target of 2.1% with expectations that the recovery of economic activities will help improve the progress trajectory.

IMF in its economic outlook said that Pakistan’s GDP growth forecast is projected at 1.5% for the current fiscal year as the difference from October’s last projection was 0.5 per cent.

The IMF had projected the GDP growth rate at 1% but has now revised it upward to 1.5% for the current fiscal year.

The IMF had projected that Pakistan’s growth rate will be 4% of GDP in the next fiscal year 2021-22.

The IMF’s World Economic Outlook for 2021 highlights that the global economy is projected to grow at 5.5%. The outlook also showed that the emerging economies stood at 8.3% and Africa at 3.2%.

 

 

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